The Dubai Islamic Insurance and Reinsurance Company (Aman) is now offering a new Islamic insurance service scheme for cars and vehicles of all kinds. The new service is expected to attract the interest of both retail and corporate customers.
According to the scheme's regulations, the insured client is deemed a partner in the company. After the deduction of all expenses and other financial requirements, the insurer obtains a share of the profit revenues generated by the company throughout the year.
Aman recently signed a three-year partnership agreement with the Arabian Automobile Association (AAA) to provide vehicle emergency roadside assistance to its motor clients throughout the United Arab Emirates (UAE).
Aman is licensed in Dubai by the Dubai Department of Economic Development to offer a range of insurance and re-insurance products, in compliance with the principles of Islamic Sharia. Last year, it saw its IPO more than five times oversubscribed. Dubai Islamic Bank and other Islamic-oriented promoters set up Aman and hold 45 percent of its capital. Local investors hold the rest. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
