The board of Islamic insurer Takaful Emarat has resigned en masse, and the company has announced that it has opened nominations for seven new board members.

The company first disclosed to Dubai Financial Market (DFM) earlier this month that four board members, including chairman Mohamed Haji Al Khoori, had resigned due to personal reasons.

Yesterday, the company further disclosed that it would elect board members at a general assembly due to resignation of all members of the current board of directors.

Last year, the Dubai-based Islamic insurer was due to merge with fellow insurer Salama, but the merger was called off in February, with the companies saying they would “consider options”.

Takaful Emarat reported an AED 2.45 million profit for 2022, ($667,120), down from AED 9.88 million in 2021.

Auditors EY recorded a qualified opinion on the company’s 2022 financial results, including factors such as lack of evidence of fair values of assets, lack of recent statement of account on claims payable and overstatement of the value of a real estate asset under construction.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)