Siraj Holding LLC, a private investment firm chaired by Mr. Ahmed Khalaf Al Otaiba, formally announces the acquisition of Al Hilal Takaful PSC from Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB). With this acquisition, Siraj Holding marks a new phase of operations for Al Hilal Takaful and establishing it as the premier provider of various Takaful solutions for individuals, employers, and government entities across the UAE. The acquisition is poised to strengthen the Shariah compliant Islamic insurance offerings with elevated services for clientele.
The transaction was approved by the Shareholders, the Securities and Commodities Authority, the Insurance Authority, and it was in line with all other regulatory compliance authorities. The firm plans to rebrand and align with the new leadership and group operating model following the completion of regulatory formalities.
“With the limited number of Takaful institutions in the market, we have long observed a gap in services and offerings in the sector. Our vision is to refine the offerings in the industry and develop tailormade solutions for today’s consumers in the UAE. We will do this by applying innovative technologies and by developing new approaches. We are also bringing together a league of experts and transform Al Hilal Takaful into a world-class insurance frontrunner and are committed to offering clients outstanding solutions for all their protection needs,” said Ahmed Khalaf Al Otaiba, Chairman of Siraj Holding.
A new group of board members were appointment as part of the acquisition, and the operations of the company will be led by Mr. Thomas Joe as Chief Executive Officer. Thomas Joe bring on board his wealth of experience in the financial services and the Takaful sectors to expand the product offerings of Al Hilal Takaful and further grow the business with customer centricity.
This transaction was completed with ZEMYD Consultancy as acquisition partners and financial advisory, BSA Ahmad Bin Hezeem & Associates LLP acted as the legal advisor to the transaction.