Press releases, Reports & Disclosures for Islamic Arab Insurance Company

Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries have released their review report and interim condensed consolidated financial statements for the period ending on March 31, 2025. These statements are unaudited.

The Board of Directors of the Islamic Arab Insurance Company (SALAMA) held a meeting on Wednesday, 14 May 2025, at 2:00 PM. During the meeting, the Board discussed and approved the company's financial statement for the first quarter ending on 31 March 2025, along with regular matters and any other business. The meeting was communicated by Motaz Kraishan, the Board Secretary.

A meeting of the Board of Directors for the Islamic Arab Insurance Company – SALAMA (P.S.C) is scheduled to take place on Wednesday, 14 May 2025, at 2:00 PM. The agenda for the meeting includes discussing the company's financial statement for the first quarter ending on 31 March 2025, along with regular matters and any other business. The notice is addressed to Mr. Waleed Saeed Abdul Salam Al Awadhi, CEO of the Securities and Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. The letter is signed by Motaz Kraishan, the Board Secretary.

The Islamic Arab Insurance Company – SALAMA held its Annual General Assembly Meeting on Wednesday, 30 April 2025, from 3:00 pm to 4:00 pm at its headquarters in Dubai, with options for remote participation. The meeting was chaired by H.E. Fahad Al Qassim and had a quorum of 32.3808% of the total capital, with 4.4414% authenticity and 27.9394% proxy. The assembly approved several resolutions, including the appointment of Mr. Ahmad Abdelrahim as the AGM Secretary and Mr. Mohamed Shaaban as a Vote Collector. It also approved the Board of Director’s Report, Auditor’s Report, Sharia Supervisory Committee Report, and the Company’s Balance Sheet and Profit & Loss Account for the year ending 31 December 2024. Additionally, the appointment of new members to the Internal Sharia Supervision Committee was approved, pending Central Bank approval. The recommendation of the Board of Directors not to distribute dividends to shareholders was also approved.

The Annual General Assembly Meeting of the Islamic Arab Insurance Company (SALAMA) has been postponed due to a lack of quorum. The rescheduled meeting will be held on Wednesday, 30 April 2025, at 03:00 PM. Participants can attend either physically at the company's headquarters in Dubai or electronically via remote access technology, which will include livestream video, audio, and electronic voting on decisions.

Salama, a regional insurer listed on the Dubai Financial Market, has appointed Mohamed Ali Bouabane as the new Group CEO. Bouabane, previously CEO of AIG GCC & North Africa, brings over two decades of experience in the insurance industry, having worked in Canada, Dubai, and Hong Kong. His expertise in risk management, digital transformation, and market expansion is expected to aid Salama's growth and digital innovation. Chairman Fahad AlQassim expressed confidence in Bouabane's ability to drive the company's success and enhance customer value. Bouabane, whose appointment is effective immediately, aims to lead Salama in delivering innovative insurance solutions and strengthening its market leadership. Salama is a leading provider of Shariah-compliant Takaful solutions, recognized for its customer-centric approach and diverse range of insurance products in the UAE, Egypt, and Algeria.

SALAMA has issued a clarifying disclosure regarding the approval of proxies in accordance with Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. Shareholders eligible to attend the general assembly can delegate a representative, who is not a board member, company employee, or securities brokerage company employee, through a written power of attorney. This document must explicitly state the proxy's right to attend and vote at the assembly. The proxy cannot represent shareholders holding more than 5% of the company's issued capital. Legal representatives must represent those lacking legal capacity. The shareholder's signature on the power of attorney must be approved by a Notary Public, a commercial chamber or economic department, a licensed bank or company with which the agent has an account, or any entity licensed to perform attestation. The proxy form should include the shareholder's and brokerage firm's contact details. For further inquiries, contact SALAMA at the provided phone number or email address.

Islamic Arab Insurance Company (Salama), the UAE’s largest Takaful solutions provider, reported significant financial improvements for 2024, with insurance revenue of AED 1.046 billion and a 118% increase in net profits to AED 24.6 million. The company successfully addressed audit qualifications outstanding since 2019, issuing its 2024 financial statements without them. Salama's total assets were AED 3.306 billion at the end of 2024. The company focused on resolving legacy issues, digital transformation, and enhancing underwriting performance. It introduced a UAE National Development Programme to align with Emiratisation targets and continued to provide affordable healthcare coverage through the Essential Benefit Plan. Salama's efforts have been recognized at various industry forums, and it remains committed to its stakeholders and its strategy to be a leading Takaful provider in the region.