Dubai Islamic Insurance and Reinsurance Company (Aman) has reported a Dh6.4 million ($1.74 million) profit for the third quarter against a loss of Dh21.1 million for the same period last year, due to the collapse of the global credit market.

The company made Dh26.34 million in profits for the nine month period of 2009, a rise of 326 per cent compared with the same period in 2008.

“Aman’s performance over the past year resulted in considerable growth and an increase in the volume of insurance work. We believe this to be a result of Aman having focused more on the quality of business on the books, and the restructuring of our technical models in yielding positive technical results,' stated Aman’s chief and managing director Hussein Al Meeza.

Al Meeza added that he expected a rise in profit of insurance operations and investments over the coming months, and that the financial results of the second quarter were encouraging despite the global economic crisis that led to a drop in economic activities as well as the value of financial investments.-TradeArabia News Service