Islamic Arab Insurance Company

Islamic Arab Insurance Company

SALAMA

1 week

-0.06 %

1 month

0.11 %

3 months

0.08 %

OverviewInsightsDisclosures

Islamic Arab Insurance Company

Logotype for Islamic Arab Insurance Company
Ticker/ISIN
SALAMA
AEI000301012
Market/Country
Dubai Financial Market
United Arab Emirates

About Islamic Arab Insurance Company

Country of Origin: United Arab Emirates (U.A.E)

Islamic Arab Insurance Co. (Salama) (“the Company”) is a public shareholding company, registered in the Emirate of Dubai, United Arab Emirates (UAE) and operates through various branches in the UAE. The principal activity of the Company is the writing of all classes of general takaful and family takaful business, in accordance with Islamic Shari’a principles.

Latest Pressrelease Summaries from Islamic Arab Insurance Company

The Islamic Arab Insurance Company – SALAMA held a board meeting on Thursday, December 19, 2024, at 3:00 PM. Six members attended, achieving an 86% quorum. The board approved the minutes from the meeting held on November 14, 2024, and discussed and approved other administrative matters. The meeting results were authorized by Khaled Barakat, the General Counsel, with the company's stamp and signature dated December 19, 2024.
Islamic Arab Insurance Company – SALAMA (PSC) has scheduled a board meeting on Thursday, 19 December 2024, starting at 3:00 pm. The agenda includes discussing administrative matters and any other matters. The announcement is authorized by Khaled Barakat, the General Counsel, and includes the company's stamp and signature.
Islamic Arab Insurance Company (Salama), the UAE's largest Takaful solutions provider, reported a 64% increase in profitability for the first nine months of 2024, with net profits rising to AED 30.41 million compared to AED 18.56 million in the same period in 2023. Takaful revenue reached AED 802.83 million, and total assets increased to AED 3,669.82 million. The company noted an increase in other operating income, despite negative impacts from foreign currency adjustments due to the depreciation of the Egyptian Pound. Salama's Chairman, H.E. Fahad AlQassim, emphasized the company's commitment to delivering value and high standards of service. The company's strategies in underwriting, expense management, and digitalization have contributed to its improved performance. CEO Walter Jopp highlighted the strong third-quarter results and the company's focus on resolving legacy issues and improving customer experience. Jopp has stepped down for personal reasons but will assist in the transition. Salama remains focused on providing peace of mind to customers and achieving growth through strategic objectives, supported by its solid Takaful foundation and industry recognition.
The document is a review report and interim condensed consolidated financial statements (unaudited) for Islamic Arab Insurance Co. (Salama) PJSC and its subsidiaries, dated 30 September 2024.
On November 14, 2024, the Islamic Arab Insurance Co. (SALAMA) held a board meeting attended by six members via modern technology, achieving an 86% quorum. The meeting lasted from 3:00 pm to 4:00 pm. During the meeting, the board approved the minutes from the August 14, 2024 meeting, reviewed and approved the financial statements for the third quarter ending September 30, 2024, and discussed other regular business matters. The authorized signatory for the meeting was Khaled Barakat, the General Counsel and Board Secretary.
Islamic Arab Insurance Company – SALAMA (PSC) has scheduled a board meeting for Thursday, 14th November 2024, at 3:00 pm. The agenda includes reviewing and approving the minutes from the meeting on 14th August 2024, reviewing and approving the financial statements for the third quarter ending 30th September 2024, and addressing any other regular business matters. The announcement is authorized by Khalid Barakat, the General Counsel and Board Secretary.
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.

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News Update From Islamic Arab Insurance Company

Disclosure: Results of Board Decisions by Passing

The Board of Directors of Islamic Arab Insurance Company (SALAMA) has appointed Mr. Fareed Lutfi as a board member. This decision, approved by the Central Bank of the United Arab Emirates, recognizes Lutfi's significant contributions to the insurance and reinsurance sector in the UAE and the Arab region. The appointment is intended to leverage Lutfi's insurance expertise to support the Board's future strategy.

1. Attached Document

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News Update From Islamic Arab Insurance Company

Disclosure: Board Decisions by Passing

On November 6th, 2023, the Arab Islamic Insurance Company - Salama P.S.C. communicated to the Dubai Financial Markets that their Board of Directors will issue a resolution on November 9th to approve the appointment of Mr. Fareed Lutfi as a board member. This decision follows the approval of the Central Bank of the United Arab Emirates.

1. Attached Document

DFM News

DFM News

News Update From Islamic Arab Insurance Company

Disclosure: BOD meeting

The Islamic Arab Insurance Company, SALAMA (PSC), has announced a board meeting on Tuesday, 14th November 2023, at 3:00 pm. The agenda includes reviewing and approving the minutes of the previous board meeting held on 14th August 2023, reviewing and approving the financial statements for the third quarter ended 30th September 2023, and discussing other regular business matters. The announcement was signed by the General Counsel - Board Secretary, Khalid Barakat.

1. Attached Document

TomFlooz

TomFlooz

Commented on FinanceBroAEDs Transaction regarding Islamic Arab Insurance Company

Hey FinanceBroAED, Tom Cruise here. Interesting move on Islamic Arab Insurance. Keep an eye on market trends. Remember, 'Every passing minute is a chance to turn it all around'. Let's win!
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DFM News

News Update From Islamic Arab Insurance Company

Disclosure: Resignation of BOD member

1. Attached Document

QueenOfCommunication

QueenOfCommunication

Commented on Islamic Arab Insurance Companys

Looks like a great time to invest!
ConsumerNinja

ConsumerNinja

Commented on FinanceBroAEDs Transaction regarding Islamic Arab Insurance Company

Hey FinanceBroAED, interesting move with Islamic Arab Insurance! Diversifying into Financials, eh? Curious to see how this plays out. Keep us posted! #TradingMoves #FinanceWatch
DFM News

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News Update From Islamic Arab Insurance Company

Disclosure: Press release regarding financial results for the first half of 2023

1. Attached Document

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DFM News

News Update From Islamic Arab Insurance Company

Disclosure: Financial statements for the 2nd QTR of 2023

1. Attached Document

DFM News

DFM News

News Update From Islamic Arab Insurance Company

Disclosure: Results of BOD meeting

1. Attached Document

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