Islamic Arab Insurance Company

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.

Salama, the largest Takaful solutions provider in the UAE, reported a 67% increase in net profit for the first half of 2024, reaching AED 20.53 million compared to AED 12.26 million in the same period in 2023. Takaful revenue was AED 528.58 million, and total assets rose modestly to AED 3,701.08 million. Other operating income saw a significant increase of 277%, despite challenges such as the depreciation of the Egyptian Pound. The company's performance coincides with the appointment of new Board members, including H.E. Fahad AlQassim as Chairman and Mr. Fareed Lutfi as Vice Chairman, both bringing extensive experience in finance and insurance. CEO Walter Jopp highlighted the positive impact of the company's customer-focused approach, strategic partnerships, and digitization initiatives. Salama aims to sustain its growth momentum and continue contributing to the UAE's progress as a Shariah-compliant market leader. Recent developments include a revamped website, a new office in Abu Dhabi, and strategic management appointments.

On 14 August 2024, the Islamic Arab Insurance Co. (SALAMA) held a board meeting from 3:00 pm to 4:30 pm with seven members in attendance, achieving a 100% quorum. The board approved the minutes from the previous meeting held on 25 July 2024 and the financial statements for the second quarter ending 30 June 2024. Other regular business matters were also considered. The meeting results were authorized by Khaled Barakat, the General Counsel, with the company's stamp.

Islamic Arab Insurance Company – SALAMA (PSC) will hold a board meeting on Wednesday, 14th August 2024, starting at 3:00 PM. The agenda includes reviewing and approving the minutes of the previous board meeting held on 25th July 2024, reviewing and approving the financial statements for the second quarter ending 30th June 2024, and discussing other general matters. The announcement is authorized by Khaled Barakat, General Counsel.

Islamic Arab Insurance Company – SALAMA (PSC) will hold a board meeting on Thursday, 25th July 2024 at 3:00 pm. The agenda includes electing the Board Chairman and Vice Chairman, and appointing members to the Board committees. This announcement was authorized by Khaled Barakat, General Counsel and Board Secretary, on 22nd July 2024.

On July 22, 2024, the Islamic Arab Insurance Company (SALAMA) held its General Assembly meeting at the company headquarters with remote participation options. The meeting started at 3:00 pm and ended at 3:12 pm. The total attendance represented 51.4635% of the company's capital, divided into 26.5154% authenticity and 24.9482% proxy. Key decisions and resolutions included: 1. Approval of the appointment of Mr. Mohamed Alsayed Alhashmi as a new Board member, replacing Mr. Ajit Joshi who resigned on March 11, 2024. Mr. Alhashmi will serve until April 2026. 2. Discharge of the resigned Board of Directors, including H.E. Saeed Mubarak AlHajeri (Chairman of the Board), H.E. Mohammed bin Abdulaziz AlShehhi (Vice Chairman of the Board), Mr. Ammar Ali Mohamed Jaber, and Mr. Fahad Abdulqader Qassim Abdulla Alqassim, from liability. The meeting was chaired by H.E. Saeed Mubarak Alhajeri, and the results were disclosed by Khaled Barakat, General Counsel and Board Secretary, on the same day.

The document is a formal communication dated July 19, 2023, addressed to H.E Dr. Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority, and Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market. The subject of the letter is the list of candidates for filling two vacant positions on the company's Board of Directors. The letter informs that complete applications have been received from the following candidates, all of whom are UAE nationals and are applying as Independent/Non-Executive members: 1. Mr. Fahad Abdulqader Qassim Abdulla Alqassim 2. Mr. Ammar Ali Mohamed Jaber 3. Mr. Helal Mohamed Shabeeb Mohamed Aldaheri 4. Mr. Abdulla Abdulnabi Abdulla Salman Alnuaimi 5. Mr. Adel Saleh Mohamad Abdallah Al Ali

The Board of Directors of Islamic Arab Insurance Company (SALAMA) invites shareholders to attend the General Assembly meeting on Monday, July 22, 2024, at 3:00 PM. The meeting will be held at the company's headquarters in Dubai or via remote presence technology with video participation and electronic voting. The agenda includes: 1. Electing two Board Members to fill vacant seats until April 2026. 2. Discharging the resigned Board Members H.E. Saeed Mubarak AlHajeri (Chairman) and H.E. Mohammed bin Abdulaziz AlShehhi (Vice Chairman) from liability. 3. Approving the appointment of Mr. Mohammed Al Hashemi as a new Board Member, replacing Mr. Ajit Joshi, who resigned on March 11, 2024. Mr. Al Hashemi will serve until April 2026.