Official name
Takaful Emarat (Psc)
DFM · TAKAFUL-EM
Takaful Emarat (Psc)
- Research depth
- Detailed review in preparation
- Sector lens
- Financial services and insurance
- Reporting context
- Q1 2026 reviewed; FY2025 audited
Company overview
- Exchange
- DFM
- Ticker
- TAKAFUL-EM
- ISIN
- AET000201011
- Market identifier code (MIC)
- XDFM
- Stable research ID
- DFM-TAKAFUL-EM
- Industry evidence
- UAE health, life, credit and savings takaful
- Instrument type
- Listed equity
- Research status
- Detailed review in preparation
- Latest financial period
- Q1 2026 reviewed; FY2025 audited
- Identity evidence checked
- 2026-08-11
- Identity checked
- Identity revalidation is due; this dated record is not proof of current listing status
- Listing lifecycle
- Primary active route confirmedA dated identity record does not prove the current listing state after its verification date.
Issuer participationProfile foundation available
Takaful Emarat (Psc) · What the issuer can provide
- business and research review
- current identity confirmation
Why this company is in the directory
Coverage follows a reconciled listed-security identity and dated evidence. Inclusion describes research scope only; it is not a ranking, recommendation or claim of complete financial coverage.
- Identity reconciliation
- Official exchange route verified before public inclusion
- Current public research layer
- Company profile published · detailed review in preparation
- Evidence boundary
- Identity record checked: 2026-08-11
Company evidence map
Open a card to inspect its public evidence. Missing, stale, conflicting or unavailable data is never replaced with an estimate.
Identity-only public coverage; no completed research review is claimed.Stale
Open the Company BriefListed-security identity
Revalidation is due; the dated record is not proof of current listing status.
Checked: 2026-08-11→AvailableIssuer profile
Verified public issuer fields are available.
→AvailableSource documents
3 source documents are linked to public facts.
→MissingCompany activity
No linked activity currently passes every public source-document check.
→AvailableOfficial sources
A rights-reviewed official identity source is linked.
→Public identity dossier
Verified listing identity
The fields below come from the current public company registry and any human-published issuer profile. Empty issuer-contact fields stay visibly missing until source and publication-rights review are complete.
- Official listed name
- Takaful Emarat (Psc) Available
- Exchange
- DFM Available
- MIC
- XDFM Available
- Ticker
- TAKAFUL-EM Available
- ISIN
- AET000201011 Available
- Instrument
- Listed equity Available
- Sector
- Financial services and insurance Available
- Industry
- UAE health, life, credit and savings takaful Available
- Identity checked
- 2026-08-11 Available
- Official website
- Missing Missing
- Investor relations
- Missing Missing
- Registered address
- Missing Missing
- Public contacts
- Missing Missing
Company activity context
Only exact-security, human-published activity that passes every public source-document check can appear here.
No linked update currently passes every public gate.
Open the full chronologyPublic identity passport
Required identity fields are shown individually with their evidence state. A public link is not reuse permission, and a blank is never converted to a guess.
Ticker
TAKAFUL-EM
Exchange and MIC
DFM · XDFM
ISIN
AET000201011
Instrument type
Listed equity
Sector and industry
Financial services and insurance · UAE health, life, credit and savings takaful
Listing status
Primary active route confirmed
Official website
Not available in the public evidence layer
Investor relations
Not available in the public evidence layer
Registered address
Not available in the public evidence layer
Public email
Not available in the public evidence layer
Public phone
Not available in the public evidence layer
Business description
Not available in the public evidence layer
Verified issuer profile
A verified public issuer profile has not been published yet.
Business model
Takaful Emarat (Psc) is a listed equity on DFM under ticker TAKAFUL-EM. Public classification: Financial services and insurance. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.
Takaful Emarat: forty-three per cent of half-year profit came from a Qard reversal
Forty-three per cent of half-year profit is a Qard reversal
Of the AED13.461m pre-tax profit reported for the first half of 2026, AED5.794m, or 43.04%, came from reversing a provision against the interest-free Qard Hassan with which shareholders had covered the participant fund's deficit. That is a release against a participant balance, not new revenue from writing risk. Profit before Qard was AED7.667m, tax AED0.517m, profit after tax AED12.944m and earnings per share AED0.06. The second quarter alone produced AED29.314m pre-tax and AED26.656m after, which means the first quarter lost money: a net loss of AED13.712m with a shareholder investment result of negative AED16.112m. Half-year operating cash flow stayed negative at AED28.652m, while closing cash stood at AED267.425m.
Three capital requirements are failed at the same time
Grant Thornton issued an unmodified FY2025 opinion carrying an emphasis of matter: at 31 December 2025 the company met neither the minimum capital requirement, nor the solvency capital requirement, nor the minimum guarantee fund, and that created material uncertainty over going concern. At 31 March 2026 basic own funds were AED59.339m against AED100.000m, AED94.339m and AED89.882m, leaving shortfalls of AED40.661m, AED35.000m and AED30.544m. A capital recovery plan was filed with the Central Bank of the UAE in April 2026 and remained under review at the reporting date. The half-year review keeps the same paragraph: requirements of AED100m, AED92m and AED94m were not met, and own funds at 30 June are not disclosed. Accounting shareholder equity of AED195.468m and paid-up capital of AED210.652m are no substitute for regulatory own funds.
Five years with one annual report missing entirely
The original FY2022 annual report could not be recovered: the link in the issuer's own index points to Dropbox and does not open the document. FY2022 therefore survives only as a restated comparative inside the FY2023 statements. The series is broken by the accounting standard as well: FY2021 was prepared under IFRS 4 and shows gross written contributions of AED583.946m and net earned contributions of AED474.366m, with a shareholder loss of AED6.683m and assets of AED1,086.325m. IFRS 17 takaful revenue then reads about AED342.8m for FY2022, about AED228.7m for FY2023, AED420.288m for FY2024 and AED610.979m for FY2025. Shareholder results ran negative AED97.158m, negative AED12.426m, positive AED11.162m and positive AED15.856m. Assets returned to AED1,077.535m, down 0.8% across the five years, while equity travelled from negative AED27.226m to AED177.503m.
The participant fund healed before the shareholder fund, and the market maker is a shareholder
The participant deficit and the matching Qard Hassan fell in steps: AED93.516m in restated FY2022, AED65.724m in FY2023, AED34.127m in FY2024, AED6.550m in FY2025 and AED0.756m at 30 June 2026. Shareholder results before Qard nevertheless stayed in loss: negative AED40.218m in FY2023, negative AED18.439m in FY2024 and negative AED7.864m in FY2025, turning positive only in the 2026 half-year. Technical performance did grow: takaful revenue of AED610.979m and a service result of AED147.137m in FY2025, AED335.200m and AED84.902m in the half-year, a derived service margin of 25.33% against 24.08%. Participant fund assets were AED813.479m, and of the AED391.398m held at fair value through profit or loss, AED329.739m or 84.25% belongs to participants and is not free shareholder capital. BHM Capital Financial Services owns 7.5218% and simultaneously acts as licensed market maker: at 31 March 2026 it held 10.906m of the company's own shares at a cost of AED17.776m. The meeting of 30 April 2026 approved no FY2025 dividend.
Where the Takaful Emarat evidence runs out
Basic own funds and coverage ratios at 30 June 2026 are not disclosed; there is no confirmation that the regulator approved or that the company executed the capital recovery plan; combined ratios, reserve-development triangles and retakaful counterparty detail with ratings, collateral and collection ageing are all absent. Accumulated losses fell from AED44.590m, or 21% of paid-up capital, to AED18.087m, or 9%; management's normalised 16% measure strips out the tax credit and equity revaluation effects and does not displace the reported 21%. Nothing here is a recommendation, a fair value or an allocation.
The old summary table is temporarily withheld because its display did not preserve the exact relationship between metrics, periods and labels. This is a limitation of the website table, not a claim that the issuer did not disclose the data. The review text and sources are preserved. Review documents and sources.
Key reported figures
Physical assets
- participant fund assets of 813.479m at 30 June 2026
- fair-value-through-profit-or-loss investments of 391.398m, of which 329.739m belongs to participants
- 10.906m own shares held by the market maker at a cost of 17.776m, against paid-up capital of 210.652m
Group entities
- Takaful Emarat – Insurance (PSC) and one subsidiary form the consolidated perimeter
- Sky Bridge Plus Project Management — 9.9491%; BHM Capital Financial Services — 7.5218%; Marwan Ahmad Majid Alghurair — 5.6278%
- BHM Capital simultaneously acts as the licensed market maker
Geographic footprint
- United Arab Emirates — the only market served, trading since 2008
- medical, life, credit and savings protection for individuals and employers
How to read this insurer without mixing evidence
This layer defines the document questions for this exact listed entity. It publishes no premium, claim, reserve, solvency, valuation or performance value.
Takaful shareholder and participant-fund perimeter
- Keep shareholder fund, participant fund and any qard balance explicitly separate.
- Trace contributions, claims, reinsurance or retakaful and surplus under the issuer's disclosed model.
- Do not mix fund solvency, company capital and consolidated accounting results.
How to read this insurer's finances
Numerical values remain in the separate source-document checkHow the insurance engine works
Participants contribute to a risk fund managed under a Shariah-compliant model, while shareholders provide capital and may earn management or agency income. Participant and shareholder funds, qard, surplus and retakaful must stay separate.
Six questions behind the headline result
1. What business was written?
Written premium or takaful contributions show contracts originated during a period, not revenue already earned. Read product, geography, gross/net basis and contract duration before calling the movement growth.
2. What reached the income statement?
Insurance revenue under IFRS 17 follows service provided, while cash collection and written premium follow different timelines. Compare periods only after confirming the accounting transition, restatements and exact group perimeter.
3. What did insured events cost?
Connect incurred claims, claims paid, changes in liabilities and prior-year development. A quiet claims period can reverse later; a reserve release is not the same as stronger current underwriting.
4. What risk was transferred?
Read gross business, ceded premium or contributions, recoveries, counterparty exposure and net retained risk together. Reinsurance can reduce volatility but introduces cost, credit risk and renewal dependence.
5. What came from invested assets?
Insurers invest the float and shareholder capital. Separate recurring interest or sukuk income, dividends, fair-value movements, realised gains and currency effects from the insurance-service result.
6. Are reserves and capital adequate?
Insurance liabilities, available capital and regulatory solvency must share the same entity, date and official basis. Accounting equity, group cash and regulatory capital are related but not interchangeable.
Official-source snapshot
What the company does and where to verify it
A manually reviewed, paraphrased snapshot from issuer and official market records. Each field keeps its exact source and verification date.
No public snapshot has passed this separate review yet.
Official website, investor-relations, market-record and public contact fields remain unavailable here until their exact source, current value and reuse boundary are reviewed. Nothing is inferred from aggregators or another company.
Insurance analytical model
The metrics below define the correct analytical lens for this business model. They contain no company values: a value appears only after official-document provenance and editorial verification.
- Gross written premium
- Premium written by line and geography before reinsurance, for the stated reporting period.
- Combined ratio
- Claims and expense ratios on one disclosed accounting and earned-premium basis.
- Loss ratio
- Claims incurred relative to earned premium with gross, net and business-line scope preserved.
- Solvency
- Regulatory available capital relative to the required capital on the stated supervisory basis and date.
- Investment yield
- Investment income relative to the disclosed average portfolio, separated from underwriting performance.
What changed
Full company chronologyVerified company activity
Only exact-security activity that passes the automatic source, locator, date and localization gates is shown. Exceptions remain unpublished. Each date keeps its lifecycle meaning.
No linked activity currently passes every public source-document check.
Sources
Identity evidence
- Identity evidence
- Exchange-hosted evidence
- Identity record checked
- 2026-08-11
- Evidence host
- www.dfm.ae
Research collections
This company appears in the dated public collections below. Membership describes coverage and evidence context; it is not a ranking or recommendation.
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Identity revalidation due
Dated public identity checks earlier than 18 August 2026; this does not assert current listing status.
- Membership version
- v1
- Effective from
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Research products
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