AMAN Insurance posts AED41.2mn net profit in 2015

DUBAI / WAM

The General Assembly of Dubai Islamic Insurance and Reinsurance Company (AMAN Insurance) 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.
The AGM was headed by HE Mohammed bin Omair bin Yousef Al Muhairi, the chairman of AMAN, and attended by the board members and other officials such as: Dr Abdallah Saad Alkhanbashi, Naser Falah Hmmoud Al Qahtani, Dr Mohammad Ali Khamis Al-Housni, Abdurrahman Abdallah Sinan, Khalifa Hassan Al Hammadi, and the company’s CEO Jihad Faitrouni.
The General Assembly discussed the balance sheet of the company and reviewed the report of the Fatwa and Sharia’a Control Board, and the auditors’ report on the balance sheet, and profit and loss account for the financial year ended December 31, 2015.
In addition to overlooking the financial figures from 2015, the AGM also agreed the discharge of the Board of Directors and the auditors from their duties during the financial year 2015. New auditors have been appointed and their fees have been assigned for the fiscal year 2015.
The Annual General Meeting approved the proposal of the Board of Directors and agreed not to pay any dividend for the year of 2015 but to carry it forward into the coming financial years. The Annual General Meeting also elected a new board of directors for the next three years, those are: HE Mohammed bin Omair bin Yousef Al Muhairi, Dr Abdallah Saad Alkhanbashi, Naser Falah Hmmoud Al Qahtani, Dr Mohammad Ali Khamis Al-Housni, and Abdurrahman Abdallah Sinan,
The AGM appointed a Fatwa and Sharia’a committee as well.
HE Mohammed bin Omair bin Yousef Al Muhairi, Chairman of AMAN, stated that the solid plans and strategies which have been accomplished by the board of directors helped the company to bypass its hardship and move the balance from loss to being profitable.
The company has become much more methodical, transparent and institutional in applying the code of practice, it cared much more about the company’s own interest. It has reached a higher standard of the Islamic type of insurance, Takaful Insurance.
HE Mohammed bin Omair bin Yousef Al Muhairi added, AMAN managed to stay stable in the market and managed to avoid a massive potential loss which has hit most companies within the insurance market.
He pointed out that AMAN has earned a net profit of AED 41.2 million during the financial year of 2015, with a 45% of improvement from before. This has also reflected positively on AMAN’s sister companies, Amity and Technique.
His Excellency expressed the board of directors’ ambition and vision to pursue the same challenging policy of achieving a greater growth on both levels, locally and regionally.
He finally expressed his gratitude to both, members of the board of directors, especially those who have left the board, and also to all employees of AMAN, for their sincere efforts in keeping the company prospers.
He also offered his blessing and good wishes to the newly elected board of directors.