Press releases, Reports & Disclosures for Islamic Arab Insurance Company

SALAMA has clarified its policy on proxy voting for shareholders. According to their Corporate Governance Manual, shareholders are allowed to delegate someone who is not a board member, company employee, or securities brokerage company or its employee, to attend the general assembly and vote on resolutions. The proxy cannot hold more than 5% of the company's issued capital. The shareholder's signature on the proxy must be approved by a Notary Public, a commercial chamber of economic department in the state, a bank or company licensed in the state, or any other licensed entity. The proxy form must include the shareholder's name and contact number, and the name and contact number of the brokerage firm who approved the proxy.

On 29 March 2024, the Islamic Arab Insurance Co. – SALAMA P.S.C held a board meeting with six members in attendance, achieving an 86% quorum. The board approved the minutes of the previous meeting and the audited financial results for the fiscal year ending 31 December 2023. They also decided to recommend the appointment of external auditors for 2024 and the approval of the 2023 Corporate Governance report to the General Assembly. Furthermore, they resolved to propose amendments to the company's articles of association to comply with the latest laws and regulations. Other general matters were also considered. The results were signed off by Khaled Barakat.

Islamic Arab Insurance Company, known as SALAMA, has reported its audited financial results for FY 2023. The company recorded Takaful revenue of AED 1.111 billion and total assets of AED 3.613 billion. However, SALAMA also reported a net loss of AED 139.327 million due to goodwill impairment and provision for expected credit losses. The company is committed to strengthening its balance sheet and focusing on customer-centric initiatives and digital capabilities. Despite the challenging business environment, SALAMA remains optimistic and growth-oriented. It aims to leverage new regulatory and industry developments and provide further value to its policyholders and shareholders.

The document contains the Board of Directors' report, Independent Auditor's report, and Consolidated Financial Statements for the Islamic Arab Insurance Co. (SALAMA) PJSC and its subsidiaries for the year ending on 31st December 2023.

The Islamic Arab Insurance Company - SALAMA (PSC) has announced a board meeting on 29th March 2024. The meeting will discuss and approve the audited financial results for the fiscal year ending on 31st December 2023, discuss the appointment of external auditors and their remuneration, approve the Corporate Governance report for 2023, and consider amending the company's articles of association to align with the latest laws and regulations. Other general matters will also be discussed. The meeting will be led by the General Counsel, Khaled Barakat.

On March 22, 2024, the Board of Directors of the Islamic Arab Insurance Co. – SALAMA P.S.C approved the invitation and agenda for the Annual General Assembly scheduled for April 25, 2024. The approval, which was supported by 85.75% of the board members, is subject to regulatory approvals from the Central Bank of the United Arab Emirates and the Securities and Commodities Authority. The decision was signed by Khaled Barakat, the company's General Counsel.

The Board of Directors of the Islamic Arab Insurance Co. – SALAMA P.S.C will issue a Board Resolution by Circulation on 22 March 2024. This resolution is to approve the call for the Company’s Annual General Assembly and to establish its agenda, time, and location. The resolution will be signed by Khaled Barakat, the General Counsel of the company.

On 11th March 2024, Mr. Ajit Joshi, a member of the Board of Directors of SALAMA - Public, expressed his wish to resign from the board for personal reasons. His resignation has been accepted by the board, appreciating his services during his tenure. The information was conveyed by Khaled Barakat, the General Counsel of the company, to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market.

The preliminary results of the Public Joint Shareholders Company for the year ending 31st December 2023 are unaudited and unreviewed. The company in question is the Islamic Arab Insurance Co. - Salama, established on 29th April 1979. The paid-up, subscribed, and authorized capital of the company is AED 939,588,998. The Chairman of the Board is H.E. Saeed Mubarak Al-Hajeri and the CEO is Walter Jopp. Ernst & Young are the external auditors. The company is based on the 4th floor of the Spectrum Building, Oud Metha, Dubai.