Islamic Arab Insurance Company

The document is a formal announcement regarding the list of candidates for five vacant positions on a company's Board of Directors. The announcement is addressed to H.E. Waleed Saeed Abdul Salam Al Awadhi, CEO of the Securities and Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. It states that nominations for the board positions were open from August 16 to August 26, 2025, and the applications received are from the following candidates: Dr. Amin Khairalla Ahmed Aballa Al-Ali, Mr. Buti Abdulla Mohammed Aljumairi, Mr. Umair Nizami Zulfiqar Ali, and Mr. Essa Ali Bin Salem Bin Hassim Alzaabi. All candidates are applying for independent, non-executive roles.

The document is a critical notice requiring immediate attention from shareholders of the Islamic Arab Insurance Company (SALAMA). Shareholders uncertain about the actions to take should seek independent financial advice from a licensed adviser in the UAE. If shares have been sold or transferred, the document should be forwarded to the new owner or relevant agent. The implementation of a transaction is contingent on approval of resolutions at the SALAMA General Meeting and receipt of necessary regulatory approvals, including those from the UAE Central Bank, the Securities and Commodities Authority (SCA), and a Sharia compliance opinion. SCA's approval of the document does not equate to approval of the transaction itself and the SCA is not responsible for the document's content accuracy. The SALAMA Board is accountable for the document's authenticity and completeness. The document's distribution may be restricted outside the UAE, and recipients should comply with local laws to avoid legal violations.

The Board of Directors of Islamic Arab Insurance Company (SALAMA) invites shareholders to attend the General Assembly meeting on Monday, September 29, 2025, at 3:00 PM. The meeting will be held at the company's headquarters in Dubai or can be attended remotely via virtual meeting technology. The agenda includes appointing the meeting secretary and vote collector, electing five new Board Members to fill vacant seats until April 2026 (subject to approvals from the Central Bank of the UAE), discharging the resigned Board Members from liability, and approving the appointment of Dr. Ashraf Hashim and Mr. Abdul Nasser Ahmed Ibrahim Al Mannaie Altamimi as new members of the Internal Sharia Committee, pending necessary approvals from the Central Bank of the UAE.

Mr. Fadi Aboul Hosn, the Chief Financial Officer of Islamic Arab Insurance Company – SALAMA (PSC), has resigned for personal reasons. His last working day will be Thursday, November 20, 2025. He will continue to fulfill his duties and support a smooth transition. A new Chief Financial Officer will be appointed after receiving necessary regulatory approvals from the Central Bank of the UAE, in line with corporate governance standards for insurance companies. The Board of Directors appreciates Mr. Aboul Hosn's contributions and wishes him success in his future endeavors.

Salama, the Islamic Arab Insurance Company, has announced that nominations for its Board of Directors will be open from August 16 to August 26, 2025. Shareholders who meet the necessary conditions can apply for board membership by submitting a resume and specifying the type of membership they are seeking at the company's main office in Dubai. Five board members will be elected, and nominations will be open for ten days following the announcement, in line with relevant governance regulations. Candidates must comply with the conditions outlined in the Federal Decree-Law on commercial companies.

Salama, a regional Takaful provider, reported a strong financial performance for the first half of 2025, with a net profit of AED 8.25 million, largely driven by a profit of AED 7.86 million in the second quarter. The company's equity rose by 5.2% to AED 351.84 million, aided by improved profitability and a reduction in accumulated losses. Takaful revenue was AED 515.36 million, slightly down from the previous year. Cash reserves increased significantly, reflecting effective cash management, while Takaful service expenses were reduced, enhancing operational efficiency. Total comprehensive income improved to AED 19.57 million, compared to a loss in the same period in 2024. Salama's leadership highlighted the company's focus on strengthening its balance sheet, operational efficiency, and customer-centric initiatives, positioning it well for future growth.