The Dubai-based Islamic Arab Insurance Company (IAIC), which started trading its shares on the Dubai Financial Market on Saturday, has won the approval of the Saudi Arabian Monetary Agency to establish a takaful insurance company in the kingdom with a capital base of 200 million Saudi riyals.
Shaikh Khalid Bin Zayed Al Nahyan, IAIC chairman, said the company has become one of the largest Islamic insurance companies in the world after raising its capital by Dh950 million.
“Our profit is poised to increase to Dh90 million next year and Dh260 million in 2010.”
IAIC increased its capital from Dh50 million to Dh1 billion, with the founders paying Dh750 million. Twenty per cent of its shares were floated for public subscription in June.
Saleh Malaeka, executive vice-president of IAIC, said his company would have a 49 per cent stake in the new insurance company in Saudi Arabia, and that it would start operations early next year.
Gulf News
