AMAN reports 22.5 times growth in profits to AED47.06 million for the first nine months of 2005

The company recorded AED47.06 million of profits compared to AED2 million for 2004.

Aman's revenues grew four times from AED12.08 million by the end of September 2004 to AED60.8 million by the end of September 2005. Stock earning increased from AED0.33 by the end of September 2004 to AED7.84 by the end of September 2005. The company's assets grew by 94 per cent to reach AED204 million by the end of September 2005 as compared to AED105 million by the end of September 2004.

Hussain Al Meeza, Managing Director of AMAN, said: "We are very pleased with the results of the company. Aman has achieved a significant growth over the last nine months, continuing its strong performance in the sector. It is now one of the leading Islamic insurance companies in the market, playing a significant role in the Islamic Takaful insurance within the UAE."

"This contributed to the huge increase in the number of insurance contracts issued by the company this year compared to last year which is a result of the good name and special service provided by Aman," he added.

In line with its expansion plan, AMAN announced the launch of a new branch in Jabal Ali Free Zone. The opening of the new office came in response to the growing demand for Islamic Insurance services in the Jabal Ali Free Zone.

Aman had also launched a service allowing UAE residents to apply for and receive AMAN's travel insurance quotations online, as well as car insurance quotations. The company has also launched its "International Haj/Umrah Takaful Passport" online for Haj and Umrah pilgrims in the region and world.

The number of UAE nationals working at Aman today represent 20 per cent of the total employees in the company. Aman has also committed to investing in local talent by sponsoring further studies for those who complete their courses with honors.