Paid 4.9% of subscription value
Dubai, February 5, 2008: Dubai Islamic Insurance and Reinsurance Company (Aman) will soon distribute insurance profit to policy holders following approval of the distribution formula by the company's Sharia Control Board.
Mr. Hussein Mohammed Al Meeza, Aman Chief Executive and Managing Director, said the company's board had approved the distribution of net profit achieved by the company to policy holders who did not get compensation from accidents, adding that beneficiaries will be paid 4.9% of the paid subscription value.
He added: "The distribution reflects the company's commitment to Sharia-compliant insurance and liability principles, which demand that insurance profit be distributed to beneficiaries who are policy holders of the company. This is exactly what we are doing following Aman's success in achieving insurance profit from its clientele."
Mr. Al Meeza reiterated Aman's commitment to organising its insurance procedures in a way that would ensure that profit are distributed fairly to its clients and in accordance with the rules approved by the company's board and charter, after the approval of the company's general assembly. He said his outfit will invest its profit in Sharia compliant ventures and deduct Zakat (alms) from profit made in accordance with the teachings of Islam and in a way that would not harm the interest of its client and policy holders.
He pointed out that the profit was the dividend from the total subscription paid by stakeholders and the profit made from investment, on the one hand, and total payment made in compensation for damages suffered by those insured by the company, in addition to the company's share being the stockjobber assigned to take care of investing the insurance monies, on the other.
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© Press Release 2008
