Dubai-based Islamic insurer Takaful Emarat expects to post a profit for the first quarter of this year and an annual profit in 2014 for the first time since it was founded in 2008, Arabian Business reported.

We will be moving from red to green," Wael Abdul Razzaq Al Sherif, who was appointed in last November, told Reuters on the sidelines of a conference on Islamic insurance in Dubai.

Sherif said he could not disclose the size of the expected profit because of listing rules, and he did not specify when the first-quarter announcement would be made.

The company's past financial statements, posted on the Dubai Financial Market website, show it last reported a quarterly profit in the first quarter of 2009, when it made AED105,064 ($28,628).