Dubai, U.A.E. – 11 February 2026 – Islamic Arab Insurance Company (SALAMA) today announced its preliminary financial results for the full year ended 31 December 2025, reporting a net profit of AED 11.1 million.
On a normalised basis, excluding the 2024 exceptional foreign exchange gain of AED 20 million, the Company delivered underlying year-on-year profit growth of approximately 147%, reflecting the continued strengthening of its core underwriting performance and sustainable earnings.
Enhanced Underlying Earnings
The improvement reflects disciplined underwriting, tighter risk selection, portfolio optimisation across business lines, enhanced claims management, strengthened reserving practices, and sustained cost efficiency initiatives. Management reiterated that the 2024 foreign exchange gain was exceptional and non-recurring in nature, and that the 2025 results represent a structural strengthening of the Company’s core earnings base.
Capital and Solvency Position Strengthened
During 2025, SALAMA reinforced its capital framework through disciplined balance sheet management, reinsurance optimisation, and prudent investment allocation, alongside completing a capital reduction and initiating the issuance of a Mandatory Convertible Sukuk (MCS) for a maximum amount up to AED 155 million to enhance solvency and support sustainable growth.
The Board-approved transformation plan has further strengthened solvency buffers, enhanced governance oversight, and improved risk management across underwriting, reserving, and investment functions. The Company remains focused on sustainable growth supported by disciplined asset-liability management and prudent capital deployment.
Essa Ali Bin Salem Alzaabi, Chairman of SALAMA’s Board, commented:
“2025 marked a significant milestone in SALAMA’s transformation journey. We have strengthened our financial foundations, enhanced our capital resilience, and improved the quality and sustainability of earnings. These results reflect the Board’s continued commitment to disciplined execution, sound governance, prudent capital stewardship, and long-term shareholder value creation.”
Mohamed Ali Bouabane, Group Chief Executive Officer of SALAMA, added:
“Our 2025 performance demonstrates the structural strengthening of SALAMA’s core business. Underlying profitability increased by 147% year-on-year, driven by disciplined underwriting, portfolio optimisation, enhanced claims management, and capital reinforcement initiatives. Our priority remains building a high-quality, recurring earnings stream supported by a robust solvency framework. The progress achieved over the past year confirms that our transformation strategy is delivering sustainable improvement.”
The Company will release its audited financial statements in due course in accordance with Dubai Financial Market disclosure requirements.
DUBAI, UAE – 2 February 2026 – Islamic Arab Insurance Company (SALAMA) PJSC announced that its shareholders have approved, at the General Assembly Meeting held on 30 January 2026, the participation of strategic investors in the Company’s Mandatory Convertible Sukuk (MCS) issuance. The approval represents a key milestone in SALAMA’s ongoing recapitalisation and multi-year strategy to transform and grow the business into a national champion.
The resolution follows the shareholders’ circular issued on 19 September 2025 and the General Assembly Meeting held on 16 October 2025, which approved the broader capital restructuring framework underpinning SALAMA’s turnaround and long-term growth plan.
The approved strategic participants are:
The participation of these investors reflects a shared long-term commitment to supporting SALAMA’s ambition to establish a strong, well-capitalised, and nationally anchored insurance platform headquartered in Dubai, with a focus on sustainable growth, delivering customer and operational excellence, and strategic expansion.
Essa Ali Bin Salem Alzaabi, Chairman of SALAMA’s Board, commented:
“The participation of Eshraq Investments PJSC and Humana Holding Limited in SALAMA’s Mandatory Convertible Sukuk represents a significant vote of confidence in our strategy and future direction. These are long-term strategic investors who share our vision of building a
resilient and competitive insurance group, rooted in Dubai and serving the wider region. Their support strengthens our capital base and enables continued investment in talent, infrastructure, governance, and market presence to deliver sustainable value for all stakeholders.”
Mohamed Ali Bouabane, Group Chief Executive Officer of SALAMA, added:
“The Mandatory Convertible Sukuk is a cornerstone of SALAMA’s recapitalisation and strategic reset. The participation of high-quality, long-term investors underscores the credibility of our transformation agenda and our ability to attract patient capital aligned with our vision.
With a strengthened balance sheet, we are accelerating investments across our people, new technologies and digital platforms, brand, and distribution capabilities, while remaining disciplined and selective in pursuing future inorganic growth opportunities that enhance scale and profitability.”
Dubai, UAE – November 12, 2025 – Islamic Arab Insurance Company (SALAMA) today announced its financial results for the nine months ended 30 September 2025, highlighting continued balance-sheet strengthening, improved comprehensive income, and steady underlying profitability in line with its transformation and recapitalisation strategy.
SALAMA recorded a net profit of AED 11.1 million for the period, compared to AED 30.4 million in the same period last year. Last year’s result included a one-off foreign-exchange gain of AED 19.4 million, as disclosed in the company’s financial statements. Excluding this non-recurring item, the underlying net profit shows a stable year-on-year improvement, highlighting the resilience of SALAMA ’s core business amid continued portfolio optimisation and disciplined underwriting efforts.
The company’s other comprehensive income improved sharply to AED 16 million, compared to a loss of AED 33.8 million in the prior year, driven by stronger investment performance and enhanced operational efficiency.
Total liabilities declined to AED 2.83 billion from AED 2.97 billion, while shareholders’ equity rose to AED 302.2 million, up from AED 284 million at the end of 2024, reinforcing SALAMA’s solvency position ahead of its planned Mandatory Convertible Sukuk (MCS) capital raise of up to AED 175 million.
Takaful revenue stood at AED 768.7 million, compared to AED 802.8 million last year, in line with SALAMA’s strategy of prioritising quality and profitability over volume expansion.
Mr. Essa Ali Bin Salem Alzaabi, Chairman of SALAMA, commented:
“The first nine months’ results underscore SALAMA’s resilience and the success of our efforts to strengthen the company’s financial foundations. The improvement in comprehensive income and equity is an encouraging sign that our strategic transformation is gaining traction.”
Mr. Mohamed Ali Bouabane, Group Chief Executive Officer of SALAMA, added:
“Our underlying profitability has improved when excluding last year’s one-off foreign-exchange gain, reflecting the positive results of our disciplined underwriting, expense control and portfolio rebalancing. We remain focused on restoring consistent underwriting profits and optimising our operations to create long-term value for policyholders and shareholders. The upcoming MCS issuance is a key milestone that will enable us to complete our capital restoration and accelerate the next phase of growth.”
SALAMA remains committed to its vision of being the region’s most trusted Takaful provider combining financial strength, innovation and delivering superior claims service to serve the evolving needs of its customers and stakeholders.
]]>Dubai, UAE – October 23, 2025 – Islamic Arab Insurance Company (Salama) (DFM: “SALAMA”), has announced the appointment of Essa Ali Bin Salem Alzaabi as Chairman of the Board of Directors, marking a new chapter in the company’s transformation and growth journey.
Mr. Alzaabi brings more than two decades of leadership experience across the public and private sectors with a strong background in human capital development, entrepreneurship and institutional transformation. His appointment follows shareholder approval of Salama’s recapitalisation plan, aimed at enhancing solvency, strengthening regulatory capital and supporting sustainable long-term growth in line with the Central Bank of the UAE’s requirements.
Essa Ali Bin Salem Alzaabi, Chairman of Salama Board, said:
“Salama has a proud heritage as one of the UAE’s leading Takaful providers. As we look ahead, our priority is to sustain healthy underwriting performance, ensure efficient use of capital and uphold the highest service standards for our policyholders. I look forward to working closely with the Board and management to accelerate Salama’s strategic ambitions and reinforce its market leadership.”
Mohamed Ali Bouabane, Group CEO, added:
“Mr. Alzaabi’s proven track record in governance and transformation will further strengthen Salama’s foundations. Under his leadership, we will continue to focus on profitable growth, capital optimisation and operational excellence to deliver consistent value to our shareholders and customers. We thank H.E. Fahad AlQassim for his leadership and contribution to Salama’s progress.”
Mr. Alzaabi previously served as Senior Vice President at the Dubai Chamber of Commerce and Industry, where he launched the Dubai Startup Hub and has held senior roles at the Emirates Institute of Finance, Dubai World Trade Centre, and Tanmia.
]]>Dubai, UAE – October 17, 2025 – Islamic Arab Insurance Company (Salama) (DFM: “SALAMA”), one of the UAE’s leading Takaful providers, has announced that the Company’s shareholders have approved a capital reduction and subsequent capital increase as part of a comprehensive plan to restore solvency and reinforce its financial position in line with regulatory requirements of the Central Bank of the UAE.
At the General Assembly held on 16 October 2025, shareholders approved a capital reduction to offset accumulated losses and cancel treasury shares. Following completion and final approval by the Securities and Commodities Authority (SCA), Salama will proceed, through a special purpose vehicle, with the issuance of up to AED 175 million in Mandatory Convertible Sukuk (MCS) to a select group of strategic investors. The Sukuk will be mandatorily converted / exchanged into new shares under the approved terms.
This capital restructuring marks a critical milestone in Salama’s ongoing efforts to reinforce solvency, ensure full regulatory compliance and provide a stable foundation for future operations.
Mohamed Ali Bouabane, Group Chief Executive Officer of Salama, commented:
“The approval of our capital restructuring plan marks an important step toward strengthening Salama’s balance sheet and meeting all regulatory capital requirements. The continued support of our shareholders and strategic investors reflects strong confidence in the company’s fundamentals and long-term stability.
Looking ahead, our focus will remain on generating tangible value for shareholders by maintaining strong underwriting discipline, optimising our expense base, strategically deploying capital and delivering superior claims service ensuring Salama remains a simpler, leaner and more resilient organisation.”
The new capital will strengthen Salama’s solvency position and ensure compliance with capital requirements of the Central Bank of the UAE, while supporting its well-diversified portfolio across product lines and geographies providing stability and multiple avenues for sustainable growth.
Salama reported steady financial improvement in the first half of 2025, with total equity rising to AED 351.84 million, a 5.2% increase compared to the previous year. The Company also achieved a net profit of AED 8.25 million and Takaful revenue of AED 515.36 million as of 30 June 2025, demonstrating disciplined operations and improved financial performance.
S&P Global Ratings recently affirmed Salama’s long-term issuer credit and insurer financial strength rating at ‘BBB-’ with a Developing outlook, highlighting the Company’s improving fundamentals and progress toward a stronger capital position.
]]>Dubai, August 08, 2025 – Salama (DFM: “SALAMA”), a leading regional Takaful provider, today announced its interim consolidated financial results for the six-month period ended June 30, 2025. The Company reported a positive profit in the first six months of 2025 and continued strengthening of its balance sheet, driven by a significant rebound in profitability during the second quarter of 2025.
Net profit for the period stands at AED 8.25 million, demonstrating continued profitability and positive operational momentum, driven by AED 7.86 million profit in Q2 2025, a substantial increase from AED 2.95 million in Q2 2024. Takaful revenue was recorded at AED 515.36 million in the first six months of 2025, compared to AED 528.59 million in the same period in 2024.
Total Equity increased by 5.2 percent to AED 351.84 million as of June 30, 2025, from AED 334.38 million as of December 31, 2024, driven by profit generation and a reduction in accumulated losses to AED 440.68 million by June 30, 2025 from AED 443.86 million by the end of 2024. Bank balances and cash significantly improved to AED 214.44 million from AED 148.77 million at year-end 2024, reflecting robust cash management. Takaful service expenses saw a significant reduction, aligning with the Company’s commitment to operational efficiency.
Total comprehensive income further improved to AED 19.57 million, compared to a loss of AED 19.7 million in the same period in 2024, reflecting improving economic conditions in key markets and positive foreign currency adjustments at the subsidiary level.
H.E. Fahad AlQassim, Chairman of Salama, stated:
“Salama has demonstrated improved equity, enhanced liquidity and better solvency in the first six months of 2025, underscored by significant quarter-on-quarter increase in performance. As we continue to strengthen our balance sheet, we remain focused on our ongoing efforts in streamlining Salama’s next phase of growth. At Salama our initiatives are centred on building a more resilient foundation that enhances development of the economy, empowers our customers and delivers meaningful impact to society, aligning with the UAE’s progressive vision.”
Mohamed Ali Bouabane, Group Chief Executive Officer at Salama, said:
“We are pleased to report a strong performance in the second quarter of 2025 for Salama, which has significantly contributed to our overall profitability for the first half of the year. Our strategic focus on operational efficiency and prudent financial management is yielding positive results, underpinned by the substantial increase in our cash reserves and continue to strengthen of our equity base. We remain committed to delivering excellence in customer-centric products, innovating our Takaful offerings, and upholding our promise to policyholders and shareholders. The positive momentum positions us well for the remainder of the year as we continue to navigate the market with agility, disciplined underwriting, digital innovation, and strategic foresight to further solidify Salama’s position as a regional Takaful leader.”
As one of the world’s largest and longest-established Takaful providers, Salama is committed to increasing access to Shariah-compliant insurance solutions in the region to create enduring value for customers. Recently, the Company collaborated with Policybazaar.ae to increase life insurance penetration in the UAE over digital channels.
Salama’s long-term issuer credit and insurer financial strength rating was affirmed at ‘BBB-’ by S&P Global Ratings with a Developing outlook.
]]>This collaboration enables wider reach for Salama’s trusted Shariah-compliant life insurance offerings with Policybazaar.ae’s extensive digital footprint to accelerate awareness and adoption among UAE residents.
Dubai, UAE – 17 July 2025 – In a landmark move to increase life insurance penetration in the UAE, Salama (DFM: “SALAMA”), one of the world’s largest and longest-established Shariah-compliant Takaful solution providers, has partnered with Policybazaar.ae, a leading and regulated digital insurance broker in the UAE. This partnership is aimed at making Salama’s Life Takaful products more widely accessible through Policybazaar.ae’s highly engaged digital platform in full alignment with local regulatory requirements.
Rakesh Sudhakaran, Chief Commercial Officer, Salama stated:
“At Salama, we’ve always been at the forefront of Takaful innovation, committed to ethical and forward-thinking financial solutions that support the long-term wellbeing of families in the UAE. Our strategic partnership with Policybazaar.ae represents a pivotal move in expanding our reach to customers who value ethical, transparent, and purpose-driven protection. Together, we are reshaping the future of Life Takaful — making it more accessible, relevant, and impactful for communities across the emirates.”
Salama’s offerings are designed to meet a broad spectrum of financial objectives — from pure term protection to savings-linked plans — and are available on Policybazaar.ae.
Neeraj Gupta, CEO, Policybazaar.ae mentioned:
“At Policybazaar.ae, we’ve seen increasing awareness among UAE residents about the need to safeguard their families’ financial well-being. Life insurance should be an easy and transparent decision — not a complicated one. By bringing Salama’s exceptional Takaful solutions onto our platform, we’re empowering customers to make informed choices, anytime and anywhere. This partnership plays a vital role in closing the protection gap in the UAE.”
At the core of this partnership lies a unique portfolio of ethical and robust Life and Savings Takaful solutions, thoughtfully designed around a Return of Contribution feature. This ensures that customers’ contributions are protected and returned, empowering them to confidently pursue their long-term financial goals.
Atul Kathuria, Business Head – Life Insurance, Policybazaar.ae added:
“Salama’s Life Takaful products uniquely blend security and financial planning. With differentiators like return of premium and guaranteed principal protection, they offer unmatched value in today’s market. This partnership allows us to harness our digital capabilities to bring these solutions to a broader audience, helping more people make confident, well-informed insurance decisions.”
The partnership which went live earlier this month, is supported by educational content, dedicated product assistance, and a seamless customer experience.
Together, Salama and Policybazaar.ae are going beyond insurance — delivering trust, peace of mind, and lasting protection. This partnership underscores a shared commitment to financial inclusion, digital innovation, and empowering families across the UAE to build stronger, more secure futures.
]]>Dubai, May 15, 2025 – Regional insurer Salama (DFM: “SALAMA”), a leading regional Takaful provider, today announced its financial results for the first quarter ended March 31, 2025. The company reported AED 256.36 million in Takaful revenue, reflecting robust topline performance in a challenging environment.
While Q1 2025 net profit stood at AED 0.39 million compared to AED 17.6 million in Q1 2024, the prior year reflected a gain of AED 19.4 million which was an exceptional one-off item. Excluding this one-off gain, core performance remains resilient. Total comprehensive income improved to AED 4.07 million, compared to a loss of AED 23.1 million during the same period last year. This was driven by favourable foreign currency adjustments at each subsidiary level.
Salama’s total assets reached AED 3.164 billion, and the company’s equity position benefitted from the appreciation of both the Algerian Dinar as well as the Egyptian Pound, reflecting improving macroeconomic conditions in key markets.
H.E. Fahad AlQassim, Chairman of Salama, stated:
“Salama remains firmly committed to driving sustainable growth and delivering world-class, Shariah-compliant insurance solutions. Having resolved key legacy matters and strengthening our balance sheet, the first quarter of 2025 marks a period of strategic renewal. As we advance our transformation agenda, we remain focused on maximising long-term shareholder value, delighting our customers, empowering our people, and delivering meaningful societal impact.”
The positive momentum follows the Company’s reinvigorated strategic focus under the leadership of Group CEO Mohamed Ali Boubane, who brings renewed direction to Salama and its subsidiaries across Egypt, Algeria, and Bahrain.
Mohamed Ali Boubane, Group Chief Executive Officer at Salama, added:
“We are laying the groundwork for the next phase of Salama’s evolution—centred on disciplined underwriting, operational excellence, and digital innovation. All our efforts remain customer centric first and foremost as we look to deepen our market leadership. We are confident that with our talented team and strong regional footprint, we will create enduring value, unlock future growth opportunities, and further reinforce Salama’s position as a Takaful industry leader.”
Salama’s improving outlook was recently affirmed by S&P Global Ratings, which maintained the Company’s long-term issuer credit and insurer financial strength rating at ‘BBB-’ with a Developing outlook—reflecting Salama’s potential for sustainable progress as it strengthens its operating fundamentals.
]]>Move aligns with insurer’s next phase of growth and digital transformation
Dubai, April 7, 2025: Regional insurer Salama (DFM: “SALAMA”) has announced the appointment of Mohamed Ali Bouabane as Group Chief Executive Officer.
Previously CEO of AIG GCC & North Africa, Bouabane brings extensive experience in the insurance sector, positioning Salama for its next stage of expansion and digital innovation.
With a career spanning more than two decades across Canada, Dubai, and Hong Kong, Bouabane has led strategic transformations, strengthened market positioning, and driven operational excellence across multiple regions. His expertise in risk management, digital transformation, and market expansion will be instrumental in advancing Salama’s leadership in the Middle East and Africa.
“I am delighted to welcome Mohamed to Salama as Group CEO,” said His Excellency Fahad AlQassim, Chairman of Salama. “His deep industry knowledge and leadership track record make him the ideal choice to drive our continued success and strengthen our commitment to delivering exceptional value to our customers and shareholders.”
Expressing his enthusiasm for this new chapter, Bouabane said, “I am honoured to join Salama as Group CEO and lead a team dedicated to delivering innovative insurance solutions. I look forward to working with our talented professionals to drive growth, enhance customer experience, and reinforce Salama’s position as a market leader in the insurance industry.”
Bouabane’s appointment is effective immediately as Salama continues to solidify its position as a leading provider of Takaful insurance solutions.
]]>Dubai, March 27, 2025 – Islamic Arab Insurance Company (Salama), the UAE’s largest Takaful solutions provider, has announced its financial results for 2024, showcasing significant improvements in profitability while optimising its balance sheet. The company reported insurance revenue of AED 1.046 billion, with a notable improvement in net profits of AED 24.6 million, reflecting its commitment to underwriting discipline and operational efficiency.
Total assets for the year ended December 31, 2024, were recorded at AED 3.306 billion against AED 3.325 billion for the year 2023 (restated). With the support of the board, the company has taken action to eliminate the audit qualifications, which has been outstanding and reflected in Salama’s financial statements since 2019. By making provisions for impairment of the qualified assets within the prevailing accounting standards, the financial statements for the year 2024 are issued without audit qualifications.
H.E. Fahad AlQassim, Chairman of Salama, emphasised the company’s focus on resolving historical legacy issues, advancing digital transformation, and enhancing underwriting performance. He stated, “With the resolution of the audit qualifications, our balance sheet is stronger, and we remain resilient in driving value for our shareholders and protecting our expanding customer base.”
He added: “This has been a milestone year for Salama as we were recognised at various industry forums for our passion for innovation and thought leadership. Creating a strong leadership ethic, we continue to empower and nurture local talent aligning with the UAE’s strategic objectives. We persist with our mission to progress sustainably and protect our customers with world-class insurance solutions as the country advances into the future.”
Salama has made significant strides in market penetration, digitisation, and customer-centric innovation. The company’s revamped website and ongoing digital transformation reflect its commitment to transparency and accessibility. Additionally, Salama has introduced a UAE National Development Programme to nurture local talent in line with the Emiratisation targets set by the Central Bank of the UAE.
As a Participating Insurer since 2022, Salama provides affordable healthcare coverage through the Essential Benefit Plan for low-salary band workers in the UAE, further solidifying its role as a socially responsible Takaful provider.
Salama’s commitment to all stakeholders – regulators, customers, employees, industry bodies, partners, and the insurance community – remains stronger than ever, and the company is well positioned to deliver on its strategy to be a leading Takaful provider in the region. The company has been recognised by local and international organisations, and regulatory authorities for excellence in customer-focused products and services including the Emirates Labour Market awards in the Financial and Insurance activities category, Insurance Leader of the Year – Digital Insurance MENA, Leadership in Shariah Compliant Financial Services – Global Islamic Fintech Forum, Lifetime Achievement of the Year Award for CEO – Insuretek ME, Best Takaful Provider – MEA Finance Industry Awards, and Best Family Takaful Company – Global Takaful Awards.
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