A Djiboutian firm is set to acquire a majority stake in Kenyan sharia-compliant underwriter Takaful Insurance, following approval by the Competition Authority of Kenya (CAK), signalling a growing interest in the local financial industry by foreign firms.
Sources privy to the deal said that Djibouti’s Tamini Insurance S.A--which is associated with Salaam Investment Bank Kenya and Salaam Microfinance Bank Limited-- will pay about Sh500 million for a 65 percent stake in Takaful Insurance.
