Al Hilal Takaful

#Takaful industry sees rapid growth

The Takaful industry is expected to see rapid growth thanks to consolidation and regulatory improvement. The December 2017 acquisition of Al Hilal Takaful by Takaful Emarat in the UAE has attracted international attention to the market potential of the sector and to the obvious necessity for consolidation. Takaful Emarat managing director Mohammad al-Hawari said that after the merger a combined digital platform would provide more efficient and cost-effective services. In the UAE there are 34 domestic and 27 foreign conventional and Islamic insurance companies. Like in the UAE, Saudi Arabia’s insurance market remains largely fragmented, with 33 listed Takaful operators competing against each other. Saudi Arabia, the UAE, Bahrain, Oman and Qatar have already introduced new regulations specific to the Takaful industry, while Kuwait has a new insurance law draft. The future potential of Takaful in the GCC is driven by the reduction of state benefits.

Islamic #insurance #merger creates #UAE giant

Takaful Emarat has agreed to acquire Al Hilal Takaful from Al Hilal Bank. The all-cash transaction will create the largest Islamic insurer in the UAE. The move is viewed as part of a consolidation drive in the Gulf’s takaful sector to offset weak profitability. Mohammad Al-Hawari, managing director of Takaful Emarat, said the deal would drive growth through a wider range of takaful services and a larger customer base. The merger is subject to full regulatory approvals and is scheduled to be completed in the first quarter of 2018. The transfer of Al Hilal Takaful’s ownership to Takaful Emarat will have no impact on current takaful policies, contracts, claims settlements or the writing of new insurance business.

AL HILAL TAKAFUL AND EULER HERMES SIGN DISTRIBUTION AGREEMENT IN ABU DHABI

Al Hilal Takaful has signed a distribution agreement in Abu Dhabi with Euler Hermes, specialized in trade credit insurance. The agreement was forged recently at Al Bahr Towers, Al Hilal Bank’s headquarters in Abu Dhabi, during a special ceremony attended by Euler Hermes’ Regional Board. The partnership will enable Al Hilal Bank’s Abu Dhabi customers to take advantage of a broad range of trade credit insurance solutions for the management of business-to-business trade receivables offered by Euler Hermes.

Euler Hermes signs distribution agreement with Al Hilal Takaful

Al Hilal Takaful, the takaful insurance subsidiary of Al Hilal Bank, has signed a distribution agreement in Abu Dhabi with Euler Hermes, a trade credit insurance provider. The agreement was forged recently at Al Bahr Towers, Al Hilal Bank’s headquarters in Abu Dhabi, during a special ceremony attended by Euler Hermes’ Regional Board. The partnership will enable Al Hilal Bank’s Abu Dhabi customers to take advantage of a broad range of trade credit insurance solutions for the management of business-to-business trade receivables offered by Euler Hermes. Al Hilal Bank will leverage Euler Hermes’ offerings to help its corporate clients address local and global economic challenges and manage their trade receivables and worldwide expansion.

Credit insurance: Al Hilal, Euler Hermes sign distribution deal

Al Hilal Takaful, the insurance subsidiary of Al Hilal Bank, signed a distribution agreement in Abu Dhabi with Euler Hermes, a trade credit insurance company. The collaboration is expected to position Al Hilal to deliver better credit insurance solutions, and secure a stronger position in the takaful market. It will also allow Euler Hermes to enhance its presence in Abu Dhabi. The partnership allows Al Hilal Bank’s Abu Dhabi customers access to a range of trade credit insurance solutions for business-to-business trade receivables offered by Euler Hermes.

Syndicate content