Aman, the newly established Dubai Islamic Insurance and Re-Insurance Company, opened its share offering this week. Subscriptions for the 3.3 million shares are open to all United Arab Emirates (UAE) nationals who have until October 31 to apply. The allocation of shares will be announced within a week of the date of the subscription period closing.
Some 55 percent of the company's equity is on offer at 10 Emirati dirhams per share ($2.7) and are being offered in lots of a minimum of 1,000 shares up to a maximum of 100,000 shares. An additional charge of 30 fils per share will be made to cover the company's expenses for organizing the subscription process.
The remaining 45 per cent will be retained by existing shareholders including the Dubai Islamic Bank, The Investment Office, Dubai Technology, E-Commerce and Media Free Zone Authority, Islamic Investment Company and Emirates Finance Company.
“We are providing UAE nationals with an opportunity to participate in the growth of the Islamic insurance sector and we want to make it extremely easy for people to invest which is why we are providing the maximum amount of guidance and information possible,” commented Head of the Founding Members Committee and Vice Chairman of Dubai Islamic Bank, Sultan Saeed Al-Mansoori on the initial public offering (IPO).
Aman has been licensed in Dubai to offer a range of insurance and re-insurance products, in compliance with the principles of the Islamic Shariah. The economic and business philosophy of Islam encourages generation and sharing of profits but forbids giving or taking of interest. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
