Aman agrees to offer 15% of Aman shares to expatriates

In a statement released by Aman it stated that the General Committee agreed upon the two recommendations of the Board of Directors; Divide Aman's shares denomination from Dhs10 to Dhs1 and to allow expatriates to acquire 15% of the company shares.

His Excellency Mr. Hussein Mohammed Al Meeza, Deputy Board Member and Managing Director of Dubai Islamic Insurance and Re-Insurance Company (Aman), said: "These agreements are of immense importance to the company, and comply with the Company's shares restructuring. It is a direct response and in line with the shareholders' wishes."

Mr. Al Meeza added that this division will lead to the increase of shares and benefits in the market. Commenting on the agreement allowing expatriates to own 15% of the company stakes, Mr. Al Meeza stated: "This decision will have a positive impact. It will bring diversification and inject capital investment in the market. This is simply due to the fact that there are so many UAE residents that are willing to invest locally. We, at Aman, are giving them the opportunity to invest and bring shared benefits to the parties involved."

Mr. Hussein Al Meeza assured that Aman strives to provide innovative products in the Takaful Insurance Sector and to diversify its investments as part of its concern regarding the shareholders' rights.

He also pointed out that Aman is determined to continue to play a leading role in the Takaful sector and to expand regionally to build a strong base in the Takaful industry.