Islamic insurer warns investors of potential failure

UAE: Dubai Islamic Insurance & Reinsurance reported in its latest financial results that “a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern”. The firm incurred a loss of AED28.41 million (US$7.74 million) for the year ended the 31^st December 2024 – resulting in accumulated losses of AED181.41 (US$49.4 million) as of the same date – which represents 80% of the group’s share capital. It warned that it might not be able to meet its financial obligations for the subsequent 12 months if it does not generate sufficient cash flows through the operating activities.