The board of directors of Dubai Islamic Insurance and Reinsurance Company (Aman), the recently established public joint stock company, has announced the appointment of three insurance experts to help run its reinsurance arm.
Fareed Lutfi was appointed as general manager, Mohammed Iqbal Mankani takes up the position of assistant general manager and Mohammed Israr Khan joins the company as technical and reinsurance manager.
Aman is a public national company. It was established in the second quarter of 2002 to launch a new and promising era for Islamic insurance in the United Arab Emirates (UAE).
Aman shareholders include a group of investors such as Dubai Islamic Bank, the Investment Office, and others. The company aims to provide comprehensive high-level Islamic insurance services.
As an Islamic insurance company, Aman is committed in all its insurance and investment activities to the guidance of a Fatwa and Sharia Disciplinary Committee, which is formed of a number of specialists in Islamic economics and Sharia law.
As representative of those insured, Aman manages and invests their funds through mudaraba (speculation), where any surplus from insurance operations is distributed annually among policyholders. As a result, they benefit in effect from both investment and insurance services at the same time. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
