The Islamic Arab Insurance Company (Salama), the UAE's foremost Takaful solutions provider, announced on Thursday a net profit of Dh20.53 million, up from Dh12.26 million in the same period of 2023. Takaful revenue stood at Dh528.58 million, despite a challenging revenue environment, and total assets increased to Dh3.701 billion, maintaining a stable financial position. Other operating income surged to Dh20.68 million, marking a 277 percent increase from last year, although foreign currency adjustments were adversely affected by the depreciation of the Egyptian Pound.
Salama's first half performance coincides with the appointment of new Board members. Fahad AlQassim has been appointed as Chairman of the Board, bringing extensive experience in transformation and investment growth in the financial services sector. AlQassim has held key positions at ADQ, Emirates Capital, Waha Capital, and The Executive Council – Government of Dubai, among others. He currently serves on the Board of Aramex PJSC and as Chairman of Eshraq Investments PJSC. Fareed Lutfi has also joined as Vice Chairman, bringing over 40 years of industry experience and currently serving as Secretary General of the Emirates Insurance Federation and Gulf Insurance Federation.
Walter Jopp, CEO of Salama, expressed satisfaction with the company's progress, emphasizing underwriting discipline and customer support. He highlighted the positive outcomes of the customer-centric approach, including strategic partnerships and digitalization. With the new Board members and a strong leadership team, Jopp is confident in the company's growth strategy and its potential to lead the Takaful market in the region. Salama remains dedicated to advancing the UAE's position as a Shariah-compliant market leader, celebrating over 45 years in the industry.
Salama's financial results reflect its strategy to be a trusted, human-centric, and transparent Takaful provider, evident in its updated website. The recent opening of its new Abu Dhabi office and strategic management appointments further support Salama's goal of creating long-term value for partners and customers. The company continues to focus on providing peace of mind through its insurance solutions, backed by a robust Takaful foundation and strategic growth priorities. Salama has earned several industry awards, underscoring its commitment to customers and partners.
