Press releases, Reports & Disclosures for Islamic Arab Insurance Company

A Board of Directors meeting for the Islamic Arab Insurance Company (SALAMA) is scheduled for Wednesday, November 12, 2025, at 3:00 PM. The agenda includes reviewing and approving the financial statements for the third quarter ending September 30, 2025, presenting an induction program for new Board members in line with corporate governance regulations, reviewing and approving the updated banking mandate, and reviewing and approving a Related Party Transaction in accordance with relevant federal laws and decisions.

The Islamic Arab Insurance Company (Salama) has appointed Essa Ali Bin Salem Al Zaabi as the new Chairman of the Board of Directors. This appointment is part of Salama's transformation and growth strategy, following shareholder approval of a recapitalization plan to enhance solvency and regulatory capital. Mr. Al Zaabi has over 20 years of leadership experience in both public and private sectors, with expertise in human capital development and institutional transformation. He aims to sustain underwriting performance and uphold service standards. Mohamed Ali Bouabane, Group CEO, expressed confidence in Mr. Al Zaabi's ability to strengthen Salama’s foundations and focus on profitable growth. Mr. Al Zaabi previously held senior roles at the Dubai Chamber of Commerce and Industry and other notable organizations. Salama is a leading Shariah-compliant Takaful solutions provider listed on the Dubai Financial Market.

The Islamic Arab Insurance Company PJSC has announced that its general assembly approved a special resolution to reduce and then increase the company's share capital. The capital reduction will decrease the issued share capital from AED 939,588,998 to AED 483,021,183, effective on December 8, 2025. This reduction involves eliminating accumulated losses and canceling certain shares. The board of directors has been authorized to take necessary actions to implement these changes, which have been presented to the general assembly and are based on the external auditor's report.

On October 21, 2025, the Board of Directors of the Islamic Arab Insurance Company (SALAMA) held a meeting. During this meeting, Mr. Essa Ali Bin Salem Bin Jassim Alzaabi was elected as the Chairman of the Board. The board also elected members of the Board Committees, approved the initiation of the capital reduction process including the publication of a creditors' announcement, and addressed regular matters and other business updates. The communication was signed by Ahmad Abdelrahim, Senior Manager of Legal & Compliance.

Salama, a leading Takaful provider in the UAE, announced that its shareholders have approved a capital restructuring plan aimed at strengthening its solvency and regulatory capital position. During a General Assembly on October 16, 2025, shareholders agreed to a capital reduction to offset losses and cancel treasury shares. Following regulatory approval, Salama plans to issue up to AED 175 million in Mandatory Convertible Sukuk to select strategic investors through a special purpose vehicle. This move is intended to reinforce Salama’s financial position in compliance with the Central Bank of the UAE's requirements. The plan reflects strong market confidence in Salama's fundamentals and long-term stability. Salama reported a 5.2% increase in total equity and a net profit of AED 8.25 million in the first half of 2025. S&P Global Ratings affirmed Salama's long-term issuer credit and insurer financial strength rating at ‘BBB-’ with a Developing outlook, citing improving fundamentals and capital position.

The Islamic Arab Insurance Company, known as SALAMA, held a General Assembly Meeting on October 6, 2025. Following approval from the Central Bank of the United Arab Emirates on October 16, 2025, five new members were elected to the Board of Directors through cumulative voting by secret ballot. These members will fill the vacant seats for the remainder of the current term, which ends in April 2026. The elected board members are Mr. Rashed Mohammed Ali Abdulrahman, Mr. Buti Abdulla Mohammed Aljumairi, Mr. Essa Ali Bin Salem Bin Hassim Alzaabi, Mr. Umair Nizami Zulfiqar Ali, and Mr. Parvaiz Siddiq.

The Islamic Arab Insurance Company (SALAMA) is scheduled to hold a Board of Directors meeting on Tuesday, October 21, 2025, at 10:00 AM. The meeting will cover the election of the Board Chairman, the restructuring of Board Committees according to the company’s governance framework and applicable regulations, the continuation of the capital reduction process including the publication of the creditors' announcement, as well as regular matters and any other business. The notification was issued by Ahmad Abdelrahim, Senior Manager of Legal & Compliance.