Shuaa Capital, a premier financial services firm in the UAE, said it has been selected as lead manager and underwriter for the proposed rights issue of leading Islamic insurance company Dar Al Takaful.

The Dubai Financial Market-listed Islamic insurer recently announced plans to raise Dh50 million ($13.6 million) through the rights issue.

Proceeds will be used to maintain Dar Al Takaful’s capital requirements, strengthen its balance sheet and support its growth plans, it stated.

Dar Al Takaful will issue 50 million new shares at a price of Dh1.02, reflecting the nominal value of Dh1 per share.

The issue, which opened on April 20, has National Bank of Abu Dhabi acting as the receiving bank.

Chairman Abdul Aziz Al Bannai said: "With the enhanced capitalbase and meticulously planned expansion strategies, Dar Al Takaful aims to become the most successful insurance company working according to Shariah tenets in the UAE."

Jassim Alseddiqi, the chairman of Shuaa Capital, said: "We are pleased to underwrite the full rights issue of Dar Al Takaful. Dar Al Takaful’s choice of Shuaa Capital to handle this mandate affirms our company’s strong start to 2017. These truly are exciting times as we experience the return of the Shuaa legacy."

"We look forward to utilising our expertise to manage this important transaction for Dar Al Takaful," he noted.

Saleh Al Hashimi, the vice chairman and managing director of Dar Al Takaful, said: "Dar Al Takaful provides a comprehensive range of fully Sharia compliant Islamic insurance products and services and specialized solutions as well."

"When it comes to customer service, we benchmark ourselves with the best in the industry and the increasing number of customer accounts retained year after year is a testimony to the insurer's customer focused approach," he added.-TradeArabia News Service