SALAMA's Strategic Decisions Post-AGM
Islamic Arab Insurance Company (SALAMA) held its Annual General Meeting, unveiling key decisions and a strategic outlook.
Summary
SALAMA's AGM focused on financial transparency, Sharia compliance, and strategic decisions, including no dividend distribution to strengthen future growth.
Islamic Arab Insurance Company, widely known as SALAMA, recently conducted its Annual General Meeting (AGM), a pivotal event that showcased the company's commitment to transparency, adherence to Islamic principles, and strategic foresight. The meeting, held both physically at the company's headquarters in Dubai and virtually, was chaired by H.E. Fahad Al Qassim.
One of the highlights of the AGM was the approval of several critical reports, including the Board of Director’s Report, Auditor’s Report, and the Sharia Supervisory Committee Report for the year ending December 31, 2024. These approvals reflect SALAMA's dedication to maintaining a robust and transparent financial standing while aligning with Sharia principles.
A significant decision made during the meeting was the approval of the company's balance sheet and profit & loss account for the year ended December 31, 2024. This decision underlines SALAMA's financial health and its ability to navigate the complexities of the insurance market in the UAE.
Another noteworthy resolution was the appointment of a new Internal Sharia Supervision Committee, pending the Central Bank's approval. This move signifies SALAMA's ongoing commitment to ensuring that its operations and products remain compliant with Islamic law, thereby reinforcing trust among its stakeholders.
Interestingly, the Board of Directors recommended not to distribute dividends to shareholders, a decision that was approved during the AGM. This strategic choice suggests a focus on reinvesting profits to bolster the company's capital base and support long-term growth initiatives. While this may disappoint some investors seeking immediate returns, it positions SALAMA for sustainable growth in the competitive takaful market.
Given the company's strategic direction and commitment to maintaining financial stability and Sharia compliance, investors might consider a 'hold' position. This approach allows stakeholders to benefit from potential future growth as SALAMA continues to strengthen its market position and explore new opportunities within the takaful industry.
Source
Summary
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.
