UAE’s Dar Al Takaful appoints Rajesh Sethi as CEO after acquisition of Noor Takaful

Dubai Islamic insurance company Dar Al Takaful has completed the acquisition of UAE-based Islamic insurance provider, Noor Takaful, with Rajesh Sethi appointed as CEO of the joined entities, it announced on August 9.

Sethi was the erstwhile CEO of Noor Takaful, and in his newly appointed role, will now oversee operations for the newly formed joint entity.

Sethi brings over 30 years of experience in the banking, investment banking, and insurance sectors. Previously, he has worked in leadership roles across Asia, Europe and the MENA region, and brings expertise in strategy formulation, execution, and sustained customer focus verticals.

“I am delighted to welcome Rajesh Sethi to our growing Takaful family and to further cement the ambitious growth strategy set out by the Board. His presence will ensure our trajectory and propel our expansion plan in the UAE Takaful industry. With Mr. Sethi’s strong commercial and financial background, I’m confident of his added value and I look forward to welcoming a new era for the Islamic insurance sector,” said Shahab Lutfi, vice chairman of Dar Al Takaful.

Rajesh Sethi, CEO of Dar Al Takaful, said: “I’ve been a long-time believer in the untapped potential of the Takaful industry in the UAE and I look forward to working with the new teams to make a difference and strengthen the industry for the benefit of our customers, employees and shareholders.”

The acquisition may help create the UAE’s second largest Islamic insurance entity. The increased scale of the business now enables customers to access a wider range of innovative Islamic insurance products and services.

The public listed company Dar Al Takaful will act as the holding company, fully owning Noor Takaful General and Noor Takaful Family, while the parent company will be rebranded to Noor Takaful (A Dar Al Takaful company) for new policies and renewals moving forward.