Jordan: Al-Manara becomes a takaful operator

Source: Middle East Insurance Review | Apr 2022

Al-Manara Insurance has announced the amendment of the company’s article and memorandum of association to convert its operations from conventional insurance business to adopt the takaful model, the company said in a statement published on the Amman Stock Exchange last month.

The statement noted that the board of directors has approved the amendment of the company’s articles of incorporation and articles of association to align with takaful standards as well as changing the company’s name to become Al-Manara Islamic Insurance. The board has also announced the appointment of a shariah supervisory board to oversee the operator’s business after launching its takaful activities.

Al-Manara was established in 1974 as a general insurer. In 2021, the company’s GWP reached JOD18.36m ($25.9m) from JOD14.4m in the preceding year. Net profit for the company reached JOD128,716 in 2021 from JOD1.77m in the past year. M

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