AMAN announces 15 per cent cash dividend and 15 per cent bonus shares

The Chairman, Board of Directors, the Chief Executive Officer and senior staff members of the company and the shareholders attended the AGM.

At the AGM, shareholders approved distribution of 15% cash dividend and 15% bonus shares to the shareholders. In a landmark decision, for the first time in its short history of three years, the Islamic insurer also announced distribution of 2% profits to its policyholders.

During the AGM, a new board was elected to include Sultan Saeed Al Mansouri, Mohamed Ali Alabbar, Mohammed Al Hashimi, Hussain Al Meza, Mohsen bin Omair bin Yousif , Saleh Saeed Lootah, and Abdullah Ibrahim Al Dabous.

"AMAN owes its stellar financial performance to the wonderful support it has received from all its stakeholders including shareholders, customers, the administration and employees,"

said H.E. Sultan Saeed Al Mansoori, Minister of Governmental Sector Development, Chairman of AMAN.

He highlighted the importance of economic growth and development in the UAE and underlined its role in enhancing the profits in the local insurance markets.

"The company's net profit reached AED82 million and this includes profits of shareholders and policy holders. Profits of shareholders reached AED72.65 million, while profits of policy holders reached AED8.417 million. For the first time, AMAN will distribute 2% profits to policyholders and the initiative reflects the true values of the Takaful concept. We truly believe that our Policy holders are our partners," he added.

Mr. Al Mansouri, said: "The value of insurance premiums paid increased by 77.5 per cent in the period to reach AED 95 million by end of 2005 as compared to AED53.46 million by end of 2004. Furthermore, the company's assets grew by 144.9 per cent to AED 258.06 million by end of 2005 as compared to AED 105.38 million by end of 2004."

He concluded: "In line with the company's plans to expand its branches within the UAE, we opened operations in Sharjah with a dedicated branch, making it the second branch outside Dubai after the opening of Abu Dhabi branch last year. The expansion plan reflects the company's need to span out in order to better service the increasing demand for Islamic Insurance within the country."

AMAN recorded net profit of AED 82 million for the financial year ended December 31, 2005, up by a whopping 865 % when compared to AED 8.5 million for the year ended December 31, 2004.