Subscriptions for shares in AMAN have totaled 167 million Emirati dirhams ($45.46 million) as 3,500 investors from the United Arab Emirates (UAE) responded to the Islamic Insurance and Re-Insurance company's initial public offering (IPO). The IPO is now closed and the allotment process will now take place until the end of November 2002.
It was hoped that by offering 55 percent of the company's equity, Dh33 million would be raised by investors seeking to capitalize on the UAE emerging insurance market. Applications for shares have resulted in a five-fold over subscription.
“The final figure has surpassed even our expectations. It is now our responsibility to offer our shareholders a maximum return of investment by offering our customers the best products and services available,” commented Sultan Saeed Al-Mansoori, head of the Founders Committee and vice chairman of Dubai Islamic Bank (DIB).
AMAN has been licensed in Dubai to offer range of insurance and re-insurance products, in compliance with the principles of Islamic Shariah. Established on 1975, DIB is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
