Islamic Arab Insurance Company

Islamic Arab Insurance Company – SALAMA (PSC) has scheduled a board meeting on Thursday, 19 December 2024, starting at 3:00 pm. The agenda includes discussing administrative matters and any other matters. The announcement is authorized by Khaled Barakat, the General Counsel, and includes the company's stamp and signature.

Islamic Arab Insurance Company (Salama), the UAE's largest Takaful solutions provider, reported a 64% increase in profitability for the first nine months of 2024, with net profits rising to AED 30.41 million compared to AED 18.56 million in the same period in 2023. Takaful revenue reached AED 802.83 million, and total assets increased to AED 3,669.82 million. The company noted an increase in other operating income, despite negative impacts from foreign currency adjustments due to the depreciation of the Egyptian Pound. Salama's Chairman, H.E. Fahad AlQassim, emphasized the company's commitment to delivering value and high standards of service. The company's strategies in underwriting, expense management, and digitalization have contributed to its improved performance. CEO Walter Jopp highlighted the strong third-quarter results and the company's focus on resolving legacy issues and improving customer experience. Jopp has stepped down for personal reasons but will assist in the transition. Salama remains focused on providing peace of mind to customers and achieving growth through strategic objectives, supported by its solid Takaful foundation and industry recognition.

The document is a review report and interim condensed consolidated financial statements (unaudited) for Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries, dated 30 September 2024.

On November 14, 2024, the Islamic Arab Insurance Co. (SALAMA) held a board meeting attended by six members via modern technology, achieving an 86% quorum. The meeting lasted from 3:00 pm to 4:00 pm. During the meeting, the board approved the minutes from the August 14, 2024 meeting, reviewed and approved the financial statements for the third quarter ending September 30, 2024, and discussed other regular business matters. The authorized signatory for the meeting was Khaled Barakat, the General Counsel and Board Secretary.

Islamic Arab Insurance Company – SALAMA (PSC) has scheduled a board meeting for Thursday, 14th November 2024, at 3:00 pm. The agenda includes reviewing and approving the minutes from the meeting on 14th August 2024, reviewing and approving the financial statements for the third quarter ending 30th September 2024, and addressing any other regular business matters. The announcement is authorized by Khalid Barakat, the General Counsel and Board Secretary.

Mr. Walter Jopp has resigned from his position as Chief Executive Officer of the Islamic Arab Insurance Company (SALAMA PSC) for personal reasons, with his last working day set for January 4, 2025. The Board of Directors expressed gratitude for his contributions and wished him well in his future endeavors. Mr. Jopp will continue to manage company operations and support a smooth transition. The Board plans to appoint a new CEO after obtaining necessary regulatory approvals from the UAE Central Bank, in line with Corporate Governance Regulations for Insurance Companies.

The Islamic Arab Insurance Company – SALAMA held a board meeting on Wednesday, 30 October 2024, starting at 4:00 pm. Six members attended, achieving a quorum of 86%. The meeting involved discussing and approving administrative matters. The authorized signatory for the meeting was Khaled Barakat, who serves as the General Counsel.

The Islamic Arab Insurance Company – SALAMA (PSC) has scheduled a board meeting to be held on Wednesday, October 30, 2024, starting at 4:00 pm. The agenda includes discussing administrative matters and any other business. The announcement is authorized by Khaled Barakat, the General Counsel.

On 26 September 2024, Salama informed the Dubai Financial Market and AMAN of its decision to terminate the partial acquisition agreement of AMAN's General and Group Life portfolio. The acquisition, initially announced on 13 June 2023, was subject to regulatory approvals and specific requirements to protect the interests of shareholders and policyholders. As these requirements were not satisfactorily met, Salama's Board of Directors decided not to proceed with the acquisition. The termination was communicated in accordance with the agreement's terms and conditions. The notice was signed by Khaled Barakat, General Counsel and Board Secretary of Salama.

Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries have released their review report and interim condensed consolidated financial statements for the period ending 30 June 2024. These statements are unaudited.