Amana Takaful Maldives declares dividends for 2022
Amana Takaful Maldives has announced the declaration of dividends for the year 2022. During the 12th Annual General Meeting held on the 22nd May 2023, shareholders approved a final dividend of 15% on the face value of each share. The total amount of this dividend is MVR3.95 million (US$255,819). When combined with the interim dividend paid in November 2022, the total dividend for the year 2022 amounts to MVR6.58 million (US$426,150). The books for dividend distribution were closed on the 10th May 2023, and only shareholders registered on or before that date are eligible to receive the dividends. According to Section 55(a)(4) of the Income Tax Act (Law No 25/2019), the company is required to deduct 10% from the dividends paid to non-resident shareholders. If it is unclear whether a shareholder is a resident in the Maldives, they will be treated as a non-resident, and the company will deduct a non-resident withholding tax of 10% from their dividend payment. Shareholders are encouraged to update their residency status with the company. On the 13th May 2023, the Islamic Corporation for the Development of the Private Sector (ICD) and Amana Takaful Maldives signed an MoU to establish a collaborative partnership.
Amana Takaful Maldives , Dividends , Islamic finance
Muneeza, A. (2023). Amana Takaful Maldives declares dividends for 2022. Islamic Finance News, 20(25), 16.