UAE’s Takaful Emarat to raise capital by AED 50 mln

Takaful Emarat, a Shariah-compliant life and health insurance provider based Dubai, said it will launch a rights issue to increase capital by AED 50 million ($13.61 million) to AED 100 million ($27.22 million).

Existing shareholders are entitled to subscribe to one new share for every two shares held, at a price of AED 1 each. The offering will run from November 1-15, 2015, according to the company’s statement.

The insurer is listed on Dubai Financial Market.

The proceeds will be used to support the company’s recent restructuring under a new management team and its return to operating a profitable underwriting model, the company said.