Arabian Scandinavian Insurance - Takaful

The Arabian Scandinavian Insurance Company (P.L.C.) - Takaful - Ascana Insurance, incorporated with limited liability under Amiri decree and subject to Federal law no. (6) of 2007, acknowledged a typographical error in their Arabic press release dated 05 December 2023. The error pertained to the incorrect use of "trade name" instead of "brand name". The company confirmed that it has adopted "Sukoon Takaful" as its brand name. The letter was addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and copied to Mrs. Maryam Butti Al Suwaidi, Deputy CEO of Licensing, Supervision, Enforcement Affairs at the Securities and Commodities Authority in Abu Dhabi.

The Arabian Scandinavian Insurance Company P.L.C - Takaful - ("Ascana Insurance") has rebranded itself to Sukoon Takaful, aligning with its parent company's brand. The strategic rebranding aims to create a unique value proposition for customers seeking conventional or takaful insurance. Sukoon Takaful, licensed by the Central Bank of the UAE, has a paid-up capital of 154,000,000. The company, which recently received an 'A' rating from S&P with a stable outlook, is committed to customer excellence and aims to become a regional reference for Sharia-compliant insurance solutions.

S&P has upgraded the rating of Arabian Scandinavian Insurance Company (ASCANA) to 'A' following an unconditional guarantee by its parent company, Sukoon Insurance. The guarantee pertains to the payment obligations of ASCANA, a Takaful subsidiary of Sukoon, which owns 93% of the company. The 'A' rating signifies a stable outlook and is similar to Sukoon's rating. S&P anticipates that ASCANA's rating will move in sync with Sukoon's as long as the guarantee is in effect. The CEO of ASCANA expressed delight over the rating, attributing it to the financial strength of Sukoon and ASCANA's commitment to customer service.

The Arabian Scandinavian Insurance Company (ASCANA Insurance) held a Board of Directors meeting on 25th October 2023. The meeting took place at the head office of the parent company, Oman Insurance Company P.S.C, located in Deira, Dubai, and was also conducted via 'Teams' video conferencing. The agenda of the meeting included the approval of the financial statements for Q3 2023 and a general review of the company's business. The company was incorporated under limited liability by an Amiri decree and is subject to Federal law no. (6) of 2007 of the Insurance Authority. It was registered in the insurance companies register under No. (6) on 15/12/1984, with a paid-up capital of one hundred fifty-four million dirhams.

The Arabian Scandinavian Insurance Company (P.L.C.) - Takaful - ASCANA Insurance, incorporated by Amiri decree and subject to Federal law no. (6) of 2007, will hold a Board of Directors meeting on 25th October 2023. The meeting will take place at the head office of the Oman Insurance Company in Dubai, and via video conferencing on Teams. The agenda includes the approval of the Financial Statements for Q3-2023 and a general review of the company's business. The company has a paid-up capital of One Hundred Fifty Four Million Dirhams. The information was communicated by the company secretary, Lamia Zouari, to Mr. Hamed Ahmad Ali, the Executive Chief Officer of the Dubai Financial Market, and Mrs. Maryam Butti Al Suwaidi, the Deputy CEO of the Securities and Commodities Authority in Abu Dhabi.

The Arabian Scandinavian Insurance Company (ASCANA Insurance) has announced the resignation of its CEO, Mr. Khalid Al Kazim. The board has expressed their gratitude towards Mr. Al Kazim for his contributions and dedication to the company. Mr. Ahmad Abu Shanab has been appointed as the acting CEO, with his official appointment subject to the approval of the Central Bank. The company was incorporated with limited liability by the Amiri decree and is subject to Federal law no. (6) of 2007. It was registered in the insurance companies register under No. (6) on 15/12/1984, with a paid-up capital of one hundred fifty-four million dirhams.