Takaful Emarat Review - Halal Finance Products

Takaful Emarat - Insurance PSC has operated since 2008 as the UAE's dedicated Shariah-compliant life and health insurer, listed on the DFM and licensed by the CBUAE (licence 086). Its two reporting segments are takaful underwriting (health, life, credit and savings) and investments (bank deposits and sukuk). The retail shelf covers individual and family health plans including maternity, domestic worker insurance for the mandatory segment, group medical and group life for corporates and SMEs, fixed and decreasing term life, and savings products, delivered through a 5,000+ provider healthcare network.

The crisis years are documented in exchange filings: by mid-2022 the company had failed the AED 100M minimum capital requirement, EY's review flagged material going-concern uncertainty, quarterly losses ran through 2022 (AED 5.88M in Q2 alone), and the board approved an AED 50M capital reduction to absorb losses. A merger with Salama, announced October 2022 as a share-swap that would have created a takaful giant, was called off in February 2023 with talk of an operations-only acquisition that never materialized. Trading in the shares was halted and resumed around the April 2023 results cycle, and the stock sat in the DFM's second category for accumulated losses exceeding half of capital.

The restructuring that followed is the sector's cleanest self-rescue. The board restructured executive management, appointed a new team including a chief investment officer, wrote off AED 132.43M of accumulated losses, and raised AED 185M through a rights issue at AED 1 per share, bringing total capital to AED 210M. On 2 April 2025 the DFM transferred the shares back to the first category after 2024 accounts showed accumulated losses below 50% of capital. FY2025 results confirmed operating momentum: takaful revenue of AED 610.9M (up 45% from AED 420.3M), net income before tax of AED 19.7M (up 50%), total assets of AED 1.078B, and EPS up 45% to AED 0.077, under chairman Dr. Nooraldeen Atatreh and CEO Adnan Sab'a El Aish.

Governance was refreshed alongside the balance sheet: the April 2025 AGM appointed an Internal Shariah Supervisory Committee of Abdulnaser Almannaee, Dr. Azzeddine Benzeghiba and Moosa Khoory (scholars who also serve on peer committees including Methaq's and Sukoon Takaful's), ratified replacement board members, and resolved not to distribute dividends while capital rebuilds. The 2025 corporate governance report records four ISSC meetings with full attendance and an annual Shariah report pending Higher Shari'ah Authority approval processes. The transparency gap is commercial: no premiums, benefit schedules, network tier lists or surplus histories are published for consumers, so all diligence beyond the network claim runs through quote conversations.