Islamic Arab Insurance Company

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.

The document includes the Board of Directors' report, the independent auditor's report, and the consolidated financial statements for Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries for the year ending December 31, 2024.

On March 26, 2025, the Islamic Arab Insurance Co. (SALAMA) held a board meeting attended by six members via modern technology. During the meeting, the members approved the agenda for the Annual General Assembly Meeting for the year ended 2024, pending approvals from the CBUAE and SCA. They also approved the audited financial results for the fiscal year ending December 31, 2024, and recommended the adoption of the Board of Directors' remuneration and fees for 2024 to the General Assembly of Shareholders. Additionally, they proposed the appointment of the company's external auditors for 2025 and considered the Corporate Governance report for 2024. The board also discussed recommending the appointment of members to the Internal Sharia Supervision Committee, subject to Central Bank approval, and addressed regular matters and other business. The meeting was authorized by board secretary Motaz Kraishan.

The Islamic Arab Insurance Company PSC – SALAMA has appointed Mr. Mohamed Ali Bouabane as its new Chief Executive Officer, effective March 21, 2025. This appointment follows the necessary regulatory approvals from the Central Bank of UAE, in accordance with the Corporate Governance Regulations for Insurance Companies. The announcement was made by Motaz Kraishan, the Board Secretary.

The Islamic Arab Insurance Company, SALAMA, has scheduled a board meeting for Tuesday, March 25, 2025, at 3:00 PM. The agenda includes approving the date for the General Assembly Meeting, subject to approval from the Central Bank and SCA, discussing and approving the audited financial statements for the fiscal year ending December 31, 2024, and proposing remuneration for the Board of Directors. They will also recommend the appointment of external auditors for 2025 and determine their fees, review and approve the Corporate Governance Report for 2024, and recommend the appointment of members to the Internal Sharia Committee, pending Central Bank approval. Other general matters will also be addressed. The announcement is signed by Motaz Kraishan, the Board Secretary, dated March 23, 2025.

The Islamic Arab Insurance Company – SALAMA (PSC) has announced a board meeting scheduled for Friday, 14 February 2025, at 3:00 pm. The agenda includes discussing and approving the unaudited preliminary financial results for the fiscal year ending on 31 December 2024, along with other general business matters. The announcement is signed by Motaz Kraishan, the Board Secretary, and dated 11 February 2025.