Tuesday, February 8, 2011
Amana Takaful plans going public in Maldives
The Maldivian subsidiary of Sri Lanka's Amana Takaful Insuracne Plc, Amana Takaful (Maldives) Private Limited has applied to be listed in the Maldives Stock Exchange (MSE).
According to the MSE website (www.mse.com.mv) the company has submitted its application and it will be the first foreign owned company and Shariah compliant company that has applied for a listing in MSE.
Once the listing is completed Amana Takaful will become the fifth company listed on the MSE.
Amana Takaful (Maldives) Private Limited started its operations in Maldives in 2004 after receiving a license from the Maldivian Insurance Authority to engage in General Insurance in 2004.
Today the company has grown as one of the largest players in the Maldives providing insurance solutions to key sectors of the government and also non-government organizations.
In collaboration with one of the largest Takaful operators in the world, Malaysia Takaful, Amana Takaful started its Sri Lankan operation in 1998 by offering both General and Family Takaful solutions.
They are the first and only insurance company in Sri Lanka to pioneer the process of refunding surplus at the end of each policy term. The company has a very competitive customer base and has operations throughout Sri Lanka.
Recently a subsidiary company of Amana Group, Amana Bank Limited obtained the license from the Sri Lanka's Central Bank and the Finance Ministry to conduct commercial banking in the country.
The Maldives Stock Exchange first established on 14th April 2002 was operated by the Capital Market Development Authority (CMDA) as part of the regulator.
However to separate the Exchange operation, Maldives Stock Exchange (MSE) was licensed as a private sector exchange by Capital Market Development Authority (CMDA) on 23rd January 2008 under the Maldives Securities Act.
As such the MSE is operated by the Maldives Stock Exchange Company Pvt Ltd, effective from 24th January 2008.
The primary function of MSE is to facilitate companies raising capital through the issue of new securities. The secondary function of the MSE is to provide a regulated market for the trading of existing stocks between investors. The MSE is also the centre for trading, reporting and pricing of the stocks. The trading information is released to the public by the MSE ensuring transparency in market dealings.
The four companies that are already listed on the MSE include the Maldives Transport and Contracting Company Plc (MTCC), Bank of Maldives Plc (BML), State Trading Organization Plc (STO), and the Maldives Tourism Development Corporation.
Courtesy by: Daily mirror