Dubai – Mubasher: Dar Al Takaful has completed the acquisition of Noor Takaful and appointed Rajesh Sethi as a new CEO of the newly formed joint entities, according to a press release on Sunday.

With a 30-year experience in the banking, investment banking, and insurance sectors, Sethi has held leadership positions across Asia, Europe, and MENA.

Previously, he occupied the CEO position at Noor Takaful, and with his new role, he will supervise the operations at the joint entities.

After acquiring Noor Takaful, Dar Al Takaful acts as the holding company which fully owns Noor Takaful General and Noor Takaful Family; hence, the parent company will be rebranded to Noor Takaful.

 Sethi commented: "I have been a long-time believer in the untapped potential of the Takaful industry in the UAE and I look forward to working with the new teams to make a difference and strengthen the industry for the benefit of our customers, employees, and shareholders."

It is noteworthy to mention that in early June, Dar Al Takaful has entered a purchase agreement worth AED 215 million to acquire the entire share capital of Noor Takaful General and Noor Takaful Family.