UAE's Al Hilal Bank Agrees To Sell Islamic Insurance Business
Subsidiary of Abu Dhabi Commercial Bank to sell Al Hilal Takaful to Siraj Holding
Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank.
Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB) has agreed to sell Al Hilal Takaful, its Islamic insurance business and operations, to Siraj Holding.
The transaction is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval, according to state news agency WAM.
It cited a statement saying the transaction decision is driven by Al Hilal Bank’s decision to focus on delivering high-quality retail banking services, primarily through digital channels and to divest non core businesses.
"The transaction will not impact the profitability of Al Hilal Bank or the wider ADCB Group," it added.
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.UAE Secures Over $30bn In Crypto Investments In Just One Year: Report
With a proactive regulatory framework, the UAE presents investors with a balance between innovation and security Read more
DIFC Partners With Lloyds To Boost Future Talent In Insurance Sector
The agreement, which envisages a longstanding partnership, will help support development of a talent pipeline into the ... Read more
Paymob Secures UAE Central Bank License For Retail Payment Services
The regulatory nod also enables the company to provide merchants with its full suite of omni-channel solutions Read more
Open Banking Fuels GCC Fintech Boom As UAE, Saudi Lead Regional Growth Surge
The open banking payments volume in the GCC is projected to quadruple to over $930 billion by 2028 from $230 billion in... Read more
Saudi Arabia Leads Region With 178 Venture Capital Deals Last Year
Saudi venture capital funding is supporting business startups in the Kingdom Read more
UAE Gold Reserves Reach $6.7bn
CBUAE gold reserves surged by 34.8 per cent in the first 10 months of 2024 Read more