Press releases, Reports & Disclosures for Islamic Arab Insurance Company

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.

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.