Dubai Islamic Insurance & Reinsurance Aman P J S C : Interim condensed consolidated financial statements for the 2nd QTR of 2022 – Download

Dubai Islamic Insurance & Reinsurance Company (AMAN) (P.J.S.C)

REVIEW REPORT AND INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2022

Dubai Islamic Insurance & Reinsurance Company (AMAN) (P.J.S.C)

Table of contents	Pages
Board of Directors' report	1
Review report on interim condensed consolidated financial statements	2 - 3
Condensed interim condensed consolidated statement of financial position	4 - 5
Condensed interim condensed consolidated statement of income	6
Condensed interim condensed consolidated statement of comprehensive	7
income
Condensed interim condensed consolidated statement of changes in equity	8
Condensed interim condensed consolidated statement of cash flows	9
Notes to the interim condensed consolidated financial statements	10 - 36

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REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE SHAREHOLDERS OF DUBAI ISLAMIC INSURANCE & REINSURANCE CO. (AMAN) PJSC

Introduction

We have reviewed the accompanying interim condensed consolidated financial statements of Dubai Islamic Insurance & Reinsurance Co. (AMAN) PJSC (the "Company") and its subsidiaries (the "Group"), which comprise the interim condensed consolidated statement of financial position as at 30 June 2022 and the related interim condensed consolidated statements of income, comprehensive income, cash flows and changes in equity for the six-month period then ended and explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

Emphasis of Matter

Without qualifying our conclusion, we draw attention to Note 24 to the interim condensed consolidated financial statements which states that the Group did not meet the Minimum Capital Requirements of AED 100 million as of 30 June 2022 and that the Group's ability to comply with the solvency requirements depends on the effective implementation of the business plan submitted to the Central Bank of UAE. Secondly, as at 30 June 2022 the accumulated losses of the Group have reached to 59% of the total share capital. These factors indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern.

A member firm of Ernst & Young Global Limited

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE SHAREHOLDERS OF DUBAI ISLAMIC INSURANCE & REINSURANCE CO. (AMAN) PJSC (continued)

Other Matters

The interim consolidated condensed financial statements of the Group as of 30 June 2021 were reviewed by another auditor whose report dated 11 August 2021 expressed an unqualified conclusion on those interim consolidated condensed financial statements. Also, the consolidated financial statements as of 31 December 2021 were audited by another auditor whose report dated 31 March 2022 expressed an unqualified opinion on those consolidated financial statements.

For Ernst & Young

Signed by:

Wardah Ebrahim

Partner

Registration No.: 1258

14 August 2022

Dubai, United Arab Emirates

A member firm of Ernst & Young Global Limited