Dar Al Takaful and Watania Merger to Create Largest Takaful Provider in the UAE

Dubai-based Dar Al Takaful (DAT) and Abu Dhabi-based Watania, have voted in favour of a merger that will create the largest Takaful provider in the United Arab Emirates (UAE), by market share, as per a statement from the entities on the 26th of April 2022. The proposal for the merger has been approved by 100% of DAT shareholders and 99.9% of Watania shareholders at both firms' Annual General Meetings.

Why it Matters?

The merger is expected to boost and develop the UAE's fragmented Takaful market, unlocking value for all stakeholders, through significant cost and revenue synergies, optimised sales channels, decreased operational expenses, and upgraded IT platforms. The new entity will be well-positioned to increase its product offerings and geographic...