Press releases, Reports & Disclosures for Takaful Emarat (PSC)

On April 30, 2025, Takaful Emarat Insurance PSC held a General Assembly Meeting chaired by Dr. Nooraldeen Atatreh at Office 103, First Floor, Hassanicor Building, Sheikh Zayed Road, Dubai, UAE. The meeting, which took place from 2:00 PM to 3:00 PM, had a quorum of 53.65% of the total attendance, primarily through proxy and electronic voting. During the meeting, several key resolutions were approved: the Company's Board of Directors report, the Auditor’s Report, the Internal Shariah Supervisory Board’s Report, and the Company’s balance sheet and profit and loss account for the year ending December 31, 2024. Additionally, the appointment of Dr. Azzeddine Benzeghiba and Mr. Moosa Khoory to the Internal Shariah Supervisory Committee was approved, along with the ratification of new Board members replacing those who resigned.

Takaful Emarat Insurance, a public shareholding company in Dubai, UAE, is subject to Federal Law No. (48) of 2023 and is registered under insurance companies Register No. 86 since October 14, 2008. The company announced the opening of nominations for two vacant Board membership seats on April 8, 2025. The election for these positions is scheduled for April 30, 2025, during the company's Annual General Assembly meeting. The nominees for the Board membership are Ms. Abeer Abdulla Khalil Mohamed Samea Almutawa (UAE), Mr. Hicham Moufid Hammoud (Palestine), Mr. Kareem Z A Murad (Jordan), Mr. Haroon Ahmad (United Kingdom), and Ms. Huda Buhumaid (UAE), all of whom are non-executive and independent candidates. Their nominations are subject to approval by the Central Bank of the UAE. The announcement is signed by Adnan Sabaalaish, the Acting CEO.

Takaful Emarat - Insurance PSC has appointed BHM Capital Financial Services PSC as a Liquidity Provider for its shares listed on the Dubai Financial Market. This appointment follows the necessary approval from the Dubai Financial Market. The liquidity provision activity for Takaful Emarat's shares is set to begin on April 25, 2025.

Takaful Emarat Insurance (P.S.C), a public shareholding company registered under UAE Federal Law No. 48 of 2023, held a Board of Directors meeting on April 24, 2025. During the meeting, the Board approved a Liquidity Provider agreement. The authorized signatory for the decision was Adnan Sabaalaish, the Acting Chief Executive Officer, who signed the resolution on the same date. The company is registered under insurance companies Register No. 86, dated October 14, 2008.

Takaful Emarat Insurance (P.S.C) is a public shareholding company based in Dubai, United Arab Emirates, registered under Federal Law No. 48 of 2023. It is listed in the insurance companies register with the number 86 since October 14, 2008. The company is planning a board meeting on Thursday, April 24, 2025, at 3:00 PM, conducted by circulation. The meeting agenda includes reviewing and approving a Liquidity Provision agreement. The document is signed by Adnan Sabaalaish, the Acting Chief Executive Officer, on April 21, 2025.

Takaful Emarat Insurance (P.S.C), a public shareholding company based in Dubai, UAE, issued a clarification on April 17, 2025, regarding a statement by the Insurance Authority in Saudi Arabia. The company emphasized that it has no legal or commercial relationship with "Takaful Emarat Insurance Services," a Saudi company that was suspended from practicing insurance brokerage activities. Takaful Emarat Insurance (P.S.C) clarified that it is a national insurance company licensed by the Central Bank of the UAE, operating under UAE federal law and regulations. This statement aims to prevent confusion due to the similarity in names and to maintain transparency for clients and business partners. For further inquiries, contact investor.relations@takafulemarat.com. The clarification was signed by Adnan Sabaalaish, Acting CEO.

Takaful Emarat Insurance PSC has announced the opening of nominations for its Board of Directors. The nomination period runs from April 9 to April 18, 2025. Eligible individuals or shareholders can apply by submitting an application to the company's management at its Dubai headquarters or via email. The application must include a brief profile and specify the category of membership sought. Two board members will be elected, and candidates must meet specific legal and company requirements. Applications must include necessary documents, and once the nomination period ends, candidates cannot transfer their candidacy. The company will publish the candidates' details on April 27, 2025, and submit the list to relevant authorities.

Takaful Emarat Insurance PJSC's Board of Directors invites shareholders to the company's annual general assembly meeting. The meeting will be held physically at Hassanicore Tower in Dubai and electronically on April 30, 2025, at 2:00 PM. The agenda includes reviewing and approving the Board of Directors' report, the Auditor’s report, the Internal Shariah Supervisory Board’s report, the company's balance sheet, and the profit and loss account for the year ending December 31, 2024. Additionally, the meeting will cover the appointment of members to the Internal Shariah Supervisory Committee and ratification of new Board members who replaced those who resigned. The Board will also recommend not distributing dividends to shareholders and discharge Board members from liability for the year ending December 31, 2024.

The document outlines the financial situation of Takaful Emarat – Insurance (PSC) as of April 8, 2025, in accordance with the SCA Board of Directors’ Decision No. (32/R.M.) of 2019. This decision requires companies with accumulated losses of 20% or more of their paid-up capital to comply with specific procedures. For the year 2024, Takaful Emarat reported accumulated losses of AED 43,289,000, representing 20.6% of its paid-up capital. The losses began in 2019 due to higher-than-expected medical claims and lower investment returns, compounded by a merger and acquisition project, asset revaluation, and restated financial statements from 2020 to 2022. To address these losses, the company reduced its accumulated losses by setting off against share capital amounting to AED 124.3 million and issued 185 million ordinary shares through a rights issue in late 2024. This resulted in a positive shift in shareholders' equity from a deficit of AED 39.7 million in 2023 to equity of AED 163.2 million in 2024. The company also implemented a business plan aimed at writing profitable business and adopted new investment strategies, achieving a net investment income of AED 32 million in 2024, a 106% increase from 2023. Furthermore, Takaful revenue grew by 84% to AED 420 million compared to the previous year.