UAE: ASCANA rebrands as Sukoon Takaful
Source: Middle East Insurance Review | Aug 2024
Dubai-listed Arabian Scandinavian Insurance Company - Takaful (ASCANA) has rebranded itself as Sukoon Takaful.
Marking an important milestone, the company has fully embraced the Sukoon Takaful brand which was first revealed in December 2023.
Sukoon Takaful CEO Ahmed Abushanab said, “As we embark on this transformative journey, we are proud to introduce Sukoon Takaful as the embodiment of our commitment to innovation and client-centricity. We are now more confident than ever to reinforce our position as a reference in the region for customer excellence.”
Sukoon Takaful offers a range of shariah-compliant solutions aimed at addressing a range of protection needs for property, motor, and family takaful, marine, engineering, general accident and more. It is rated ‘A’ by S&P with a ‘Stable’ outlook on the back of its parent company Sukoon Insurance’s guarantee.
Sukoon Insurance announced in May 2023 that it had completed the acquisition of 93.0432% of ASCANA’s share capital. Sukoon Insurance signed a share purchase agreement in December 2022 to acquire the stake. The acquisition is in line with Sukoon’s strategy to diversify its sources of business and consolidate its presence in the UAE and GCC, while allowing it to enter the growing takaful market. M