Archive | Aman

Aman wins World Finance award for the Best Takaful Provider 2011

Aman wins World Finance award for the Best Takaful Provider 2011

Award is testament to company’s leadership role despite challenging industry conditions

2160Dubai – May 21st, 2011: Dubai Islamic Insurance and Reinsurance Company (Aman) has been awarded the World Finance Award for the Best Takaful Provider in 2011. The award offers recognition of Aman’s excellent performance, and its efforts to invigorate the Islamic finance and insurance globally.

“We are very proud to receive this award, given our constant efforts to offer excellence in service delivery. We have a number of programmes underway to ensure that we support the UAE’s national vision, and the ambitions of the global Islamic insurance industry. We pride ourselves on our high levels of client servicing, and our Emiratisation and training policies,” said Hussein Al Meeza, CEO and Managing Director of Aman.

Aman’s recognition as leading Takaful Provider comes at a difficult time for the insurance industry globally, as well as for the more specialized Takaful sector. The floods in Jeddah earlier this year, damages caused by the political turmoil in several countries and the heavy losses caused by Earthquake in New Zealand and Japan, has led to massive payouts in the first quarter of 2011.

Reinsurers have been affected far more adversely than direct insurers. “The adverse impact on reinsurers will translate to an increase in rates and very stringent terms for coverage like earthquakes or political troubles leading to loss or damage to properties. As a result, it is anticipated that it’s going to be a difficult year for the Takaful industry,” explained Al Meeza.

Nevertheless, Aman continues to dominate the Takaful industry in the GCC region, and is planning to introduce more Shariah compliant products in the market, maintaining its role as the market leader in Bancassurance. The company has recently partnered with ICICI Lombard General Insurance of India, which is part of the Fairfax Group, to introduce two new Medical products in the market, and this is expected be followed by several new products in the near future. At the same time, Aman is consolidating its position, having generated an annual premium value of over 615 million (2010) in the short span of eight years.

“Despite a difficult start of 2011, Takaful and Islamic banking are now buzzwords in today’s financial world and are globally recognized in the key financial centers of the world. Takaful products grew 27 percent year on year between 2004 and 2007, prior to the economic slowdown. It is estimated that Islamic financial assets have exceeded the 1 trillion mark globally, with Insurance products playing a key role in this expansion,” said Al Meeza.

“Aman remains cognizant of its leadership position, and is working to champion Islamic insurance or Takaful as a viable alternative to conventional products globally. We are constantly revaluating our portfolio and introducing innovative solutions in association with our valued business partners,” he concluded.

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Aman announces support to Ministry of Interior Initiative

Aman announces support to Ministry of Interior Initiative

2150Dubai May 19th, 2011: Dubai Islamic Insurance and Reinsurance Company (Aman) has announced its support to the initiative that was launched by Al Faraj Fund affiliated with the Ministry of Interior, and ‘Emarat Al Youm’ Newspaper.

The initiative aims at delivering support to the insolvent inmates to ensure their release. As part of the company’s belief in its social role and in line with its commitment to the well being of the society, Aman has confirmed that it will be supporting the fund financially.

“We are keen on supporting such initiatives as we are driven by our belief that we all have a vital role in the well being of the society. This initiative is another proof of the endless efforts of the United Arab Emirates to help caring people reach the needy, and in such a way that achieves social and ethical message towards insolvent, to give them new chance of starting honorable life,” said Hussein Al Meeza, CEO and Managing Director of Aman.

The initiative will organize an aid campaign for the inmates of correctional and punitive institutions and their families across the UAE, and is considered one of the promising modules of humanitarian programs and is expected to contribute to the overall stability of the society.

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Aman launches two new Medical insurance products in partnership with ICICI Lombard of India

Aman launches two new Medical insurance products in partnership with ICICI Lombard of India

2112Dubai, May 15, 2011 Dubai Islamic Insurance and Reinsurance Company (Aman) has announced launching of two new Medical products in partnership with India’s ICICI Lombard General Insurance through the courtesy of J.B.Boda & Co, India’s largest Insurance & Reinsurance Broker,  in a  bid that will see the company launch collaborative insurance products in the UAE market. The partnership was formalized by Hussein Al Meeza, CEO and Managing Director of Aman, and Hitesh Kotak, Vice President of ICICI Lombard’s Strategic Planning Group.

The partnership will see the co-launch of two insurance products, Rishtey (Relationships in Hindi) and Health on Return. Rishtey offers comprehensive health insurance for families in India, with a simple structure and uncomplicated documentation. The Heath on Return product covers NRI health needs when they visit India. It also serves as a retirement health insurance policy when they decide to move home permanently.

The products are aimed at Non-Resident Indians in the UAE and the region, in order to better cater to their health needs, and needs of their families back home,” said Hitesh Kotak. “The NRI segment of the market is increasing in volume. At the same time, there is greater awareness of the benefits of health insurance and the importance of planning ahead. We foresee these products doing exceptionally well in regional markets,” said Hussein Al Meeza.

The Aman – ICICI Lombard collaboration comes on the back of a successful 2010 for Aman, which saw the insurance provider improve market share and profit.

“Aman is consistently looking for ways to improve its presence across various sectors, and diversifying its product portfolio. We are constantly revamping our products and offerings to ensure we can predict and cater to customer needs. Our partnership with ICICI Lombard will help ensure that we continue to offer innovative products that benefit our clients,” Al Meeza concluded.


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AMAN’s AGM approves 7.5% bonus shares

AMAN’s AGM approves 7.5% bonus shares

Company’s insurance portfolio reaches AED 611 million by end of 2010

AMAN AGM 2011

AMAN AGM 2011

Dubai, March 23rd 2011 Dubai Islamic Insurance and Reinsurance Company (AMAN) has successfully concluded its Annual General Meeting (AGM) yesterday (March 22, 2011) at ‘The Emirates Towers’ Hotel in the presence of the board members and a representative from the Securities and Commodities Authority (SCA). The AGM approved the distribution of 7.5% bonus shares for shareholders; while the company’s insurance portfolio has grown by 29% to reach AED 611 million by end of 2010.

The AGM approved the report for the Board of Directors and the financial statements for the financial year ending December 31, 2010, as well as the reports of the Sharia’a board and the appointment of financial auditors.

AMAN’s net profit has risen by almost 3% in 2010 reaching AED 21.18 million compared to AED 20.57 million in 2009. The value has also grown to 11 fils per share in 2010 from 10 fils per share in 2009 accounting to a profit of AED 61.5 million.

AMAN’s CEO and Managing Director Mr. Hussein Al Meeza said “AMAN’s performance over the past two years resulted in considerable growth, achievement of high profit margins, and protecting shareholders interest.”

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Aman achieves 32 per cent increase in profits in Q4 2010

Aman achieves 32 per cent increase in profits in Q4 2010

280Dubai – 18 January 2011: Dubai Islamic Insurance and Reinsurance Company (Aman), has announced a 32 per cent increase in profits in Q4 2010 compared to Q3 of the same year. The company has also recorded a net profit of AED21.18 million in 2010, a rise of 3 per cent compared to the AED 20.57 million reached in 2009.

The company’s net operating profit has grown by 65 per cent in 2010, reaching AED 22 million, compared to AED 13.4 million in 2009. By the end of 2010 the company’s income has grown by 23 per cent, to reach AED 611.1 million, compared with AED 495.8 million during the same period in 2009.

The company’s equity recorded a 4.7% increase in 2010, reaching AED 175.3 million compared to AED 167.5 million in 2009. The assets of the company also rose to AED 524.8 million during the year ended December 31 2010, an increase of 2.3 per cent, compared with AED 513 million by the end of 2009.

CEO and Managing Director Mr. Hussein Al Meeza said: “The economic downturn has meant that 2010 has been one of the most difficult years for insurance companies. Our ability to maintain revenue streams and increase profits is a major achievement for Aman Insurance. It’s a testament to our model of high performance and sustainability.

Our aim this year is to consolidate the gains achieved by the company and focus on our core business in the insurance sector, maintaining good profits and safeguarding the rights of shareholders in the midst of challenging economic changes in the markets,” he concluded.

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Dubai Islamic Insurance & Reinsurance Co. (Aman) ‘BBB’ Ratings Assigned

Dubai Islamic Insurance & Reinsurance Co. (Aman) ‘BBB’ Ratings Assigned

Outlook for Dubai based company revised from negative to stable

284Monday, December 13th, 2010: Dubai Islamic Insurance and Reinsurance Company (Aman) has announced that its Credit Rating within Standard & Poor’s Ratings Services has increased reflecting Aman’s good capitalization, good financial flexibility, and good competitive position in the UAE market. The outlook of Aman has been revised to stable from negative and an affirmative ‘BBB’ long-term counterparty credit and insurer financial strength ratings were assigned.

Aman has displayed resilience to the financial downturn over the past two years and the company has continued to grow profitably, while taking management actions to achieve prudent growth. Aman has also continued to post good underwriting earnings, and its current ratings were supported by the good competitive position in its home market of Dubai and good underlying earnings.

The report mentioned that Aman will maintain the quality of its underwriting earnings, while growing selectively in new business lines. Also, Aman’s adequate liquidity will likely prevent it from realizing losses on its investments and that the company will continue its management actions to reduce the volatility of capital adequacy.

Commenting on the new rating, CEO and Managing Director Mr. Hussein Al Meeza said that Aman’s performance over the past two years resulted in considerable growth and an increase in the volume of insurance work. He stated that despite the financial turmoil that struck the economies in year 2009, Aman’s results were healthy due to the operational stability and the introduction of new insurance services by the company.

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AMAN signs cooperation agreement with ALICO

AMAN signs cooperation agreement with ALICO

2278Dubai, May 26th, 2010: Dubai Islamic Insurance and Reinsurance Company, Aman, signed today a co-operation agreement with the American Life Insurance Company, ALICO. Under the agreement, Aman will provide Alico’s insurance products that are compliant with the Sharia principles, as determined by Aman’s Fatwa and Sharia Supervisory Board, to its customers in the UAE.

The Agreement was signed at Aman’s headquarters in Dubai by Mr Hussein Mohammed Al Meeza, Managing Director and CEO of Aman, and Mr. Michel Khalaf, Alico’s Regional President and CEO, Middle East, Africa and South Asia.  According to the terms of the co-operation agreement, Aman accepted to issue the insurance products proposed by Alico, which were qualified to be Takaful Products, as per the opinion of Aman’s Fatwa and Sharia Supervisory Board. The agreement also stipulates that all Takaful products that Aman will accept to issue in its own name under this agreement shall be reinsured with Alico.

Commenting on this move, Mr Hussein Mohammed Al Meeza, Managing Director and CEO of Aman, said the agreement is in line with Aman’s continued efforts to provide new and innovative Shariah compliant Takaful products to its valued customers in the UAE. “We signed this co-operation agreement to provide Alico’s insurance products in accordance with Shariah guidelines under the supervision of our Fatwa and Shariah Supervisory Board,” he noted.

He added that any new insurance products will be reviewed by Aman’s Fatwa and Shariah Supervisory Board to make sure they comply with Shariah Takaful insurance principles before being offered to the customers.

“Alico is a one of the leading international insurance companies with extended and strong ties in the region and rich record of achievements and history of successful growth. It started operating in the Middle East, Africa and South Asia in 1952. It offers excellent services and a diversified range of insurance products, including  life, health and accidents insurance products through different distributors in the region.

Our cooperation with Alico represents a significant opportunity to provide innovative insurance products to Aman’s customers in the UAE,” Al Meeza remarked.

For his part, Mr. Michel Khalaf expressed Alico’s commitment to provide innovative insurance products and solutions to meet the needs of its clients and the life, health and accidents insurance markets. “This cooperation agreement with Aman comes as part of Alico’s dedication to ensure that its products cover clients from all walks of life and all over the world,” he said.

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AMAN’S FIRST QUARTER RESULTS SHOW POSITIVE GROWTH WITH A NET PROFIT OF AED 9.3 MILLION

AMAN’S FIRST QUARTER RESULTS SHOW POSITIVE GROWTH WITH A NET PROFIT OF AED 9.3 MILLION

2150Dubai, April 19, 2010: Dubai Islamic Insurance & Reinsurance (Aman) has declared a first quarter net profit of AED 9.3 million for 2010.  The company’s operating net profit amounted to AED 6.2 million during this time as the earnings per share stood at 0.05.

Additional growth was seen as Aman’s insurance revenues increased to AED 135 million during the first quarter of 2010 with an increase of 56% compared to the AED 86.37 million noted for the same period in 2009.

The company reports that total equity has also increased during the first quarter of 2010 by approximately 4.4%.

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AMAN adopts Corporate Governance in compliance with UAE Securities Commission regulations

AMAN adopts Corporate Governance in compliance with UAE Securities Commission regulations

Amendment of the company’s regulations will provide greater transparency in accordance with the requirements of Islamic Insurance

2258Dubai, March 23, 2010: Dubai Islamic Insurance and Reinsurance Company (Aman) held their extraordinary AGM meeting headed by H.E. Mohamed Bin Omeir Bin Yousif Al Muhairi, Chairman of Aman, which was also attended by Hussein Al Meeza, Managing Director and CEO of Aman, as well as members of Aman Governing Council, held in the Godolphin Ballroom of Emirates Towers in Dubai on March 23.

During the meeting, participants decided to amend the statute of the company in accordance with Resolution No. 518 / 2009 regarding controls on governance and institutional standards of discipline.  The action included the addition of the Corporate Governance regulations issued by the Securities Commission in the UAE in April of 2007, which are to be adopted by financial institutions listed in the capital markets.

H.E. Mohammed bin Omair bin Yousef Al Muhairi, Chairman of Aman, chose the forum as an opportunity to highlight the importance of applying standards of Corporate Governance.  “One of the key motivations for the amendment is to provide more comprehensive disclosure  of the inner workings of Aman in a timely fashion—including financial position, performance, and property rights,” commented Al Muhairi.

The application of enhanced Corporate Governance practices will lead the company to show more transparency and credibility in financial markets, and provide protection for shareholders in partner companies.  This will also facilitate companies in exercising their legal rights and ensuring equal treatment of all shareholders as the Governing Council exercises effective overview of the company’s Management and Board of Directors.

The Securities Commission in the UAE had granted financial institutions listed in the capital markets with three years to implement the application of Corporate Governance controls, ending on April 30, 2010. The Board of Aman believes that the governance controls, and the responsibilities of the company’s boards, commissions and auditors, are a strategic option that will ensure the protection of the company’s interests and customers while strengthening the national economy.

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Aman records AED 20.57 million in net profits in 2009

Aman records AED 20.57 million in net profits in 2009

Dubai, 03/02.2010

aman-logo-1Dubai Islamic Insurance and Reinsurance Company (Aman) has announced that its net profits for 2009 have reached AED 20.57 million, compared to year 2008.

Company officials have stated that the company’s reached AED 495.777 million in total Premiums.

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