Dubai – Mubasher: Takaful Emarat Insurance on Tuesday agreed to acquire Al Hilal Takaful, a subsidiary of Al Hilal Bank, in an all-cash deal.

This transaction will create the largest Takaful group in the UAE based on gross written premium (GWP) of 2016, Takaful Emarat highlighted in a statement to the Dubai Financial Market (DFM).

The initially-approved transaction from the UAE’s Insurance Authority will combine two highly complementary of Islamic insurance businesses together, the company added.

This deal will enable the combined group to offer full-fledged Takaful products and services across the UAE through expanding distribution network.

The total GWP of both companies amounted to over AED 900 million in 2016.

Takaful Emarat’s takeover of Al Hilal Takaful is subject to full regulatory approvals and is set to be completed in the first quarter of 2018.