Al Baraka Bank to raise its stake in El Amana Takaful to 100%

In conjunction with Al Baraka SICAR, Al Baraka Bank Tunisia intends to announce a takeover bid for the acquisition of 51.08% of the capital of El Amana Takaful. The transaction is valued at 15.5 million TND (5.04 million USD).

The bank's stake in the Tunisian insurance company would thus go up from 48.92% to 100%.

With this deal, Al Baraka Bank aims to meet the conditions set by the Financial Market Council (CMF), which imposed a mandatory takeover bid on Al Baraka Bank Tunisia and Al Baraka SICAR for the remainder of El Amana Takaful's capital.