Dubai: The General Assembly of Dubai Islamic Insurance and Reinsurance (PJSC) (AMAN) approved, during its meeting, the exit and sale of insurance portfolios and the transference of the company's activity into an investment company subject to the approval of competent authorities.

The general assembly of AMAN authorized the company's board of directors to complete all procedures with the official authorities and policyholders to exit the insurance business.

Aman Insurance Company had announced earlier that it had agreed with Abu Dhabi National Takaful Company and Salama Insurance Company to sell the insurance operations to them, subject to the approval of shareholders and regulatory authorities.

The general assembly of the company also agreed to transfer the company’s activity into an investment company on condition of the approval of the competent authorities concerned.

Dr. Saleh Al Hashemi, Chairman of the board of directors of AMAN, reaffirms that AMAN Company makes progress in implementing the agreed strategy to exit the insurance business and move into investment, as the first stage includes selling and transferring the insurance portfolio to the buyers, while the second stage includes converting AMAN into an investment company. 

Dr. Saleh Al Hashemi said that AMAN has successfully reduced non-strategic assets which left a positive effect on the financials of the company despite the difficulties condition in the insurance sector in general.

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