Islamic Arab Insurance Company

Salama, a regional insurer listed on the Dubai Financial Market, has appointed Mohamed Ali Bouabane as the new Group CEO. Bouabane, previously CEO of AIG GCC & North Africa, brings over two decades of experience in the insurance industry, having worked in Canada, Dubai, and Hong Kong. His expertise in risk management, digital transformation, and market expansion is expected to aid Salama's growth and digital innovation. Chairman Fahad AlQassim expressed confidence in Bouabane's ability to drive the company's success and enhance customer value. Bouabane, whose appointment is effective immediately, aims to lead Salama in delivering innovative insurance solutions and strengthening its market leadership. Salama is a leading provider of Shariah-compliant Takaful solutions, recognized for its customer-centric approach and diverse range of insurance products in the UAE, Egypt, and Algeria.

SALAMA has issued a clarifying disclosure regarding the approval of proxies in accordance with Clauses 1 and 2 of Article 40 of the Corporate Governance Manual. Shareholders eligible to attend the general assembly can delegate a representative, who is not a board member, company employee, or securities brokerage company employee, through a written power of attorney. This document must explicitly state the proxy's right to attend and vote at the assembly. The proxy cannot represent shareholders holding more than 5% of the company's issued capital. Legal representatives must represent those lacking legal capacity. The shareholder's signature on the power of attorney must be approved by a Notary Public, a commercial chamber or economic department, a licensed bank or company with which the agent has an account, or any entity licensed to perform attestation. The proxy form should include the shareholder's and brokerage firm's contact details. For further inquiries, contact SALAMA at the provided phone number or email address.

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.