It was reported in “The National”, On December 19, 2017 that Takaful Emarat, A renowned Insurance company has decided to merge with Al Hilal Bank’s Insurance organization to generate Dubai’s top takaful group.
In 2016, the two chains have signed a combined deal of Dh900 million gross contributions in written. The settlements shall be made in the quarter of 2018 to Al Hilal Bank which has been confirmed by UAE Insurance Authority. “This is a transformational deal for Takaful Emarat that will drive growth for the group through a wider range of Takaful services and a larger customer base”. Mohammad Al Hawari, managing director of Takaful Emarat. Moreover he said, that they are progressing in the development of their digital platform, which will result in well planned and affordable services for their customers. According to a statement Takaful Emarat delivers life and health insurance for customers, mainly in Dubai and Northern Emarat.AL Hilal Takaful deals with general license, which offers a wide range of facilities to their customers, operates mostly in Abu Dhabi.Takaful Emarat was suggested by KPMG deal advisory and law firm Allen and Overy,where as Al Hilal Takaful was advised by Milliman and Herbert Smith Freehills.The deal will facilitate an inclusive range of services to the customers nationwide. The CEO of Al Hilal Bank, Alex Coelho said that they are working hard to ensure their customers with smooth transition.
UAE, which is considered to have biggest Insurance markets are surrounded by huge number of competitors within the region. Therefore, in order to obtain the act of developing Top Takaful Insurance organization, they are struggling day and night to give their customers a massive amount of advantages, one could avail through their services. Hence, this new move of kindness would surely effect other Insurance companies to look forward and make certain changes as above for growing their business.