"The Board's resolution is in response to the UAE policy to implement WTO provisions," said Sheikh Khaled bin Zayed bin Saqr Al Nahayan, SALAMA Chairman.
He added, "SALAMA has a history of market leading initiatives. We had moved quickly to open up the company's shareholding to GCC nationals. We were the first in the insurance sector to receive Ministry of Economy and Planning authorization to allow GCC nationals to own our shares and we expect this time around to be the first to receive authorization to allow foreign nationals to own up to 25% of our shares."
SALAMA share is one of the actively traded shares on the Dubai Stock Exchange. At the end of the first quarter 2006, the company announced an interim profit of AED 70.6 million. The company's assets by the end of March 2006 stood at AED 1.34 billion.
SALAMA, the world's largest Takaful and Re-Takaful firm, expects global demand for Takaful and Re-Takaful products and services to grow significantly over the next five years. Market value is forecast to increase from US$ 1.7 billion to US$ 7.5 billion and US$ 10 billion.
As part of its strategy for future growth, SALAMA has invested in developing its insurance products base in the UAE. At the same time SALAMA has raised its controlling shareholding in Takaful & Re-Takaful International Investment Co. (TARIIC) to 90.81% which, in turn, owns a controlling shareholding in a number of Takaful and Re-Takaful companies among which is BEST Re -the world's largest Islamic re-insurance company.
BEST Re is rated by Standard & Poor's (S&P) BBB (Good) which means that the company has good financial security characteristics. BEST Re has increase its capital from US$ 55 million to US$ 100 and this increase is expected to help the company improve its S&P rating.
SALAMA was listed on the Dubai Financial Market following an IPO offering which helped raise the capital to AED 1 billion.
SALAMA has subsidiaries offering Takaful products in Egypt, Lebanon, Tunisia, Algeria, Senegal and Malaysia. It also provides Re-Takaful services in 70 countries through Tunisia headquartered BEST RE, the world's biggest Re-Takaful company.
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SALAMA to open up shareholding to foreign investors
- United Arab Emirates: Sunday, July 16 - 2006 at 16:16
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In line with UAE policy to open up its economy to foreign investors, SALAMA Islamic Arab Insurance Company's board of directors has resolved to recommend to the shareholders Extra-Ordinary General Assembly to open up shareholding to foreign nationals for up to 25% of the company's issued shares.
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Posted by Janeta Novakovic, Assistant News EditorSunday, July 16 - 2006 at 16:16 UAE local time (GMT+4)
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This article was updated on Sat Aug 19 2006.
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About SALAMA Islamic Arab Insurance Company
SALAMA Islamic Arab Insurance Company is a leading provider of Shari'ah compliant insurance solutions (Takaful) around the world. Right from our incorporation in 1979 in Dubai we have been pioneers in the Takaful industry to our present day distinction as the world's largest Takaful and Re-Takaful company, through out the success we have experienced we have remained true to our values and principles.
Our vision is to provide Shari'ah compliant Takaful solutions of the highest standard to customers around the world. Therefore our every endeavour over the last 27 years has given us the solid reputation of providing the most competitive and diverse portfolio of Takaful solutions.
Our stability and success can be attributed to our strategy of focusing on core business areas. SALAMA has a paid-up capital of AED 1.1 billion (US$ 300 million) and is listed in the Dubai Financial Market. Best Re, our Tunis-based operation, is the world's largest Re-Takaful company operating in more than 60 countries and has been rated "BBB" by Standard & Poor's and "B++" by A.M. Best.
We serve both individual and institutional customers through our extensive global network. At present, we have 6 direct Takaful companies who provide solutions to customers in the UAE, Saudi Arabia, Egypt, Senegal, Algeria and Jordan. We plan to expand our geographical reach in the near future to cover all the GCC states, South East Asia and eventually Europe, in order to offer innovative Shari'ah compliant solutions.
At SALAMA, we currently offer you reliable financial protection through our Property, Casualty, Medical and Health Takaful solutions. To cater to your growing needs, we will soon be unveiling a new range of Life Takaful solutions.
SALAMA Islamic Arab Insurance Company is a leading provider of Shari'ah compliant insurance solutions (Takaful) around the world. Right from our incorporation in 1979 in Dubai we have been pioneers in the Takaful industry to our present day distinction as the world's largest Takaful and Re-Takaful company, through out the success we have experienced we have remained true to our values and principles.
Our vision is to provide Shari'ah compliant Takaful solutions of the highest standard to customers around the world. Therefore our every endeavour over the last 27 years has given us the solid reputation of providing the most competitive and diverse portfolio of Takaful solutions.
Our stability and success can be attributed to our strategy of focusing on core business areas. SALAMA has a paid-up capital of AED 1.1 billion (US$ 300 million) and is listed in the Dubai Financial Market. Best Re, our Tunis-based operation, is the world's largest Re-Takaful company operating in more than 60 countries and has been rated "BBB" by Standard & Poor's and "B++" by A.M. Best.
We serve both individual and institutional customers through our extensive global network. At present, we have 6 direct Takaful companies who provide solutions to customers in the UAE, Saudi Arabia, Egypt, Senegal, Algeria and Jordan. We plan to expand our geographical reach in the near future to cover all the GCC states, South East Asia and eventually Europe, in order to offer innovative Shari'ah compliant solutions.
At SALAMA, we currently offer you reliable financial protection through our Property, Casualty, Medical and Health Takaful solutions. To cater to your growing needs, we will soon be unveiling a new range of Life Takaful solutions.
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