The 3rd Middle East Insurance Forum starts in Bahrain with AMAN as Gold Sponsor

This year, the Forum, which is organized by Al-Iktissad Wal-Aamal Group in cooperation with the Bahrain Monetary Agency, is being held at a time when the Arab insurance industry is experiencing growth and significant structural changes.

Hussain Al Meeza said:

"Participating in such events regionally and internationally is essential for Aman. We benefit in sharing experience and case studies from the region in order to preserve our leading position in the UAE market. Aman's next step will now be to expand in the region after market studies showed great need for Islamic insurance products and services".

The active participation of Aman comes as a Gold Sponsor of the whole event and a lecturer in the conference's third panel discussion of the first day under the title: 'Developing the Medical Insurance and Retirement Plans: Insurer-Regulator Relationship' with Mr. Hussein Al-Meeza, Managing Director of AMAN, as the moderator of the session. Aman also created a special stand to participate in the exhibition associated with the event.

"'Our impressive financial results for the year 2005 has stemmed from our significant achievements during the year, primarily in our trendsetting role of developing the Islamic Takaful Insurance sector in catering to a diverse range of customers. Our strategy has always been to offer innovative market-driven Islamic insurance products and services and this is truly reflected in our performance."

AMAN's net profits for year ending 31 December 2005 had rose by 865 per cent to reach AED 82.04 million from AED 8.5 million over the 2004 financial year. The company's stock earning increased 112 per cent to AED 144.08 million in 2005 from AED 68.04 million during 2004. Furthermore, the company's assets grew by 134 per cent to AED 246 million compared to AED 105 million last year. The value of insurance premiums paid increased by 77.5 per cent in the period to reach AED 95 million.

Al Meeza explained that its 2005 launches included several Sharia compliant insurance and comprehensive health care services, while it also signed many strategic alliances with elite local, regional, and international partners to extend its suite of products and services.

Leading figures in the industry will gather on this crucial occasion to discuss issues of relevance and to set best-practice models, review regulatory reforms, Takaful-compliant products, and the opening of new markets. The Forum will be launched with a keynote address on the impact of the WTO and international agreements on the Arab insurance sector. Panel discussions will revolve around strategies to boost growth, starting with increasing confidence in the industry through a series of initiatives that will increase transparency, solvency and best-practice standards; medical and health insurance; bancassurance; the consolidation of the market via mergers, alliances and privatization.