Abu Dhabi’s National Takaful buys 4.9% stake in Dubai’s Dar Al Takaful

National Takaful Company (Watania) has acquired 4.9% in Dar Al Takaful, the company said in a bourse filing on Wednesday (May 27).

The Abu Dhabi Securities Exchange-listed Watania said the purchase is expected to generate investment income by way of capital appreciation and dividends in the future.

Dar Al Takaful is listed on the Dubai Financial Markets. In the first quarter of 2020 the Islamic insurer reported a loss of 7.42 million dirhams ($2.02 million), compared to a greater deficit of 12.12 million dirhams for the same three months in 2019.  

It made 4.91 million dirhams in profit last year, down from 6.71 million dirhams in 2018.

Watania reported 13.13 million dirhams in full-year 2019 profit.

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