UAE-based insurers Takaful Emarat Insurance and Islamic Arab Insurance (Salama) have secured initial regulatory approval for their merger through a non-cash deal.

The transaction will see the issuing of additional shares by Salama to Takaful Emarat stakeholders.

Salama is now focusing on fulfilling legal and regulatory requirements besides securing approval from Securities & Commodity Authority (SCA).

This move is anticipated to help Salama to become one of the world’s top five largest Islamic insurers, reported Zawya citing the company’s statement.

In a statement, insurers said: “Takaful Emarat is taking all necessary actions required by regulators, including presenting the mentioned development projects to shareholders for their approval, in co-ordination with UAE Central Bank and Securities and Commodities Authority.”

Furthermore, Salama also has commenced talks with Dubai Islamic Insurance and Reinsurance Company PSC (Aman) to purchase a stake in the company’s general, medical, and family takaful portfolios.

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Listed in Dubai Financial Market with paid-up capital of $330m (AED1.21bn), Salama is said to be one of the world’s largest and oldest Takaful providers.

The company’s Takaful services include auto, health, family, and general.

Founded in 2008, Takaful Emarat Insurance is a Shariah-compliant life and health Takaful provider in the UAE.

The company markets a range of individual and corporate life and health Takaful products, including protection, savings, and investment plans via different distribution channels.