Four major Abu Dhabi-based entities have joined hands to float a general takaful (Islamic insurance) venture in the capital.
Abu Dhabi's largest real estate developer Aldar Properties, the second largest bank in the country National Bank of Abu Dhabi (NBAD), Taqa, the energy company majority owned by the Abu Dhabi Government, and Abu Dhabi National Insurance Company (Adnic), one of the largest insurance companies in the country, are the partners.
While the Abu Dhabi Government owns about 25 per cent stake in Adnic, all other partners are majority or fully owned by it.
Talking to Emirates Business, Walid A Sidani, CEO of Adnic, said the new company is under formation and the partners are not in a position to divulge more details. He declined to give the details of the capital structure and was also not willing to say who will be the largest stakeholder in the venture.
In the past few years many new Islamic insurers have entered the market. Al Hilal Bank, Abu Dhabi Islamic Bank, Noor Islamic Bank and Dubai Islamic Bank, all have Islamic insurance subsidiaries. With a regulatory body having been established and terms for the entry of foreign companies being relaxed, more big players are expected to open shop.
Source : Emirates Business