Islamic Arab Insurance Company

Ticker/ISIN
SALAMA
AEI000301012
Market/Country
Dubai Financial Market
United Arab Emirates
Latest Stock Price
0.37 AED
2024-07-12

Year to date

-0.32 %

3 months

-0.02 %

6 months

-0.35 %

1 year

-0.49 %

3 years

0.00 %

5 years

0.00 %

Country of Origin: United Arab Emirates (U.A.E)

Islamic Arab Insurance Co. (Salama) (“the Company”) is a public shareholding company, registered in the Emirate of Dubai, United Arab Emirates (UAE) and operates through various branches in the UAE. The principal activity of the Company is the writing of all classes of general takaful and family takaful business, in accordance with Islamic Shari’a principles.

Latest Pressrelease Summaries

Islamic Arab Insurance Company
The Board of Directors of Islamic Arab Insurance Company (SALAMA) invites shareholders to attend the General Assembly meeting on Monday, July 22, 2024, at 3:00 PM. The meeting will be held at the company's headquarters in Dubai or via remote presence technology with video participation and electronic voting. The agenda includes: 1. Electing two Board Members to fill vacant seats until April 2026. 2. Discharging the resigned Board Members H.E. Saeed Mubarak AlHajeri (Chairman) and H.E. Mohammed bin Abdulaziz AlShehhi (Vice Chairman) from liability. 3. Approving the appointment of Mr. Mohammed Al Hashemi as a new Board Member, replacing Mr. Ajit Joshi, who resigned on March 11, 2024. Mr. Al Hashemi will serve until April 2026.
Islamic Arab Insurance Company
The Islamic Arab Insurance Company (SALAMA) PJSC has announced the opening of nominations for its Board of Directors' membership. Shareholders can submit their applications from June 12, 2024, to June 22, 2024. Interested candidates must meet the nomination conditions and apply at the company’s main office in Dubai, including a brief resume and the type of membership they are seeking (non-executive independent or non-executive non-independent). Two board members will be elected, and the nomination period will last for 10 days as per regulatory requirements. Candidates must comply with the conditions outlined in the Federal Decree-Law on commercial companies and related governance guidelines.
Islamic Arab Insurance Company
On June 6, 2024, H.E. Saeed Mubarak AlHajeri, Chairman of the Board, and H.E. Mohammed bin Abdulaziz AlShehhi, Vice Chairman of the Board, submitted their resignations from the company's Board of Directors due to personal and professional commitments. The Board has accepted their resignations, with Mr. AlHajeri continuing his duties until new candidates are elected and regulatory approvals from the Central Bank of the United Arab Emirates and shareholders are obtained. The Board expressed appreciation for their service and instructed management to complete the necessary legal requirements. The announcement was made by Khaled Barakat, General Counsel.
Islamic Arab Insurance Company
On June 6, 2024, the Board of Directors of Islamic Arab Insurance Co. (SALAMA) approved several resolutions. The Chairman, H.E. Saeed Mubarak Al Hajeri, will resign effective from the date of the upcoming General Assembly meeting, where a new member will be elected to fill his position. He will continue his duties until then. Additionally, H.E. Mohammed bin Abdulaziz Al Shehhi, the Vice Chairman, resigned effective immediately. The Board has scheduled a General Assembly meeting for July 15, 2024, to elect two alternate members and approve the appointment of Mr. Mohammed Al Hashimi, who was appointed on May 24, 2024. The necessary regulatory approvals are being sought for this meeting. The resolution was approved by 72% of the Board members.
Islamic Arab Insurance Company
On May 24, 2024, Mr. Mohamed Alsayed Alhashmi was appointed as a member of the Board of Directors of the Islamic Arab Insurance Company - Salama P.S.C. This appointment was made following his nomination by the Board of Directors and approval by the Central Bank of the United Arab Emirates.
Islamic Arab Insurance Company
The document is an unaudited review report and interim condensed consolidated financial statements for Islamic Arab Insurance Co. (SALAMA) PJSC and its subsidiaries as of 31 March 2024. The report provides an analysis of the financial status and performance of the company and its subsidiaries.
Islamic Arab Insurance Company
In Q1 2024, SALAMA, the UAE's largest Takaful solutions provider, reported a net profit of AED 17.58 million, marking a 118% increase from Q1 2023. The company's Takaful revenue expanded to AED 271.47 million, up from AED 265.23 million in Q1 2023. Net assets were reported at AED 3,600.39 million, while total equity decreased by 3.46% to AED 634.46 million, primarily due to currency value depreciation in Egypt. SALAMA also announced the launch of its new Abu Dhabi headquarters, indicating further market penetration within the UAE.
Islamic Arab Insurance Company
The Islamic Arab Insurance Co. (SALAMA) PSC held a board meeting on 14 May 2024, attended by five members via modern technology, with a quorum of 71.43%. The board approved the minutes of the previous meeting held on 29 March 2024 and reviewed and approved the financial statements for the first quarter ending on 31 March 2024. Other regular business matters were also considered. The meeting was authorized by General Counsel Khaled Barakat.

Threads

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Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Invitation of General Assembly

The Board of Directors of Islamic Arab Insurance Company (SALAMA) invites shareholders to attend the General Assembly meeting on Monday, July 22, 2024, at 3:00 PM. The meeting will be held at the company's headquarters in Dubai or via remote presence technology with video participation and electronic voting. The agenda includes: 1. Electing two Board Members to fill vacant seats until April 2026. 2. Discharging the resigned Board Members H.E. Saeed Mubarak AlHajeri (Chairman) and H.E. Mohammed bin Abdulaziz AlShehhi (Vice Chairman) from liability. 3. Approving the appointment of Mr. Mohammed Al Hashemi as a new Board Member, replacing Mr. Ajit Joshi, who resigned on March 11, 2024. Mr. Al Hashemi will serve until April 2026.

1. Attached Document 2. Attached Document

FinDiesel

FinDiesel

Commented on JohnnyDebts Transaction regarding Islamic Arab Insurance Company

Solid move grabbing shares of Islamic Arab Insurance! Diversifying within Financials can pay off. Keep building that portfolio, brother. Stay strong and keep hustling! 💪🚗💨
ShareUkKhan

ShareUkKhan

Commented on FinanceBroAEDs Transaction regarding Islamic Arab Insurance Company

Wow, 91 shares of Islamic Arab Insurance at 0.674 AED! Smart move, yaar! Diversifying in Financials and Industrials is like a blockbuster script. Wishing you blockbuster returns! Keep rocking! 💪📈
Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Opens the nominations for BOD membership

The Islamic Arab Insurance Company (SALAMA) PJSC has announced the opening of nominations for its Board of Directors' membership. Shareholders can submit their applications from June 12, 2024, to June 22, 2024. Interested candidates must meet the nomination conditions and apply at the company’s main office in Dubai, including a brief resume and the type of membership they are seeking (non-executive independent or non-executive non-independent). Two board members will be elected, and the nomination period will last for 10 days as per regulatory requirements. Candidates must comply with the conditions outlined in the Federal Decree-Law on commercial companies and related governance guidelines.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Resignation of BOD member

On June 6, 2024, H.E. Saeed Mubarak AlHajeri, Chairman of the Board, and H.E. Mohammed bin Abdulaziz AlShehhi, Vice Chairman of the Board, submitted their resignations from the company's Board of Directors due to personal and professional commitments. The Board has accepted their resignations, with Mr. AlHajeri continuing his duties until new candidates are elected and regulatory approvals from the Central Bank of the United Arab Emirates and shareholders are obtained. The Board expressed appreciation for their service and instructed management to complete the necessary legal requirements. The announcement was made by Khaled Barakat, General Counsel.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Results of Board Decisions by Passing

On June 6, 2024, the Board of Directors of Islamic Arab Insurance Co. (SALAMA) approved several resolutions. The Chairman, H.E. Saeed Mubarak Al Hajeri, will resign effective from the date of the upcoming General Assembly meeting, where a new member will be elected to fill his position. He will continue his duties until then. Additionally, H.E. Mohammed bin Abdulaziz Al Shehhi, the Vice Chairman, resigned effective immediately. The Board has scheduled a General Assembly meeting for July 15, 2024, to elect two alternate members and approve the appointment of Mr. Mohammed Al Hashimi, who was appointed on May 24, 2024. The necessary regulatory approvals are being sought for this meeting. The resolution was approved by 72% of the Board members.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Appointment of a BOD member

On May 24, 2024, Mr. Mohamed Alsayed Alhashmi was appointed as a member of the Board of Directors of the Islamic Arab Insurance Company - Salama P.S.C. This appointment was made following his nomination by the Board of Directors and approval by the Central Bank of the United Arab Emirates.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Financial statements for the 1st QTR of 2024

The document is an unaudited review report and interim condensed consolidated financial statements for Islamic Arab Insurance Co. (SALAMA) PJSC and its subsidiaries as of 31 March 2024. The report provides an analysis of the financial status and performance of the company and its subsidiaries.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Press release regarding financial results for the 1st QTR of 2024

In Q1 2024, SALAMA, the UAE's largest Takaful solutions provider, reported a net profit of AED 17.58 million, marking a 118% increase from Q1 2023. The company's Takaful revenue expanded to AED 271.47 million, up from AED 265.23 million in Q1 2023. Net assets were reported at AED 3,600.39 million, while total equity decreased by 3.46% to AED 634.46 million, primarily due to currency value depreciation in Egypt. SALAMA also announced the launch of its new Abu Dhabi headquarters, indicating further market penetration within the UAE.

1. Attached Document

Dubai Financial Market News

Dubai Financial Market News

News Update From Islamic Arab Insurance Company

Disclosure: Results of BOD Meeting

The Islamic Arab Insurance Co. (SALAMA) PSC held a board meeting on 14 May 2024, attended by five members via modern technology, with a quorum of 71.43%. The board approved the minutes of the previous meeting held on 29 March 2024 and reviewed and approved the financial statements for the first quarter ending on 31 March 2024. Other regular business matters were also considered. The meeting was authorized by General Counsel Khaled Barakat.

1. Attached Document

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