The board of Dubai-based Islamic insurer Takaful Emarat has agreed to reduce the company’s issued share capital by AED 50 million ($13.6 million) to write off accumulated losses.

The board will recommend the reduction to the company’s general assembly, subject to approval from the Central Bank of the UAE and the Securities and Commodities Authority, a statement to Dubai Financial Market (DFM) said. 

Auditor EY said last month in its introduction to the company’s Q2 2022 results stated that it had failed to meet AED 100 million capital requirements.

(Writing by Imogen Lillywhite; editing by Seban Scaria)