Takaful House company, a leading provider of Takaful insurance based in the UAE has listed on the Dubai Financial Market (DFM).

The company's shares began trading August 4, 2008, under the symbol Dartakaful, which will appear on DFM screens, trading systems and publications.

The listing of ordinary shares of Takaful House company was finalised and approved by DFM in collaboration with the Emirates Securities and Commodities Authority (ESCA).

The company's authorised capital and paid-up capital is Dh100 million ($27.2 million). The company has issued 100 million shares, with each share valued at a par value of Dh1.

Through an initial public offering (IPO) launched in July, the company offered 55 million shares for public acquisition, representing 55 per cent of the total capital for a nominal value of Dh1 per share.

In addition, non-GCC nationals can trade up to 25 per cent of the company shares.

"As the UAE's premier bourse offering a state-of-the-art platform for listed companies, DFM was the first choice for Takaful House to offer its shares to the public," said Mohammad Musabah Al Neaimi, chairman of Takaful House.

"Taking off from the success of the Islamic banking model in the UAE and the region, Takaful companies or Islamic insurers, are now well poised to achieve exceptional growth for investors looking to increase the value of their portfolios while reducing their exposure to risk.

"As an institution that is working towards becoming the region's first Sharia-compliant financial exchange, we look at DFM as a long-term partner in our expansion and development.

"Takaful House is in a strong position to capitalise on the huge opportunities in the Islamic insurance sector and funds generated from the IPO will be used to execute the company’s expansion plans while delivering strong growth and stable returns to its investors," he added.

Al Shaali said: “The UAE has emerged as the most appropriate environment to become a global capital for Islamic dealings and Takaful activities.

"In that sense, Takaful House’s entry into the Islamic insurance sector and IPO launch comes at an opportune time. The DFM continues to be the most preferred bourse for local companies looking to expand their capital and tap into the growing liquidity in DFM.

"Islamic companies have been well received by investors in Dubai and the UAE and the success of Takaful House’s IPO is a testament to the excellent appetite among DFM’s investors for Sharia-compliant businesses with strong growth potential.

As the UAE's leading bourse committed to becoming the region's first Sharia-compliant exchange, such listings will provide more depth and diversification to the market's offerings and further extend the ongoing success of the exchange." - TradeArabia News Service