Dubai Islamic Insurance & Reinsurance (Aman) Review - Halal Finance Products
Reviewed quarterly and updated for major content changes.
Dubai Islamic Insurance & Reinsurance (Aman) offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
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HalalWallet 2026 Review
Dubai Islamic Insurance & Reinsurance (Aman) - At a Glance
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Products Reviewed
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Provinces (Nationwide)
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Category
Our Verdict
Aman is the strangest buy decision in UAE takaful: a company that formally decided in February 2023 it does not want to be an insurer, failed twice to sell its way out, and meanwhile runs one of the most convenient online takaful shops in the country while disclosing its fee structure more honestly than nearly anyone. The operational product is real: instant online motor quotes and renewals, travel policies issued in under two minutes, medical and home flows, all backed by 22+ years of takaful operation and a Sharia'a board that approves a fully disclosed 33% wakala fee. The strategic overhang is equally real: accumulated losses at 77.3% of capital even after 2025's return to profit, a pending arbitration against ADNT, and a stated destiny as an investment firm that leaves every policyholder's long-term counterparty unresolved, with CBUAE rules guaranteeing any portfolio transfer goes to another takaful operator with obligations intact. The rational use case is narrow and legitimate: cheap, instant, compliant annual cover bought with full knowledge that surplus participation is theoretical and next year's renewal may be with whoever eventually buys the book. Family takaful or multi-year savings should not be initiated here.
Pros & Cons
What We Like
- End-to-end online purchase across motor, travel, medical and home, still rare in UAE takaful
- 33% wakala fee disclosed in financial statements, near-unique transparency
- Returned to profit in 2025 after years of losses
- 22+ years of takaful and retakaful operation with three-emirate branch coverage
- CBUAE portfolio-transfer rules protect in-force policyholders in any exit scenario
What Could Be Better
- Stated corporate strategy since February 2023 is to exit insurance
- Accumulated losses of AED 174.52M equal 77.3% of paid-up capital at end-2025
- Two collapsed portfolio sales and a pending arbitration cloud the endgame
- 33% wakala fee sits near the regulatory 35% ceiling, leaving little pool economics for participants
Who Is Dubai Islamic Insurance & Reinsurance (Aman) Best For?
Convenience buyers of short-duration cover
Two-minute online travel policies and instant motor quotes deliver compliant cover fast, with duration risk naturally capped at one year
Fee-transparency researchers
The disclosed 33%/2%/100% wakala structure is the clearest public window into UAE takaful operator economics
Detailed Analysis
Dubai Islamic Insurance & Reinsurance Company (Aman) PJSC was established in 2002 and registered in Dubai as a public shareholding company carrying out general takaful, retakaful and life takaful business, listed on the DFM and operating through Dubai, Abu Dhabi and Sharjah branches. Its business runs under a three-member Fatwa and Sharia'a Supervisory Board appointed by shareholders, which approves the wakala fee rates, the annual pro-rata allocation of investment income between shareholders and policyholders, and the Zakat computation basis.
The exit saga defines the modern company. At a general assembly on 6 February 2023, shareholders passed a special resolution to exit and sell the entire takaful portfolio and transform the group into an investment company. Two portfolio transfer agreements followed: general, medical and family takaful to Salama (announced December 2022, expected to close Q1 2023) and the individual life portfolio to Abu Dhabi National Takaful (agreed October 2022, CBUAE final approval July 2023). Neither closed. ADNT sent a termination notice on 1 August 2024; Aman objected, declared the termination invalid and filed arbitration, pending per its April 2025 integrated report. Salama terminated its agreement on 26 September 2024 citing unmet requirements. Aman told the market it was evaluating alternative strategies.
Financially, the FY2024 statements show the shrinking-but-alive picture: wakala fee income collapsed to AED 2.73M from AED 28.6M in 2023 as the book contracted, the year produced a AED 28.41M net loss, and a reinsurance default risk reserve of AED 3.36M was carried per CBUAE rules. Then 2025 turned: AED 9.02M net profit, EPS of AED 0.036, total assets up to AED 1.06B. Accumulated losses nonetheless stood at AED 174.52M, 77.3% of paid-up capital, at 31 December 2025, keeping the company in the DFM's disclosure regime for accumulated losses. Board meetings and Ramadan-hours notices through early 2026 show normal corporate cadence.
The consumer-facing operation, meanwhile, remains one of the most digitized in UAE takaful: aman.ae offers online motor quotes, policy purchase, renewals and claim notification, travel policies issued in under two minutes, online medical flows and home takaful including a Home Finance Takaful product protecting outstanding housing loans. The disclosed economics deserve their own note: a 33% wakala fee on gross contributions (2% on fronting, 100% on certain unit-linked contracts) approved by the Sharia'a board is close to the CBUAE's 35% cap, meaning roughly a third of every contribution funds the operator before claims, which explains both the company's persistence in selling and the remoteness of participant surplus.
How It Works
Aman runs a wakala takaful model whose numbers are actually visible: the operator charges 33% of gross takaful contributions (net of fronting) as its wakala fee, 2% on fronting contributions and 100% on certain unit-linked contracts, rates approved annually by its Fatwa and Sharia'a Supervisory Board, and investment income is allocated between shareholders and policyholders pro-rata with the board's annual approval. Claims draw on the participant fund, with a CBUAE-mandated reinsurance default reserve carried in equity. Should the company finally execute its exit, Article 32 of the CBUAE takaful rulebook requires the portfolio to transfer only to another takaful operator practising the same classes, with all rights and obligations intact, which is the structural protection every current policyholder ultimately relies on.
Buy online in minutes
Motor quote, purchase, renewal and claims notification run through aman.ae; travel policies issue in under two minutes.
Know the fee you are paying
33% of your contribution (net of fronting) is the operator's disclosed wakala fee, among the highest visibility in the market and near the 35% regulatory cap.
Claims draw on the participant fund
Standard takaful mechanics with branches in Dubai, Abu Dhabi and Sharjah and online claim notification.
Understand the exit backdrop
The company has been trying to sell its portfolio since 2023; CBUAE rules require any transfer to go to another takaful operator with your policy intact.
Keep commitments annual
Use Aman for instant short-duration cover; long-dated family takaful or savings relationships should be built with operators committed to staying.
Shariah Compliance Review
Oversight Level
Review details on provider's website
Fatwa and Sharia'a Supervisory Board: three members appointed by shareholders; approves wakala fee rates, the annual investment income allocation and the Zakat basis (FY2024 financial statements via DFM, verified 2026-08-05).
Disclosed fees: 33% wakala on gross contributions net of fronting, 2% on fronting, 100% on certain unit-linked contracts (FY2024 financial statements).
CBUAE takaful licence 070 (register June 2026); Article 32 of the CBUAE takaful rulebook governs any portfolio transfer, permitted only to another takaful operator in the same classes.
Exit timeline: GA special resolution 6 February 2023; Salama PTA terminated 26 September 2024; ADNT PTA terminated August 2024 with Aman's arbitration pending (April 2025 integrated report).
Shariah compliance should always be verified directly with Dubai Islamic Insurance & Reinsurance (Aman). HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Aman's honest comparison is not really with other operators' products but with their futures. Every alternative in this cluster intends to remain an insurer; Aman does not, which converts its otherwise attractive digital convenience and fee transparency into a one-year-at-a-time proposition. Salama and ADNTC, the two companies that walked away from buying its portfolios, are the natural upgrades for buyers wanting continuity. Watania offers comparable online convenience with a committed strategy. The one dimension where Aman genuinely leads the market is disclosure of operator economics, and researchers of takaful fairness should read its financial statements regardless of where they buy.
vs. Salama
The operator that nearly bought Aman's book: similar Dubai takaful heritage with a committed insurance future and broader shelf.
vs. Abu Dhabi National Takaful
The other former suitor and now arbitration counterparty; the strength-and-continuity alternative.
Comparable digital convenience and bigger scale from a group built to stay in takaful.
Bottom Line
Aman sells real, convenient, fee-transparent takaful from inside a corporate exit lounge: licensed and profitable again in 2025, but committed since February 2023 to leaving insurance, with two failed sales and an open arbitration behind it and accumulated losses at 77.3% of capital. Use its excellent online flows for instant annual cover with eyes open, rely on the CBUAE's portfolio-transfer protections for the endgame, and build anything long-term elsewhere.
Products from Dubai Islamic Insurance & Reinsurance (Aman)
Why It's Halal
Dubai Islamic Insurance & Reinsurance Company (Aman) PJSC, established in 2002 and listed on the DFM, remains a CBUAE-licensed takaful company (insurance register June 2026, licence 070) and its business is supervised by a three-member Fatwa and Sharia'a Supervisory Board appointed by shareholders, with investment income allocated between shareholders and policyholders on a pro-rata basis approved by that board annually. Its FY2024 financial statements disclose the economics with rare precision: a 33% wakala fee on gross takaful contributions net of fronting, 2% on fronting contributions, and 100% on certain unit-linked contracts, all approved by the Sharia'a board. The critical context: shareholders resolved on 6 February 2023 to exit insurance entirely and become an investment group. Aman signed portfolio transfer agreements with Salama (general, medical and family takaful) and Abu Dhabi National Takaful (individual life), but ADNT terminated in August-September 2024 (Aman filed arbitration in response) and Salama terminated on 26 September 2024. Aman continues to sell motor, medical, travel and home policies online while evaluating alternatives; it returned to profit in 2025 (AED 9.02M net profit against a AED 28.41M loss in 2024) but carried accumulated losses of AED 174.52M, 77.3% of paid-up capital, at end-2025 (DFM filings and aman.ae, verified 2026-08-05). Anyone buying a multi-year relationship should understand the company's stated strategy is to leave the business.
Dubai Islamic Insurance & Reinsurance (Aman)
Motor Takaful (online quote, policy and renewal)
Comprehensive and third-party motor takaful sold fully online: aman.ae offers instant quote, policy purchase, renewal and motor claim notification flows, alongside online medical, travel (issued in under two minutes) and home takaful. Aman was established in 2002 as a Dubai Islamic takaful and retakaful company operating through Dubai, Abu Dhabi and Sharjah branches. The unavoidable context: shareholders resolved in February 2023 to exit insurance entirely, two portfolio transfer deals (with Salama and Abu Dhabi National Takaful) collapsed in 2024, an arbitration against ADNT is pending, and the company continues writing business while it evaluates alternatives. The wakala economics are disclosed in its financials: 33% of gross contributions as the operator's fee.
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Where Available
Based on listings we track, Dubai Islamic Insurance & Reinsurance (Aman) operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with Dubai Islamic Insurance & Reinsurance (Aman).
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
Quick Answer
Dubai Islamic Insurance & Reinsurance (Aman) offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 1 state and include Insurance options.
Key Takeaways
- Dubai Islamic Insurance & Reinsurance (Aman) offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Insurance.
- Always verify compliance directly with Dubai Islamic Insurance & Reinsurance (Aman) and consult qualified Islamic finance advisors when needed.
- Compare Dubai Islamic Insurance & Reinsurance (Aman)'s products with other providers to find the best fit for your needs.
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Frequently Asked Questions
What types of halal products does Dubai Islamic Insurance & Reinsurance (Aman) offer?
Dubai Islamic Insurance & Reinsurance (Aman) offers 1 product across 1 category. Dubai Islamic Insurance & Reinsurance (Aman) is best for [object Object],[object Object]. Review the products listed above or contact Dubai Islamic Insurance & Reinsurance (Aman) directly for current offerings.
How does Dubai Islamic Insurance & Reinsurance (Aman) ensure Shariah compliance?
Fatwa and Sharia'a Supervisory Board: three members appointed by shareholders; approves wakala fee rates, the annual investment income allocation and the Zakat basis (FY2024 financial statements via DFM, verified 2026-08-05). Disclosed fees: 33% wakala on gross contributions net of fronting, 2% on fronting, 100% on certain unit-linked contracts (FY2024 financial statements). CBUAE takaful licence 070 (register June 2026); Article 32 of the CBUAE takaful rulebook governs any portfolio transfer, permitted only to another takaful operator in the same classes. Exit timeline: GA special resolution 6 February 2023; Salama PTA terminated 26 September 2024; ADNT PTA terminated August 2024 with Aman's arbitration pending (April 2025 integrated report).
How does Dubai Islamic Insurance & Reinsurance (Aman) work?
Buy online in minutes: Motor quote, purchase, renewal and claims notification run through aman.ae; travel policies issue in under two minutes. Know the fee you are paying: 33% of your contribution (net of fronting) is the operator's disclosed wakala fee, among the highest visibility in the market and near the 35% regulatory cap. Claims draw on the participant fund: Standard takaful mechanics with branches in Dubai, Abu Dhabi and Sharjah and online claim notification. Understand the exit backdrop: The company has been trying to sell its portfolio since 2023; CBUAE rules require any transfer to go to another takaful operator with your policy intact. Keep commitments annual: Use Aman for instant short-duration cover; long-dated family takaful or savings relationships should be built with operators committed to staying.
Is Dubai Islamic Insurance & Reinsurance (Aman) available in my state?
Dubai Islamic Insurance & Reinsurance (Aman) operates nationwide, though specific products may have regional limitations. Always verify current availability directly with Dubai Islamic Insurance & Reinsurance (Aman).
What are alternatives to Dubai Islamic Insurance & Reinsurance (Aman)?
Aman's honest comparison is not really with other operators' products but with their futures. Every alternative in this cluster intends to remain an insurer; Aman does not, which converts its otherwise attractive digital convenience and fee transparency into a one-year-at-a-time proposition. Salama and ADNTC, the two companies that walked away from buying its portfolios, are the natural upgrades for buyers wanting continuity. Watania offers comparable online convenience with a committed strategy. The one dimension where Aman genuinely leads the market is disclosure of operator economics, and researchers of takaful fairness should read its financial statements regardless of where they buy. Salama: The operator that nearly bought Aman's book: similar Dubai takaful heritage with a committed insurance future and broader shelf. Abu Dhabi National Takaful: The other former suitor and now arbitration counterparty; the strength-and-continuity alternative. Watania Takaful General: Comparable digital convenience and bigger scale from a group built to stay in takaful.
Are Dubai Islamic Insurance & Reinsurance (Aman)'s products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Dubai Islamic Insurance & Reinsurance (Aman)?
Contact information for Dubai Islamic Insurance & Reinsurance (Aman) should be available through their website or the product listings above. Use the action links provided with each product to visit Dubai Islamic Insurance & Reinsurance (Aman)'s website or contact them directly for more information.
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