Dar Al Takaful Repays AED 100 Million of Acquisition Financing to Emirates NBD Bank

The United Arab Emirates (UAE) Takaful provider Dar Al Takaful (DAT) has repaid AED 100 million of acquisition financing to Emirates NBD Bank ahead of time, despite challenging business conditions in 2020, according to a statement issued on the 24th of February 2021.

Why it matters?

In June 2020, DAT obtained AED 215 million of financing from Emirates NBD Bank to support the acquisition of Noor Takaful, which is the insurance arm of the UAE-based Noor Investment Group. Given that 2020 was a challenging year, the repayment of financing was noted to be an achievement for DAT. Through the acquisition, DAT was able to diversify its business, and increase the overall market share of combined Takaful businesses, leading to an increase in gross written cont...