UAE's Dar Al Takaful and Watania Draw Closer to Completion of Merger
June 27, 2022 | Updated at June 27, 2022
Dubai-based Dar Al Takaful (DAT) and Abu Dhabi-based Watania have fulfilled another prerequisite in the two entities’ merger process with the expiration of the 45-day policyholders' notice period and no objections received.
Why it Matters?
On the 27th of April 2022, a notice was issued by DAT and Watania to creditors and policyholders in respect of the merger, in compliance with the Federal Decree Law on Commercial Companies and in accordance with the Federal Law on the Establishment of Insurance Authority and Regulation of the Insurance Business. Opinions and feedback were expected by the 26th of May 2022 and the 10th of June 2022, respectively, and no disapprovals were received upon the expiry of both objection periods. The merger, expected to...