The General Assembly of Dubai Islamic Insurance and Reinsurance Company (AMAN Insurance) has held its annual general meeting (AGM) at Dubai Chamber of Commerce and Industry.
The AGM reviewed the board's report on the company’s activities and its financial position during the past financial year which ends on 31st of Dec. 2017.
The AGM was chaired by Dr. Mohamed Ali Khamis Al-Hosani, deputy chairman of the company’s board of directors and fellow board members, Mr. Abdurrahman Ahmad Abdullah Sinan and Mr. Mubarak Mater Al-Shamsi as well as the CEO Mr. Jihad Faitrouni.
HE Mohammed bin Omair bin Yousef Al-Muhairi, the chairman of AMAN, pointed out that the board of directors has followed up the execution of the agreed reform plan from last year which included selling of the company’s shares in Boubyan Takaful in Kuwait, reducing the company's expenditures and other procedures, all of which contributed to the restoration of the company’s stability and profitability.
He added that AMAN achieved gross technical profit of AED 48.3 Million from operations during the financial year of 2017 in comparison with a profit of AED 27.6 Million in 2016, which represents an improvement of 75%.
HE clarified that the net profit of AED 9.5 Million in year 2017, against a total loss of AED 19.7 Million in 2016, had contributed to a reduction in accumulated losses, which decreased from AED 118 Million in 2016 to AED 76.5 Million in 2017 following the release of AED 37.5 million in Legal and General Reserves in accordance with the company’s General Meeting decision and the agreement of the relevant authorities.
HE is optimistic that AMAN will continue the same policy in 2017 and will generate more growth next year.
Mr. Jihad Faitrouni, the CEO of AMAN, is also hopeful the company will gain more profits during this current year through the positive outcome appears so far.
He added, the 2017 reform plan should achieve bigger and success and stronger growth.
The CEO of AMAN stated, that the measures taken so far whether concerning the amendment of insurance cost, the reduction of company expenditure, or the finding of optimum investment opportunities, should strengthen the company’s position and set it back on the right track.
The General Assembly of AMAN decided to amend the articles of association to allow an increase in the possession ratio of company’s shares for non-UAE nationals to 49%, after obtaining the approval of competent authorities.
The shareholders discussed the ongoing legal cases against the previous managing director.
During the AGM, the general assembly discussed the company’s financials, reviewed the report of Fatwa and Sharia’a Board and the auditors' report on the balance sheet and the profit and loss account for the financial year ended in December 31, 2017. The general assembly also gave clearance for the board of directors and auditors for 2017 financial year, it appointed new auditors for year 2018 and specified their wages and agreed to appoint Mr. Mubarak Al-Shamsi as a board member replacing Dr. Abdullah Saad Al-Khanbashi who had resigned.
© Press Release 2018