Takaful operator Watania turns into profits
The Abu Dhabi market index (ADXGI) lost 0.89 per cent to reach 5,045.68 points on Tuesday, May 6. Abu Dhabi-based fish producer Asmak recorded the biggest advance, ending up by 9.20 per cent at AED7.00. National Takaful Company, also known as Watania, finished 1.80 per cent higher at AED1.14. Earlier in the day, the Islamic insurance provider revealed that the net profit for the first quarter of 2014 amounted to AED3.32 million ($905m) in comparison with a net loss of AED0.98m ($267.50m) for the same period last year. Watania’s CEO, Oussama Kaissi, says: “The business produced by Watania during the quarter and the consistent growth in our business portfolio demonstrate strong customer preference and support Watania enjoys from the market. We remain committed to providing shari’a-compliant and quality customer-centric products to stakeholders supported by best-in-class customer service.” Eight shares gained, while 20 stocks declined.