The newly established Dubai Islamic Insurance and Re-Insurance Company (Aman) has announced an 18 percent share allotment across the board for all investors. The company’s 33 million Emirati dirham ($8.9 million) initial public offering (IPO) was over-subscribed by 4,510 investors.
Aman further announced that it will commence commercial operations by the first quarter of 2003 and will be listed in the Dubai Financial Market (DFM). The company had initially aimed to raise Dh 33 million by offering 55 percent of the company's equity in the IPO.
“The response to the IPO, which raised over Dh 183 million, has surpassed even our expectations, indicating that there is a rising demand for insurance companies that conform with the Islamic Shariah principles,” stated Head of the Founding Members Committee and Vice Chairman of Dubai Islamic Bank, Sultan Saeed Al-Mansoori.
With 55 per cent of AMANs equity now with the public, the remaining 45 per cent will be retained by the company's founder shareholders including Dubai Islamic Bank (DIB), The Investment Office, Dubai Technology, E-Commerce and Media Free Zone Authority snd the Islamic Investment Company.
Aman has been licensed in Dubai by the Dubai Department of Economic Development to offer range of insurance and re-insurance products, in compliance with the principles of Islamic Shariah. — (menareport.com)
© 2002 Mena Report (www.menareport.com )