Al Hilal Bank, a wholly-owned subsidiary of Abu Dhabi Commercial Bank (ADCB) has agreed to sell Al Hilal Takaful, its Islamic insurance business and operations, to Siraj Holding, a media report said.

The transaction is expected to be completed during the first quarter of 2020, subject to the necessary regulatory approval, reported Emirates news agency Wam.

According to a statement released by ADCB, the transaction decision is driven by Al Hilal Bank’s strategic decision to focus on delivering high-quality retail banking services, primarily through digital channels and to divest non core businesses.

"The transaction will not impact the profitability of Al Hilal Bank or the wider ADCB Group," it added.