Takaful Emarat secures Dh1.720m profit as of third-quarter 2008

Dubai: Takaful Emarat has announced that its total revenue for the third quarter ending September 30, 2008 was Dh6.942 million, while total administrative expenses reached Dh5.222 million resulting in a profit of Dh1.720 million. The total equity of the company is Dh151.720 million.

Takaful Emarat also announced that it will launch its Shariah-compliant products by the end of the year. The company intends to open its offices in Abu Dhabi and Sharjah as per strategic the plan of its Board of Directors.

The company was established as a public shareholding company in March 2008 through a memorandum of understanding between Al Buhaira National Insurance Company (UAE) and UNIQA group (Austria).

The company operates under the guidelines of Islamic Shariah. Takaful Emarat shares of 82.5 million were offered through IPO out of 150 million of capital. The Chairman, Shaikh Faisal Bin Khalid Sultan Al-Qassemi announced that the shares of the company have been listed at Dubai Financial Market on July 20, 2008.

The company has purchased a plot of land at Al Jummairah village in Dubai worth Dh32 million, while the remaining capital has been invested in UAE Islamic Banks and Financial Institutions under the supervision of the company's Shariah Board.