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All preparations have been made with the help of Dubai Islamic Bank who overseas all Private placements and opening of new accounts to increase (AMAN) capital share to AED 200 Million.
Dubai Islamic Insurance and Reinsurance Company (AMAN) were granted the Ministry of Economy approval on the request for increasing the capitol to AED 200 Million without any subscription fee on 20th February 2006.
H.E. Sultan Saeed Al Mansouri, Chairman of the Board of Directors of AMAN said after the meeting:
"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."
AMAN's net profits for 2005 rose by 865% to AED 82.04 million from AED 8.5 million in the 2004 financial year. The company's investment earnings increased 112% to AED 144.08 million the previous year. Furthermore, the company's assets grew by 134% to AED 246 million compared to AED 105 million the previous year. The value of Insurance premiums paid increased by 77.5% to AED 95 million.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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