UAE: AMAN approves exit, sale of portfolios and transformation into investment company
Source: Middle East Insurance Review | Mar 2023
The general assembly of Dubai Islamic Insurance and Reinsurance Company (AMAN) approved the exit and sale of insurance portfolios. The general assembly authorised the company’s board of directors to complete all procedures with the official authorities and policyholders to exit the insurance business.
AMAN had announced earlier that it had agreed with Abu Dhabi National Takaful Company (ADNTC) and Islamic Arab Insurance Company (SALAMA) to sell the insurance operations to them, with the approval of shareholders and regulatory authorities.
ADNTC will take over AMAN’s family takaful business while SALAMA will be acquiring that part of portfolio which includes the motor, medical, non-motor and group life takaful business. AMAN plans to transform into an investment company after the sales are completed and upon receiving the approval of the official authorities concerned.
AMAN chairman Saleh Al Hashemi said that the company has successfully reduced non-strategic assets, which left a positive effect on the finances of the company, despite the difficulties in the insurance sector. M