The chairman of Islamic insurer Salama may benefit from its AED 15 million ($4.08 million) acquisition of the portfolio of fellow Islamic insurer Aman, as he owns a 12.5% share in the target company. 

In a bourse filing on the Dubai Financial Market (DFM) on Friday, Salama disclosed that Jassim AlSeddiqi Alansaari holds a share in the company.

The filing said that the chairman “may or may not benefit” indirectly from the transaction and that it will be funded through internal Salama funding. 

Aman said in its own DFM statement that following the transaction, it plans to exit the insurance business and transform into an investment company. 

Salama announced yesterday that its gross written contributions will rise to AED 1 billon after the acquisition is complete. 

(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)