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Dubai: Austria-based Uniqa Group and the UAE's Al Buhaira National Insurance Co are to set up a new insurance company Takaful Al Emarat Insurance, a statement said.
The paid up capital of the Co. will be Dh150 million, 20 per cent of which will be owned by Al Buhaira National Insurance Co., 15 per cent by Uniqa Group, 10 per cent by other stakeholders with considerable experience in investment and capable of playing an effective role in the econ-omic and financial sectors. According to the Article of Association, 55 per cent of the company's shares will be offered on March 23 for subscription by UAE and GCC nationals. The Article of Association and Memorandum of the Co. stipulated that foreigners (individuals, companies and establishments) are entitled to own up to 25 per cent of the company's shares.
Need
"The agreement is underscored by the phenomenal growth sustained by the UAE and GCC countries. A field study identified the need for establishing a specialised insurance company based on Sharia poised to be the first of its kind in the region. The company will cater to individual and corporate insurance requirements [spanning all sorts of life insurance, money making, and health insurance]," a statement said.
Takaful Al Emarat Insurance Co. has obtained endorsement of the Department of Economic Development in Dubai, and secured the consent of the Ministry of Economy, Insurance Commission, and the Securities and Commodities Authority to license the Co. to practice the business of takaful insurance; namely life insurance, money making, and health insurance.
Geographical coverage of Takaful Al Emarat Insurance will include the Middle East and North Africa region as well as Islamic countries.
Core branches of the company will be established in the UAE, particularly in Dubai, Abu Dhabi and Sharjah.
Uniqa group is a leading insurance group in Central and Eastern Europe with its head office in Vienna. Insurance companies affiliated to Uniqa Group span more than 20 European countries including Austria, Italy, Switzerland, Germany, Czech Republic, Hungary, Poland, Ukraine, and Romania.
The group had total assets of 25 billion euros and insurance premiums of 5.3 billion euros as of the end of 2007.
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