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Dubai Islamic Insurance and Reinsurance (AMAN) will sell its individual life takaful portfolio to Abu Dhabi National Takaful Company (ADNTC) in a 37.5 million UAE dirhams ($10.2 million) transaction.
AMAN, listed on Dubai Financial Market (DFM), had previously been in acquisition talks with its fellow DFM-listed insurer Salama, and said it had plans to exit the insurance business and transform into an investment company.
The company said in a filing to DFM that it had received initial Central Bank approval for the transaction with ADNTC, which is listed on Abu Dhabi Securities Exchange (ADX), and that it is expected to take place in the third quarter of 2023.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
