Dar Al Takaful and Watania complete merger, announce total share capital of Dhs260m

Dar Al Takaful (DAT) and Watania has completed their merger after meeting all required regulatory and shareholders’ approvals. The companies had announced their intention to merge in March 2022.

Read: Dubai, Abu Dhabi companies to merge to create new Takaful provider

As part of the merger completion process, trading in Watania shares on Abu Dhabi Securities Exchange (ADX) ceased as of the closing of the trading session on Wednesday June 15; the company officially delisted from the ADX on June 30, following the receipt of the merger certificate issued by the Securities and Commodities Authority.

As a result, Watania shareholders received 0.734375 DAT shares for every Watania share that they owned, to create DAT, with a total issued share capital of Dhs260,156,250. Starting July 4, the merged company is trading on the Dubai Financial Market.

Dr Ali Saeed Bin Harmal Aldhaheri, chairman of DAT, said: “I am thrilled that we have formally become one company with one purpose, one culture and one common vision for the future. We believe DAT has a clear strategic direction to create long term sustainable value for our shareholders, partners and employees, and ultimately deliver protection and financial security to our Participants (policyholders) when they need it most.  As the Takaful sector undergoes a significant transformation to move away from fragmentation towards consolidation, this merger has formed a scalable organisation with a client-centric and data-led approach to address the evolving needs of Participants and to become the trusted ‘go-to’ partner for all our stakeholders.

“Our merger brought together two successful businesses to form a Takaful insurance powerhouse able to leverage economies of scale to develop innovative Islamic insurance solutions in ways the market has yet to see. DAT will focus on deepening our customer reach and activities across the UAE, while also seeking opportunities to take our expertise overseas, particularly into the fragmented GCC market.”

The company will also leverage its future-looking operating model to optimise sales channels and cross-selling opportunities through increased geographic reach and by capitalising on its larger underwriting capacity, to improve re-takaful/ reinsurance terms and offer reliable, more comprehensive, and favorable coverage for participants across a number of differentiated products.