Takaful Emarat (PSC)

The board meeting of Takaful Emarat Insurance PJSC took place on April 5, 2024, from 10:30 AM to 11:15 AM, with five members present and a 71% quorum achieved. The board ratified the minutes from the previous meeting held on January 10, 2024. They discussed and approved the Audited Financial Statement and the integrated report for the year ended December 31, 2023. The board also discussed and approved the agenda and date for the General Assembly, pending approval from the Central Bank and the Securities and Commodities Authority (SCA). A recommendation was made to the General Assembly to reconsider their decision from February 27, 2024, to amend the capital increase amount to AED 185 million from AED 125 million, also subject to approval from the Central Bank and the SCA. Other matters were discussed as well. The results of the meeting were disclosed by Rayan Omer.

Takaful Emarat Insurance PJSC held a board meeting on Friday, 5th April 2024 at 10:30am. The agenda included the ratification of the previous Board of Directors meeting minutes, discussion and approval of the audited financial statement for 2023 (subject to approval from the Central Bank of the UAE), determination of the date and agenda for the General Assembly, discussion on increasing the company's share capital, updates on the insurance business, and other business matters. The meeting was authorized by Board Secretary, Rayan Omer.

On March 27, 2024, a letter was sent to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, by Rayan Omer, Board Secretary of Takaful Emarat Insurance PSC. The letter informed that the Board of Directors meeting, which was scheduled to take place on March 29, 2024, at 11 am, has been postponed. The new date for the meeting will be disclosed to the shareholders officially at a later date.

On March 25, 2024, Takaful Emarat - Insurance PSC informed Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market, that the permitted percentage of foreign ownership in the company's capital has been increased from 25% to 49%. This change is in accordance with Article 7 of the company's articles of association. The last trading date for the 25% limit will be on March 26, 2024, and the increase will be effective from March 27, 2024. The information was conveyed by Rayan Omer, the Board Secretary of Takaful Emarat - Insurance PSC.

The General Assembly of Takaful Emarat Insurance PJSC convened on February 27, 2024, at Al Moosa Tower 2 in Dubai, UAE. The meeting approved the Board of Directors' report outlining the company's capital restructuring plan, including capital reduction and increase. The auditor's report on the company's losses, their origin, and the mechanism for managing them was also approved. A special resolution was passed to reduce the company's capital by 88.3%, provided the company's accumulated losses as of December 31, 2023, are not less than AED 132,429,000. This reduction aims to extinguish the accumulated losses amounting to AED 132,429,000 through the cancellation of 124,348,000 shares in the company, with the nominal value of AED 1 per share. The company will use all legal and/or optional reserves to extinguish the accumulated losses.

The Public Joint Shareholders Company, Takaful Emarat Insurance PSC, has released its preliminary results for the year ended 2023. The company was established on 18th May 2008, with a paid-up, subscribed, and authorized capital of AED 150 million each. The Chairman of the Board is Ms. Fatima Hussain Ali Ahmed and the Chief Executive Officer is Mohd Amin Ghaleb Abdel Latif Abu Quora. The company's external auditor is Grant Thornton Audit and Accounting. The company can be contacted via mail at P.O.BOX 57589, UAE, or by phone at +971 4 -230 9300, or via email at a.sabaalaish@takafulemarat.com.

On June 2, 2024, Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, received a letter regarding the changes in the share price of Takaful Emarat Insurance PSC. The letter stated that there is no undisclosed operational or technical information related to the company's activities that could justify the decrease in its share price. The letter was signed by Rayan Omer, the Board Secretary.

The text appears to be a proxy form for the shareholders of Takaful Emarat Insurance PJSC. The shareholder appoints a representative to vote on their behalf at the General Assembly meeting scheduled for a future date in 2024. The form includes fields for the shareholder's number, contact details, and signature. It also requires the name and contact details of the financial broker or entity that approved or verified the proxy.

On 31/01/2024, a letter was sent to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market, regarding the changes in the share price of Takaful Emarat Insurance PSC. The letter states that the company has no undisclosed operational or technical information related to its activities that could justify the increase in the company's share price. The letter was signed by Rayan Omer, the Board Secretary.

Takaful Emarat – Insurance PSC announced the appointment of Moh’d Amin Abu Quora as the new Chief Executive Officer/General Manager. The decision was made by the Board of Directors on 10th January 2024 and the appointment started on 18th January 2024. Abu Quora has over two decades of experience in the insurance industry, having held key leadership roles at Medgulf Insurance Company, Brooj Insurance Brokers, United Insurance Company, and other reputable organizations.