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New leadership team appointed by Chairman Ahmed Khalaf Al Otaiba to manage operations
Abu Dhabi, United Arab Emirates: Siraj Holding LLC, a private investment firm chaired by Mr. Ahmed Khalaf Al Otaiba, formally announces the acquisition of Al Hilal Takaful PSC from Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB). With this acquisition, Siraj Holding marks a new phase of operations for Al Hilal Takaful and establishing it as the premier provider of various Takaful solutions for individuals, employers, and government entities across the UAE. The acquisition is poised to strengthen the Shariah compliant Islamic insurance offerings with elevated services for clientele.
The transaction was approved by the Shareholders, the Securities and Commodities Authority, the Insurance Authority, and it was in line with all other regulatory compliance authorities. The firm plans to rebrand and align with the new leadership and group operating model following the completion of regulatory formalities.
“With the limited number of Takaful institutions in the market, we have long observed a gap in services and offerings in the sector. Our vision is to refine the offerings in the industry and develop tailormade solutions for today’s consumers in the UAE. We will do this by applying innovative technologies and by developing new approaches. We are also bringing together a league of experts and transform Al Hilal Takaful into a world-class insurance frontrunner and are committed to offering clients outstanding solutions for all their protection needs,” said Ahmed Khalaf Al Otaiba, Chairman of Siraj Holding.
A new group of board members were appointment as part of the acquisition, and the operations of the company will be led by Mr. Thomas Joe as Chief Executive Officer. Thomas Joe bring on board his wealth of experience in the financial services and the Takaful sectors to expand the product offerings of Al Hilal Takaful and further grow the business with customer centricity.
This transaction was completed with ZEMYD Consultancy as acquisition partners and financial advisory, BSA Ahmad Bin Hezeem & Associates LLP acted as the legal advisor to the transaction.
About Siraj Holding
The private investment firm Siraj Holding LLC is established in Abu Dhabi, United Arab Emirates. Founded by Ahmed Khalaf Al Otaiba, it operates as a holding company and is a preferred partner for institutional investors, governments and multinational corporations. Key areas of interest for Siraj Holding include Commercial, infrastructure, Health Services, Education Services, Sports, Real Estate, Power Industrial enterprise investment/institution and Management. The firm’s mission is to contribute to the sustainable development of economies in the GCC by creating market-leading businesses. www.sirajholding.ae
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© Press Release 2020
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