Dubai – Mubasher: Takaful Emarat – Insurance, listed on the Dubai Financial Market (DFM), announced its general assembly has approved to amend Article 7 of the company’s memorandum of association regarding shareholding percentage, subject to the authorities’ approvals.

Accordingly, all the company’s shares shall be nominal and foreigners shall not own more than 25% of the company’s capital, according to a bourse filing on Wednesday.

The DFM-listed firm noted that shareholders are UAE, GCC, and foreign individuals and institutions.

Moreover, at least 51% of the company’s capital shall be owned by natural or juridical people from the UAE or the GCC, while the non-UAE nationals’ shareholding stake shall not exceed 49%, the filing added.

In a separate statement, Takaful Emarat said that Wasim Ahmad has resigned from his position as the company’s CFO.

The insurer has also appointed Abdul Razak Ahmed Sayed as the company’s senior management – Finance Department, according to the statement.