Islamic Arab Insurance Company

On November 14, 2023, the Islamic Arab Insurance Co. (SALAMA) PSC held a board meeting with six members in attendance. The meeting had a quorum of 85.71%. During the meeting, the board approved the minutes from the August 14, 2023 meeting and the financial statements for the third quarter ending on September 30, 2023. They also discussed other regular business matters. The meeting was concluded by Khaled Barakat, the General Counsel and Board Secretary.

SALAMA, the UAE's largest Takaful solutions provider, reported a 19% increase in net profit for the first nine months of 2023, reaching AED 18.6 million. This is a significant rise from AED 15.6 million reported in the same period in 2022. The company also reported a 21% increase in revenue, amounting to AED 824.3 million. The growth is attributed to strategic initiatives such as enhanced underwriting, digital development, client portfolio expansion, and new partnership channels. Total assets saw a slight increase, and shareholder's investment income rose to AED 65.9 million. The company also adopted IFRS 17 standards to enhance financial reporting transparency.

The text presents a review report and interim condensed consolidated financial statements of the Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries, as of 30th September 2023. The document is unaudited.

The Board of Directors of Islamic Arab Insurance Company (SALAMA) has appointed Mr. Fareed Lutfi as a board member. This decision, approved by the Central Bank of the United Arab Emirates, recognizes Lutfi's significant contributions to the insurance and reinsurance sector in the UAE and the Arab region. The appointment is intended to leverage Lutfi's insurance expertise to support the Board's future strategy.

On November 6th, 2023, the Arab Islamic Insurance Company - Salama P.S.C. communicated to the Dubai Financial Markets that their Board of Directors will issue a resolution on November 9th to approve the appointment of Mr. Fareed Lutfi as a board member. This decision follows the approval of the Central Bank of the United Arab Emirates.

The Islamic Arab Insurance Company, SALAMA (PSC), has announced a board meeting on Tuesday, 14th November 2023, at 3:00 pm. The agenda includes reviewing and approving the minutes of the previous board meeting held on 14th August 2023, reviewing and approving the financial statements for the third quarter ended 30th September 2023, and discussing other regular business matters. The announcement was signed by the General Counsel - Board Secretary, Khalid Barakat.