Date: Sep 14, 2020
The Dar Al Takaful General Assembly meeting held on 26th August has approved the distribution of cash dividends for H1 2020 to shareholders amounting to AED 4.9 million, equivalent to about 3.3% of the capital for the first half of the current year, with the registry closing date of 6th September 2020.
Shahab Lutfi, Vice Chairman, Dar Al Takaful stated that the Takaful sector in the UAE has witnessed remarkable growth over the past decade, accompanied by an increase in awareness in the community about ethical Islamic insurance products. He pointed out that this provides participants with protection and peace of mind. He also reiterated that product prices have decreased in the UAE market, thus improving value for participants. With the implementation of new regulations and laws by authorities in the country, the insurance sector is further strengthening and benefiting end users.
Dar Al Takaful are considered the second largest Takaful insurance entity in the United Arab Emirates and their commitment to being a leader in the Takaful sector in the region pushes for the aspiration to achieve more growth over the next few years, especially in the general business and healthcare sector. The company’s profits during H1 2020 increased by 387% to reach AED 5.5 million, compared to AED 1.13 million in H1 2019. The General Assembly approved the resignation of four members of the Board of Directors and elected replacements to complete the term of the independent members ending in 2021.
In July 2020, Dar Al Takaful completed the acquisition of Noor Takaful General and Noor Takaful Family, merging them under the brand name of “Noor Takaful”.