Dubai Financial Market (DFM) on Sunday announced the listing of Takaful Emarat shares on the Dubai bourse.

The company began trading of its shares under the trading symbol “Takaful-Em”  which will appear on DFM screens, trading systems and publications, said a DFM official.

Representatives from both DFM and Takaful Emarat rang the bell declaring the start of trading of the company’s shares at the DFM.

The listing ceremony was attended by Essa Kazim, chairman of Dubai Financial Market; Sheikh Faisal Bin Khalid Sultan Al Qasimi, chairman, Takaful Emarat; Mohammad A. J. Al Qubaisi, vice chairman, Takaful Emarat; Nader T. Qaddumi, consultant, Takaful Emarat; as well as representatives of National Bank of Abu Dhabi (NBAD), Ali Shalabi, executive director of Talal Abu-Ghazaleh & Company.

Takaful Emarat’s listing comes as a result of the completion of all the necessary requirements affixed by the Emirates Securities and Commodities Authority (ESCA) and DFM. Takaful Emarat will be classified within DFM’s insurance sector stocks.

The company’s authorised, issued and paid-up capital is Dh150 million with each share valued at Dh1.

Essa Kazim said: “We welcome Takaful Emarat to the list of insurance firms that trade on DFM. This listing will help and enhance investors’ trust in our financial exchange. In addition, this listing will focus on the growth of the insurance sector, resulting from the economic boom and liquidity in the market. It also reflects the demand for the company’s products from retail and institutional investors.”

Sheikh Faisal Bin Khalid Sultan Al Qasimi, chairman, Takaful Emarat, said: “We are confident that Takaful Emarat’s listing on DFM will attract many investors because of our sound financial and operational records, as well as the growth of the insurance sector in particular and the UAE’s economy in general.'

'Takaful Emarat is one of the leading insurance providers in the UAE, and this listing will support the company’s financial performance and help develop the insurance services in the market,' he added.

NBAD Middle East was appointed as a financial advisor and lead manager to Takaful Emarat.-TradeArabia News Service