Takaful Emarat (PSC)

On 13th November 2023, a letter was sent to Mr. Hamed Ahmed Ali, CEO of Dubai Financial Market, announcing the resignation of Dr. Jehad El Nakla from the Board of Directors of Takaful Emarat Insurance PSC due to personal reasons on 27th August 2023. The letter also informed about the appointment of Mr. Majed Awadh Mohamed Yafoor AlHameli as a new member of the Company's Board of Directors. The letter was signed by Rayan Omer, the Board Secretary.

Takaful Emarat Insurance (PSC) has disclosed its accumulated losses in accordance with the SCA Board of Directors’ Decision No. 32/R.M. of 2019. The company's losses, amounting to AED 132,429 in thousands, represent 88.3% of their paid-up capital. The losses began to accumulate due to a variety of factors, including reduced margins and higher medical claim expenses in their medical insurance portfolio, lower investment returns, and unsuccessful investments in technology. The company's business also declined due to a Merger and Acquisition project from 2020 to 2022, leading to increased pressure on profitability. The company has taken steps to address these losses, including capital restructuring, efforts to recover lost business, reviewing underwriting guidelines, and implementing a long-term business plan. They are also enhancing their systems and adopting advanced technologies to improve business processes and automation.

Takaful Emarat Insurance PJSC has scheduled a board meeting on Friday, 27 October 2023, at 3:00 PM. The agenda includes the ratification of the minutes from the previous meeting, review and approval of the interim financial statements for Q3 2023, discussion on methods to eliminate the company's accumulated losses, and options for capital restructuring. The board will also consider calling for a general assembly meeting to further discuss capital restructuring, subject to regulatory approvals. Other business will also be discussed. The meeting's disclosure was signed by Board Secretary Rayan Omer on 24 October 2023.