Dubai Islamic Investment Group buys 51% stake
February 4, 2008
The Dubai Islamic Investment Group (DIIG) announced that it has acquired a 51 per cent controlling stake in the Kuwait-based Al Fajer Retakaful Insurance Company KSCC. The DIIG is part of the leading diversified financial company of Dubai Holding, the Dubai Group.
Dubai Islamic Investment Group’s investment in Al Fajer Re marks Dubai Group’s foray into the retakaful sector as a first step to drive the segment globally. Dubai Islamic Investment Group will bring extensive experience from its current investment portfolio owning stakes in Bank Islam Malaysia, the largest and oldest Islamic Bank in Malaysia, National Bonds UAE, the National Shariah-compliant Saving scheme and the strength of its sister companies under Dubai Group in Islamic finance, including takaful and retakaful products.
Takaful is an Arabic word meaning guaranteeing each other or joint guarantee. That means that each participant that needs protection (via insurance) must be present with the sincere intention to donate to other participants faced with difficulties. Therefore, Islamic insurance exists where each participant contributes into a fund that is used to support one another with each participant contributing sufficient amounts to cover expected claims.
[…] this week, i wrote a newsarticle about the Dubai Islamic Investment Group who had acquired a 51% controlling stake in the Kuwait-based Al Fajer Retakaful Insurance Company […]