Published: Aug 26, 2014
Source: MSM


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AL Madina Takaful announces the investment opportunity in UAE takaful sector

Al Madina Insurance Company SAOG received approval from Securities and Commodities Authority (Federal Public Authority), Abu Dhabi UAE on 25th August 2014 to buy 9.53% (14,303,596 shares) of National Takaful Company (Watania), an Abu Dhabi based publicly listed Takaful Company, for a total consideration of AED 17,879,495.

MB UAE Investments LLC, (100% owned by the shareholders of MB Holding Company LLC- Sultanate of Oman) has also received approval to buy 51% of Watania. 

This is to note that the expiry date for the purchase period is set at 24/02/2015. 

This is a strategic investment which Al Madina Insurance Company SAOG is planning to make along with MB Holding Company LLC -  Sultanate of Oman.

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