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Dubai - The General Assembly of the Dubai Islamic Insurance and Reinsurance Company (AMAN Insurance) has held its annual general meeting (AGM) at the Dubai Chamber.
The AGM reviewed the board's report on the company's activities and its financial position during the past financial year.
The AGM was headed by the chairman of AMAN, H.E. Mohammed bin Omair bin Yousef Al-Muhairi, and attended by the company's general manager, Jihad Faitrouni, as well as board members and other officials.
The General Assembly discussed the balance sheet of the company and reviewed the report of the Fatwa and Sharia'a Control Board, and the auditors' report on the balance sheet and profit and loss account for the financial year ended December 31, 2014.
In addition to overlooking the financial figures from 2014, the AGM also agreed the discharge of the Board of Directors and the auditors from their duties during the financial year 2014. New auditors have been appointed and their fees have been set for the fiscal year 2015.
The Annual General Meeting approved the proposal of the Board of Directors and decided not pay any dividend for 2014 and carry it forward into the coming financial years.
H.E. Mohammed bin Omair bin Yousef Al-Muhairi, Chairman of AMAN, expressed his gratitude to the board members and all employees for their sincere efforts.
In his address to the Annual General Meeting, he said that last year, 2014, was the beginning of a new phase in the company's life towards a strong start in the market in order to achieve outstanding results and benefit the company's shareholders and policyholders. The Board of Directors now looks forward with greater ambition to making 2015 the year of the key challenge for achieving a higher and stable growth at the local level, and also aims for global expansion, if given the appropriate opportunities to do so.
The Chairman of AMAN continued: "The company was able to overcome past financial difficulties and put its finances back on the rails. We have managed to turn our AED 52.8 million losses in 2014 into profits of AED 2.2 million, thanks to the new policy which was adopted by the company and has amply paid off. The policy encompassed developing a comprehensive plan of action entitled 'Revive the Organisation', and included the application of fundamental changes in various departments and divisions, namely: HR, Administration, Finance, Sales and Marketing, and IT.
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© Press Release 2015
