UAE takaful insurer to raise foreign ownership cap to 49%

Posted On: Oct. 17, 2019 5:54 AM CST

U.A.E-based takaful insurer Islamic Arab Insurance Co. plans to raise its foreign ownership cap to 49% from the current 25%, Middle East Insurance Review reports. The insurer also plans to reduce its paid up capital of 1.21 billion United Arab Emirates dirham ($329 million) in order to write off accumulated losses of AED 394 million.