Dubai: Dubai Islamic Insurance and Reinsurance Company (AMAN) developed a five-year plan, from 2019 to 2023, aimed at bolstering the company’s position and financial status and increasing its earnings.
H.E. Mohammed bin Omair bin Yousef Al-Muhairi, Chairman, addressing the company’s Annual General Meeting, organized at Sheraton Dubai Creek Hotel, said that many measurements have been taken to improve the company status. Although we have made substantial proceeds in 2017 and 2018 that are far less than our aspirations, however we consider them as kick-off point for better future for the both the company and its stockholders.
He also pointed out that the board of directors has followed up the execution of the agreed reform plan from last year which includes selling off "Boubyan Takaful", Kuwait, Garage Technique, improving performance rates and many other procedures that contributed to maintaining balance and profitability.
He also said that the board has changed the foreign ownership to 49% based on the general meeting last year. Work is also afoot on capital restructure, he added.
The company has maintained its leading position, compared to local insurance players, in terms of Shariah compliance, excellent reputation and transparency in dealing with regulatory authorities and stakeholders, he said. Not only this, but we also managed to maintain our balance in the insurance market as well as increasing our presence in the UAE. The AGM was chaired by H.E. Mohammed bin Omair bin Yousef Al-Muhairi and attended by board members Mr. Naser Falah Al-Qahtani, Mr. Abdurrahman Ahmed Senan, Mr.Mubarak Matar Al Shamsi and Mr. Jihad Faitrouni, the CEO of AMAN.
The attendees 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. 2018.
They also reviewed the Board's Fatwa and Shariah Supervisory report about the company's business and the auditors' report for the balance sheet and profit and loss account for the financial year ended on 31/12/2018. They also released and discharged members of board of directors and the auditors from liability for their missions during the financial year ended on 31/12/2018. This is in addition to appointing auditors and Shariah Board for the financial year 2019. The meeting also approved the BOD’s recommendation for postponing the distribution of 2018 profit for the coming years.
H.E. Mohammed bin Omair bin Yousef Al-Muhairi, Dr. Mohamed Ali Khamis Al Hosani, Mr. Naser Falah Al-Qahtani, Mr. Abdurrahman Ahmed Senan and Mr.Mubarak Matar Al Shamsi were elected as members of Board of Directors for the coming three years.
The CEO of AMAN said that the company continued implementing its plan aimed at amending of insurance cost, reducing administrative and general expenditure, focusing on increasing life insurance besides exploring the best available investment opportunities with the ultimate objective of strengthening the company’s position.
© Press Release 2019
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