Islamic Arab Insurance Company

In Q1 2024, SALAMA, the UAE's largest Takaful solutions provider, reported a net profit of AED 17.58 million, marking a 118% increase from Q1 2023. The company's Takaful revenue expanded to AED 271.47 million, up from AED 265.23 million in Q1 2023. Net assets were reported at AED 3,600.39 million, while total equity decreased by 3.46% to AED 634.46 million, primarily due to currency value depreciation in Egypt. SALAMA also announced the launch of its new Abu Dhabi headquarters, indicating further market penetration within the UAE.

The Islamic Arab Insurance Co. (SALAMA) PSC held a board meeting on 14 May 2024, attended by five members via modern technology, with a quorum of 71.43%. The board approved the minutes of the previous meeting held on 29 March 2024 and reviewed and approved the financial statements for the first quarter ending on 31 March 2024. Other regular business matters were also considered. The meeting was authorized by General Counsel Khaled Barakat.

Islamic Arab Insurance Company (SALAMA), the UAE's largest Takaful solutions provider, has opened a new office in Abu Dhabi, marking a significant step in its strategic growth phase. The new office is designed to enhance operational efficiencies and foster innovation. It is equipped with advanced facilities and a progressive work environment to provide personalised support and networking opportunities for SALAMA’s customers and partners. CEO Walter Jopp stated that the new office would help boost the company's local and regional presence and address the evolving protection needs of customers in the fast-emerging Abu Dhabi region.

The Islamic Arab Insurance Company, SALAMA (PSC), has scheduled a board meeting on Tuesday, 14th May 2024 starting at 03:00 pm. The agenda includes the review and approval of the minutes from the last board meeting held on 29th March 2024, review and approval of the Financial Statements for the first quarter ending 31st March 2024, and discussion of other general matters. The announcement is authorized by Khaled Barakat, the General Counsel of the company.

On April 25, 2024, the Islamic Arab Insurance Company PSC – SALAMA held a general assembly meeting at their headquarters in Dubai and virtually. The meeting was chaired by H.E. Saeed Alhajeri, with a quorum of 53.7487% of the total attendance. Decisions made include the appointment of Mr. Khaled Barakat as the AGM secretary and Mr. Mohamed Shaaban as a vote collector. The assembly approved the Board of Director's report, the auditor's report, the Internal Sharia Supervisory Committee Report, the company's balance sheet and profit & loss account for the year ending December 31, 2023. The board of directors and auditors were discharged from liability for the same year.

SALAMA has clarified its policy on proxy voting for shareholders. According to their Corporate Governance Manual, shareholders are allowed to delegate someone who is not a board member, company employee, or securities brokerage company or its employee, to attend the general assembly and vote on resolutions. The proxy cannot hold more than 5% of the company's issued capital. The shareholder's signature on the proxy must be approved by a Notary Public, a commercial chamber of economic department in the state, a bank or company licensed in the state, or any other licensed entity. The proxy form must include the shareholder's name and contact number, and the name and contact number of the brokerage firm who approved the proxy.

On 29 March 2024, the Islamic Arab Insurance Co. – SALAMA P.S.C held a board meeting with six members in attendance, achieving an 86% quorum. The board approved the minutes of the previous meeting and the audited financial results for the fiscal year ending 31 December 2023. They also decided to recommend the appointment of external auditors for 2024 and the approval of the 2023 Corporate Governance report to the General Assembly. Furthermore, they resolved to propose amendments to the company's articles of association to comply with the latest laws and regulations. Other general matters were also considered. The results were signed off by Khaled Barakat.

Islamic Arab Insurance Company, known as SALAMA, has reported its audited financial results for FY 2023. The company recorded Takaful revenue of AED 1.111 billion and total assets of AED 3.613 billion. However, SALAMA also reported a net loss of AED 139.327 million due to goodwill impairment and provision for expected credit losses. The company is committed to strengthening its balance sheet and focusing on customer-centric initiatives and digital capabilities. Despite the challenging business environment, SALAMA remains optimistic and growth-oriented. It aims to leverage new regulatory and industry developments and provide further value to its policyholders and shareholders.

The document contains the Board of Directors' report, Independent Auditor's report, and Consolidated Financial Statements for the Islamic Arab Insurance Co. (SALAMA) PJSC and its subsidiaries for the year ending on 31st December 2023.