Salama Insurance to expand, grow in UAE

With operations in Saudi Arabia and Egypt, Salama is considered the largest Islamic insurance firm in the Middle East

  

Abu Dhabi: Islamic Arab Insurance Co. “Salama” is seen as having growth opportunities both within the UAE and abroad, Abu Dhabi Financial Group (ADFG) CEO Jassim Al Seddiqi said.

The ADFG, which is a major in investor in Salama with a stake of around 30%, will support the company’s growth and expansion strategy, the top official told AlArabiya news channel.

With operations in Saudi Arabia and Egypt, two of its largest markets, Salama is considered the largest Islamic insurance firm in the Middle East, Sidiqqi added.

He also revealed that the ADFG was planning to recommend new members to Salama’s board.

Salama last reported a 158.08% year-on-year growth in profits to AED 32 million in the first nine months of 2018 from AED 12.4 million.

By 10:33 am UAE time, Salama’s stock grew 1.74% to AED 0.64 on the Dubai Financial Market (DFM).

Source: Mubasher

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