Sharia-compliant health and life insurer Takaful Emarat has acquired Abu Dhabi-headquartered Al Hilal Bank's Islamic insurance entity to create the largest takaful group in the country .
The all-cash acquisition will be completed in the first quarter of 2018 and has been approved by the federal regulator, UAE Insurance Authority, Takaful Emarat said in a statement on Tuesday, which did not specify the financial details of the deal.
The two firms wrote over Dh900 million in combined gross written contributions in 2016. Al Hilal Bank, which is focused on core business activities and implementing cost cutting measures, was advised by KPMG deal advisory and law firm Allen & Overy while Milliman and Herbert Smith Freehills, advised the acquirer.
“This is a transformational deal for Takaful Emarat that will drive growth for the group through a wider range of takaful services and a larger customer base," Mohammad Al Hawari, managing director of Takaful Emarat said, adding, the company is developing its own digital platform and the newly acquired business "is a very good fit for us".
The UAE, which is one of the bigger insurance markets in the Arabian Gulf region, has an overcrowded and fragmented industry, where more than 60 players in the market compete, split between 30 listed local insurers and the subsidiaries of foreign insurers.
The merger of the Dubai and Abu Dhabi-based takaful entities follows recent trends in the local insurance sector to move towards consolidation, according to Dubai-based asset manager Alpen Capital.
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The regional insurance industry is projected to grow from US$26.2 billion in 2016 to $44bn in 2021, with the UAE alone set to expand to $18.1bn during that time , helped by a strictly enforced mandatory health insurance regime enforced since 2015.
However, the market is still dominated by a few big players with the top five listed insurers accounting for 56 per cent of total listed market gross written premiums in 2016 and 82 per cent of consolidated net income, according to S&P.
Despite growth in general health cover, segments such as life insurance have relatively weaker prospects due to largely transient population as well as ethical and moral considerations, allowing for greater room for mergers and acquisitions in the market.
In July, US insurer Cigna acquired Zurich Insurance Middle East in a deal that gives it licence to operate in Oman, the UAE, Lebanon and Kuwait.
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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