DFM welcomes listing of Orient UNB Takaful

Dubai Financial Market, DFM, today welcomed listing of shares of Orient UNB Takaful under the trading symbol OUTFL, which appears on DFM screens, trading system and publications within the Insurance Sector.

The new listing fortifies the prominent position of the Dubai-based stock exchange as the most favoured listing venue for leading local and regional companies and lifts the total number of listed companies to 62.

Mohammed Ali, Vice Chairman of Orient UNB Takaful, rang the DFM market-opening bell in the presence of Hassan Al Serkal, Chief Operating Officer, COO, and Head of Operations Division of DFM as well as senior representatives from both sides.

Mohammad Nasr Abdeen, CEO of Union National Bank, said, "Orient UNB Takaful will offer a range of innovative products and Sharia compliant financial services and insurance products to the customers. With our strong and diverse capital base, we now are focused on continued expansion and delivering superior returns that our shareholders and capital market investors have come to expect of us."

Al Serkal said, "We are delighted to welcome the listing of Orient UNB Takaful on DFM; the listing represents an important addition to the Takaful sector on DFM. It also enables investors to benefit from the growth of one of the key drivers of the Islamic finance industry, which has enormous opportunities for expansion considering the growing demand for sharia-compliant financial and insurance products as well as the considerable efforts to strengthen Dubai’s position as the capital of Islamic economy globally."

Mohammed Ali said, "We are pleased to announce the start of official trading of Orient UNB Takaful shares on the DFM as the company embarks on this new chapter of growth. Orient UNB Takaful will offer a range of innovative products and Sharia compliant financial services and insurance products to the customers. With our strong and diverse capital base, we now are focused on continued expansion and delivering superior returns that our shareholders and capital market investors have come to expect of us."

Commenting on this development, Omer Hassan Al Elamin, Board Member of Orient UNB Takaful and CEO of Orient Group, said, "The listing of Orient UNB Takaful in the Dubai Financial Market is a step towards achieving the company's vision and objectives to provide and develop Islamic Takaful products in a way that a way give more choice to the clients and policy holders, and to take advantage of the trend to transform Dubai as a capital of the Islamic economy."

The listing of Orient UNB Takaful lifts the number of insurance companies listed on DFM to 16, including six Takaful companies.