Dubai Islamic Insurance & Reinsurance Company PJSC (Aman) announces that its Board of Directors agreed a new three-year growth plan at its ordinary meeting last week, following the recent strong Q3 2020 performance.
The three-year growth plan sets out an ambitious strategy to boost Aman’s financial performance through a twin focus on operational expansion and enhanced investment performance. Operationally, Aman will seek to expand its network of partners and secure new business and customers, underpinned by its continued emphasis on providing the right services and support to all stakeholders. This will go hand in hand with the Board’s plan to optimize its investment portfolio in order to achieve returns for both its policyholders and shareholders.
The Board is confident that, together, these steps will support the successful growth and development of the company, in line with its ambition to build a leading position in the Takaful insurance sector in the UAE and beyond.
Dr Saleh Al Hashemi, Chairman of Aman’s Board of Directors, commented, “Aman Insurance has more than 18 years of experience in providing exceptional service and support to our customers, and the new three-year plan will ensure that Aman builds on this heritage as a leader in the UAE insurance market.
“The Board of Directors is confident that we have the right plan in place to accelerate growth and deliver value to all stakeholders. This plan will underpin Aman’s drive to achieve outstanding results for our policyholders, business partners, shareholders and employees, who play a vital role in the success of our business. We are proud of delivering strong results amidst the challenges of the global pandemic and will continue to stand firm in our commitment to help our community succeed during this difficult period.”
The Board of Directors reviewed the company’s strong performance for the 2020 financial year to date. Aman registered significant growth in Q3 2020, where net profit attributable to shareholders grew by 14% to AED 9.9 million, compared with the same period last year. This was achieved thanks to overall growth in Aman’s business, with a written gross contribution of AED 173.2 million. Shareholders’ equity also registered a 3.6% increase from last year, up from AED 74.2 million to AED 76.9 million.
Aman CEO, Mr. Jihad Faitrouni, welcomed the Board’s strategy and directives, saying, “It is thanks to the guidance of our Board of Directors, the trust and support of our partners and customers, and the hard work and dedication of our employees, that we have been able to achieve a positive performance in the year to date. Looking ahead, we are optimistic about the future opportunities for our growth and we are excited to be implementing the strategic plan set by the Board of Directors in order to create long-term value for our stakeholders.”