Dubai Islamic Insurance and Reinsurance Company (Aman) said the company has registered considerable growth with its insurance portfolio rising 29 per cent to hit Dh611 million ($166.3 million) by the end of 2010.

The company's board of directors has also approved the distribution of 7.5 per cent bonus shares for shareholders, said a statement from Aman.

The decision was taken at the company's annual general meeting held on Tuesday at The Emirates Towers, which was attended by board members and a representative from the Securities and Commodities Authority (SCA).

Aman's net profit has risen by almost three per cent in 2010 reaching Dh21.18 million compared to Dh20.57 million in 2009. The value has also grown to 11 fils per share in 2010 from 10 fils per share in 2009 accounting to a profit of Dh61.5 million, it added.

Hussein Al Meeza, CEO and managing director, said, “Aman's performance over the past two years resulted in considerable growth, achievement of high profit margins, and protecting shareholders interest.”

The AGM also approved the report for the board and the financial statements for the financial year ending December 31, 2010, as well as the reports of the Sharia’a board and the appointment of financial auditors.-TradeArabia News Service