Dar Takaful will offer 55% of shares

Dubai: Dar Takaful (Takaful House), a public joint stock company under incorporation, on Monday said it will offer 55 per cent of its Dh100 million in shares for subscription from July 1 to institutional and individual investors with a minimum subscription of 25,000 shares per form.

With a total of Dh100 million distributed in 100 million shares, and a nominal value of Dh1 per share, the company will offer 55 million shares for public acquisition, representing 55 per cent of the total capital in addition to 3.5 fils per share as issuance expenses.

Mawarid Finance, which reported a net profit of Dh95.1 million in a period of less than one year from its launch, is a leading investor in Takaful House.

Mohammad Musabah Al Neaimi, chairman of the Takaful House founders committee, said shares are available for companies and individuals (nationals and GCC citizens), and the companies registered in the UAE owned by nationals with a minimum subscription of 25,000 shares for each form, in multiples of 1,000 shares.

He also stated that the founding general assembly will hold its first meeting on July 1.The Islamic insurance market had reported an income of around $6 billion in 2006. Al Neaimi pointed that four Takaful companies are operating in the country now.

The UAE has 48 insurance companies including 24 local firms. National insurance companies recorded an income of Dh4.6 billion until June 2007.