SALAMA Calls for Key General Assembly Meeting
Islamic Arab Insurance Company (SALAMA) announces a pivotal General Assembly meeting to elect new board members and discuss strategic changes.
Summary
SALAMA is set to hold a General Assembly meeting to elect new board members, approve new Sharia committee members, and discharge outgoing directors.
Islamic Arab Insurance Company, widely known as SALAMA, has issued an invitation to its shareholders for a General Assembly meeting scheduled for September 29, 2025. This meeting is set to take place at the company's headquarters on Sheikh Rashid Road, Dubai, with an option for remote participation. The agenda includes several critical decisions that could shape the future trajectory of the company.
One of the key items on the agenda is the election of five new board members to fill vacant seats. This move is crucial as these positions will be integral to steering the company through the remainder of the current board's term, which concludes in April 2026. The election is contingent upon receiving necessary approvals from the Central Bank of the UAE (CBUAE), underscoring the regulatory compliance that SALAMA adheres to.
Another significant point of discussion will be the discharge of the current board members, including the Chairman, H.E. Fahad Abdulqader Alqassim, from liability. This is a standard practice in corporate governance, ensuring a smooth transition and accountability.
Additionally, the assembly will consider the appointment of Dr. Ashraf Hashim and Mr. Abdul Nasser Ahmed Ibrahim Al Mannaie Altamimi as new members of the Internal Sharia Committee. This decision is also subject to CBUAE approval, highlighting SALAMA's commitment to maintaining its operations in accordance with Islamic Shari'a principles.
From a financial perspective, these developments indicate a robust governance structure and a forward-looking strategy. The focus on regulatory compliance and Sharia adherence positions SALAMA as a trustworthy player in the takaful insurance market. The election of new board members could bring fresh perspectives and strategies that might enhance the company's market position.
For investors, the upcoming changes present a mixed bag of opportunities and risks. The potential for new strategic directions could lead to growth, but the transition phase might also introduce some uncertainties. Given the company's solid foundation and commitment to compliance, a 'hold' strategy might be advisable for current investors. This allows them to observe the impact of the new board members and strategic decisions before making any drastic moves.
Source
Summary
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.
Summary
SALAMA has issued a clarification regarding the approval of proxies as per Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. Shareholders entitled to attend the general assembly can delegate someone of their choice, who is not a board member, company employee, or securities brokerage company employee, through a written power of attorney. This proxy must explicitly state the right to attend the assembly and vote, and the proxyholder should not represent more than 5% of the company's issued capital. Those lacking legal capacity must be represented by their legal representatives. The shareholder's signature on the power of attorney must be approved by a Notary Public, the commercial chamber or economic department of the state, a licensed bank or company where the agent has an account, or any other licensed entity for attestation. The proxy form must include the shareholder's contact details and the brokerage firm that approved the proxy. This form serves as a guide, allowing the client to issue the proxy within appropriate limits, ensuring the signature is approved by one of the mentioned authorities. For further inquiries or clarifications, contact can be made via telephone at 00971 4 40402 23 or email at Ahmad.Abdelrahim@salama.ae.
