Dar Al Takaful has executed a conditional offer letter to Noor Investment Group and Noor Bank to acquire 100 per cent of the shares of both Noor Takaful General and Noor Takaful Family. Under the terms of the offer letter the parties have entered into exclusive discussions to finalise definitive transaction documents towards completion of the transaction.
Completion of the transaction is expected to take place in the second quarter of 2020, and is subject to shareholder and regulatory approval. Post completion of the transaction, Noor Takaful General and Noor Takaful Family will continue to conduct their business on an as is basis. Further, during the execution and post completion of the transaction, the takaful policies underwritten by each of Noor Takaful Family, Noor Takaful General and Dar Al Takaful will remain unchanged and in full effect.