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Takaful Emarat to acquire Al Hilal Bank's Islamic insurance unit

Takaful Emarat - Insurance (PSC) will acquire Al Hilal Takaful PSC from Al Hilal Bank PJSC in an all-cash transaction that will create the largest Islamic insurance group in the United Arab Emirates based on 2016 gross written contributions.

Terms of the deal were not disclosed. The transaction is set to complete in the first quarter of 2018, pending regulatory approvals.

Mohammad al-Hawari, executive board member and managing director of Takaful Emarat, described the deal as "transformational" for the company, as it will drive the group's growth through a wider range of takaful services and a larger customer base.

Takaful Emarat provides life and health takaful insurance to customers, mostly in Dubai and the northern emirates, while Al Hilal Takaful operates with a general license and mainly offers cover for individual and corporate customers in Abu Dhabi. The two insurance firms wrote more than 900 million UAE dirhams in combined gross written contributions in 2016, according to a Dec. 19 statement.

Takaful Emarat noted that it does not expect the acquisition to have any impact on current takaful policies, contracts, claims settlements or the writing of new insurance business.

KPMG Deal Advisory and Allen & Overy advised Al Hilal Bank, while Milliman and Herbert Smith Freehills advised Takaful Emarat.

As of Dec. 19, US$1 was equivalent to 3.67 United Arab Emirates dirhams.