Arab Insurance Group (ARIG) is currently running negotiations to purchase the remaining 46% stake in UAE’s Takaful Re.

Arig, which is listed on both DFM and Bahrain Bourse, intends to take complete control over the Islamic reinsurance company, the company said in a bourse filing, adding that Takaful Re is already consolidated under Arig’s accounts.

Arig currently owns a 54% of Takaful Re’s shares, with a capital amounting $500 million.