Press releases, Reports & Disclosures for Islamic Arab Insurance Company

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.

The Islamic Arab Insurance Company (SALAMA) PJSC has announced the opening of nominations for its Board of Directors' membership. Shareholders can submit their applications from June 12, 2024, to June 22, 2024. Interested candidates must meet the nomination conditions and apply at the company’s main office in Dubai, including a brief resume and the type of membership they are seeking (non-executive independent or non-executive non-independent). Two board members will be elected, and the nomination period will last for 10 days as per regulatory requirements. Candidates must comply with the conditions outlined in the Federal Decree-Law on commercial companies and related governance guidelines.

On June 6, 2024, H.E. Saeed Mubarak AlHajeri, Chairman of the Board, and H.E. Mohammed bin Abdulaziz AlShehhi, Vice Chairman of the Board, submitted their resignations from the company's Board of Directors due to personal and professional commitments. The Board has accepted their resignations, with Mr. AlHajeri continuing his duties until new candidates are elected and regulatory approvals from the Central Bank of the United Arab Emirates and shareholders are obtained. The Board expressed appreciation for their service and instructed management to complete the necessary legal requirements. The announcement was made by Khaled Barakat, General Counsel.

On June 6, 2024, the Board of Directors of Islamic Arab Insurance Co. (SALAMA) approved several resolutions. The Chairman, H.E. Saeed Mubarak Al Hajeri, will resign effective from the date of the upcoming General Assembly meeting, where a new member will be elected to fill his position. He will continue his duties until then. Additionally, H.E. Mohammed bin Abdulaziz Al Shehhi, the Vice Chairman, resigned effective immediately. The Board has scheduled a General Assembly meeting for July 15, 2024, to elect two alternate members and approve the appointment of Mr. Mohammed Al Hashimi, who was appointed on May 24, 2024. The necessary regulatory approvals are being sought for this meeting. The resolution was approved by 72% of the Board members.

On May 24, 2024, Mr. Mohamed Alsayed Alhashmi was appointed as a member of the Board of Directors of the Islamic Arab Insurance Company - Salama P.S.C. This appointment was made following his nomination by the Board of Directors and approval by the Central Bank of the United Arab Emirates.

The document is an unaudited review report and interim condensed consolidated financial statements for Islamic Arab Insurance Co. (SALAMA) PJSC and its subsidiaries as of 31 March 2024. The report provides an analysis of the financial status and performance of the company and its subsidiaries.

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.