The General Assembly of Dubai-based Islamic insurer Salama has approved allowing shareholders’ funds to be invested via Shuaa Capital, and to offer investment products managed by the company.

Salama, which is chaired by Jassim Alseddiqi, who is also managing director of Shuaa Capital and sits on its board, said in a statement to Dubai Financial Market (DFM) that its general assembly, at which 52.7 percent of shares were represented, had approved two items on Monday.

The first was for Salama to invest the shareholders’ funds with Shuaa Capital through an investment mechanism, provided the company fulfils requirements of corporate governance for transactions with related parties and obtains necessary regulatory approvals for transactions exceeding five percent of the company capital.

The second was to ratify and authorise the company to offer investment products managed by Shuaa Capital PSC, its subsidiaries or affiliates, to the company policyholders to select whatever suits them.

Alseddiqi recently took a board seat at Dubai-listed Shuaa Capital and was appointed managing director, having previously served as its CEO. He was appointed chairman of Salama in 2019.

(Writing by Imogen Lillywhite; editing by Seban Scaria)