Dar Al Takaful to buy Noor Takaful units for Dh215m – The National

Dar Al Takaful to buy Noor Takaful units for Dh215m – The National

The Dubai-listed Islamic insurer says it expects the deal to conclude by the end of the month. Islamic insurance company Dar Al Takaful is buying competitor Noor Takaful for Dh215 million in cash, as it looks to build its market share in the industry.. "The transaction is consistent with the companyâ s strategy to build scale and market share in fragmented market conditions.. The deal is expected to conclude during the current quarter ending on June 30, although the financial impact will be presented in Dar Al Takaful's third quarter results.. Gross written premiums by the 30 listed operators grew by 8.3 per cent to Dh23.7bn last year, while combined net profits grew 22 per cent to Dh1.6bn.. Growth among Islamic insurers was slower with top-line growth reaching 3.8 per_cent for takaful operators, compared to 8.8 per_cent for traditional firms.. Takaful operators wrote Dh3.9bn worth of premiums, compared to Dh19.8bn by traditional firms, the report said.. Ratings agency Moody's said in March that it expects the takaful market to continue growing globally this year as Islamic insurance products are offered in more countries.. the takaful insurance market will see steady growth as insurance premiums pick up in newly penetrated