SALAMA Approves 2024 Financials and Governance Plans
Islamic Arab Insurance Company (SALAMA) has announced key decisions from its recent board meeting, including approval of financial results and governance plans.
Summary
SALAMA's board meeting resulted in the approval of 2024 financials, board remuneration, and governance strategies, setting the stage for future growth.
Islamic Arab Insurance Company (SALAMA), a leading provider of Shari'a-compliant insurance solutions in the United Arab Emirates, has recently held a pivotal board meeting. The meeting, which took place on March 26, 2025, via modern technology, was attended by six members and focused on several critical agenda items aimed at steering the company towards a stable and prosperous future.
The board approved the agenda for the Annual General Assembly Meeting for the year ended 2024, pending approval from the Central Bank of the UAE (CBUAE) and the Securities and Commodities Authority (SCA). This step is crucial as it sets the tone for the company's strategic direction in the upcoming year.
One of the most significant outcomes of the meeting was the approval of the audited financial results for the fiscal year ending December 31, 2024. This approval is a testament to SALAMA's robust financial health and operational efficiency, reflecting its commitment to transparency and accountability. The financial results will provide valuable insights for stakeholders and investors, offering a comprehensive view of the company's performance over the past year.
In addition to financial approvals, the board also recommended the adoption of remuneration and fees for the Board of Directors for 2024. This move underscores SALAMA's dedication to maintaining a motivated and well-compensated leadership team that can drive the company forward.
The board also considered the Corporate Governance report for 2024, which is integral to ensuring that SALAMA adheres to the highest standards of corporate responsibility and ethical practices. This focus on governance is particularly important in the financial sector, where trust and integrity are paramount.
Furthermore, the board recommended the appointment of the company's external auditors for 2025, as well as the determination of their fees, subject to CBUAE approval. This recommendation is a critical component of SALAMA's commitment to maintaining rigorous financial oversight and compliance with regulatory requirements.
Finally, the board considered the appointment of members to the Internal Sharia Supervision Committee, again subject to approval by the Central Bank. This committee plays a crucial role in ensuring that all of SALAMA's operations and offerings align with Islamic Shari'a principles, which is a cornerstone of the company's business model.
In conclusion, the board meeting highlighted SALAMA's proactive approach to governance, financial stewardship, and adherence to Islamic principles. While the company appears to be on a solid footing, potential investors might consider a 'hold' strategy at this juncture. The approvals and recommendations set forth during the meeting indicate a stable outlook, yet it is prudent to await further developments and regulatory approvals before making significant investment decisions.
Source
Summary
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.
