Islamic Arab Insurance Company (Salama), the largest Takaful solutions provider in the UAE, recently reported a net profit of Dh20.53 million for the period, showing an increase from the previous year. Despite facing a challenging revenue environment, the company recorded Takaful revenue of Dh528.58 million and total assets of Dh3.701 billion. The financial position of the company remains stable with a modest increase in total assets, although foreign currency adjustments were negatively impacted due to the depreciation of the Egyptian Pound.
The strong performance in the first half of the year follows the appointment of new Board members, including Fahad AlQassim as Chairman of the Board of Directors. AlQassim brings extensive experience in transformation and investment growth within the financial services landscape, having held leadership positions with various organizations. The company also welcomed Fareed Lutfi as Vice Chairman of the Board of Directors, an experienced leader within the insurance industry who is actively involved in promoting correct insurance practices across the UAE and the wider region.
Walter Jopp, the Chief Executive Officer at Salama, expressed his satisfaction with the progress made in implementing the company’s strategy focused on delivering profitable growth. The positive outcomes achieved through a customer-centric approach, strategic partnerships, and digitization of solutions and services have contributed to the company’s performance. With the new Board members and a robust leadership team, Salama is confident in its ambitious growth strategy and aims to become the leading Takaful provider in the region, creating value for customers and shareholders.
Salama’s financial results reflect its significant market penetration and the company’s commitment to being a trusted, human-centric, and transparent Takaful provider. The recent opening of a new office in Abu Dhabi and strategic appointments within the management team have further strengthened Salama’s efforts to create long-term value for partners and customers. The company continues to focus on providing peace of mind to customers through its range of insurance solutions and remains resilient with a solid Takaful foundation, prioritizing growth through strategic objectives.
As Salama continues to build on its core objective of providing peace of mind to customers, the company remains committed to delivering world-class solutions. The recognition received through various industry awards showcases Salama’s dedication to customers and partners, positioning itself as a Shariah-compliant market leader for over 45 years. Through a customer-focused approach, strategic partnerships, and a commitment to excellence, Salama is set to maintain its momentum and achieve its growth objectives in the Takaful industry.
