Allen & Overy has advised National Takaful Company “Watania”, an Abu Dhabi based Shari’a-compliant (Islamic) insurance company under establishment, on its Initial Public Offering (IPO). The public offer was launched on 18 April 2011 to raise Dhs82.5m, representing 55% of the total share capital of Dhs150m.
The subscription closed on 1 May 2011. Expectations of high participation due to strong growth potential of the Islamic insurance sector materialised and the issue was oversubscribed by more than 700% generating over Dhs600,000,000. (Press Release)