Dar Al Takaful PJSC (DFM:DARTAKAFUL) executed a conditional offer letter to acquire Noor Takaful Family PJSC and Noor Takaful General PJSC from Noor Investment Group LLC and Noor Bank PJSC for approximately AED 220 million on February 18, 2020. Dar Al Takaful PJSC has signed a legally binding share purchase agreement to acquire Noor Takaful General and Noor Takaful Family for approximately AED 220 million on June 7, 2020. Noor Takaful General and Noor Takaful Family will continue to conduct their business on an AS IS basis. Dar Al Takaful has received binding financial commitments from UAE banks to complete transaction. Takaful policies underwritten by each of Noor Takaful Family, Noor Takaful General and Co will remain unchanged and in full effect. Completion of the transaction is subject to regulatory and shareholder approval. As of April 23, 2020, the shareholders of Dar Al Takaful approved the acquisition. The transaction is expected to close in the second quarter of 2020. The transaction will have a financial impact that will be registered in the company's financial results during the next reporting period after closing. Emirates NBD Capital Limited acted as financial advisor and Mazen Boustany, Melissa Forbes-Miranda, Omar Hassan Ali Momany, Pietro De Libero and Tala Shomar of Baker McKenzie Habib Al Mulla acted legal advisor, Deloitte acted as financial and IT diligence advisor in the transaction. Mo Al-Shukairy and Jack Hardman of Clifford Chance acted as legal advisors for Noor Investment Group LLC and Noor Bank PJSC.

Dar Al Takaful PJSC (DFM:DARTAKAFUL) completed the acquisition of Noor Takaful Family PJSC and Noor Takaful General PJSC from Noor Investment Group LLC and Noor Bank PJSC on June 11, 2020. Dar Al Takaful secured a financing of AED 215 million from Emirates NBD Bank PJSC (DFM:EMIRATESNBD) to fund the transaction.