Abu Dhabi National Takaful Company PSC (ADX:TKFL) reached an agreement to acquire Individual life insurance Portfolio from Dubai Islamic Insurance & Reinsurance Co. (Aman) (P.J.S.C) (DFM:AMAN) on October 27, 2022. The transaction is subject to approval of the United Arab Emirates Central Bank and the Securities and Commodities Authority (SCA).

Dubai Islamic Insurance & Reinsurance has sent an application to the United Arab Emirates Central Bank - Insurance sector to approve the transaction. The transaction is expected to return a lucrative financial profit. The transaction is expected to return a lucrative financial profit.

On 29 May 2023, Central Bank of the United Arab Emirates has issued the initial approval for the acquisition. As of July 20, 2023, Central Bank of United Arab Emirates has issued its final approval to transfer the Individual Life Takaful Insurance portfolio from Dubai Islamic Insurance & Reinsurance Company to Abu Dhabi National Takaful Company. It is expected that the transfer procedures will be completed during the third quarter of this year.