The partnership, which marks APRIL International’s expansion into the Middle East, will see the group build on SALAMA’s decades of expertise to provide UAE citizens and expatriates with a seamless international health insurance experience.

December 12, 2022, Dubai, United Arab Emirates: Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest Shari’ah-compliant Takaful solutions provider, and APRIL Group, France’s leading wholesale broker, have announced a new partnership to bring innovative international health insurance solutions to UAE consumers.

With this partnership, which marks APRIL International’s expansion into the Middle East, the group will build on SALAMA’s decades of expertise to provide seamless international health insurance to UAE citizens and expatriates. The collaboration complements SALAMA’s digital offering and brings APRIL International’s tools, including the award-winning Easyclaim application, third-party payment services and 24/7 customer assistance platforms to the UAE market. Distributed by SALAMA with the support of APRIL International’s teams, these solutions will support SALAMA policyholders both in the UAE and during their stay abroad.

Fahim Al Shehhi, CEO of SALAMA said: “We are pleased to partner with APRIL International to offer more flexible and personalised international health insurance coverage to our clients. SALAMA is constantly striving to provide the most customer-centric digitalized takaful solutions in the region, and our collaboration with APRIL International is in line with our mission to provide access to reliable health insurance solutions anywhere in the world by partnering with global organisations that share our vision.”

Romain di Meglio, CEO of APRIL International Asia and Middle East said: “We are delighted to partner with SALAMA, the leading Takaful player in the region and a name synonymous with trust. Through this partnership, we aim to bring new, fully compliant international health insurance solutions to UAE consumers. The solutions developed with SALAMA rely on the full range of our recognised digital services direct billing access to one of the widest networks in the GCC and the full support from our medical experts.”

APRIL has created and currently leads insurance wholesale brokering in France with a network of over 15,000 partner brokers. The collaboration comes as part of SALAMA’s commitment to revolutionising Takaful solutions by further enhancing its offerings and meeting fast-evolving consumer preferences, providing even stronger international support for its customers with greater choice and accessibility.

Highlights:

• Q3 Gross Written Contributions up 48% year-on-year to AED 312 million, while for the 9-month period it reached AED 886 million.
• Strong performance of subsidiaries in Egypt and Algeria, which achieved profitability growth of 54% YOY.
• Q3 Net Profit grows 102% YoY to AED 5.9 million.
• 5.6% YoY decline in general, administrative, and other expenses in Q3 2022, resulting from the deployment of improved cost control measures.
• Leading in offering the largest number of digital takaful solutions to customers and partners, with progress to date and future efforts to accelerate digital capabilities and enable further business growth.
• Regaining solvency status and maintaining a good solvency ratio, indicating financial stability and a high ability to pay claims.
• Preparing for the proposed consolidation of insurance portfolios, which once completed will scale up SALAMA’s capabilities and place it among the top five Takaful insurers in the world. 
• The new board appointed in April 2019, is committed to safeguarding the interests of SALAMA and its shareholders and has worked relentlessly in this direction, which is rightly reflected in the recent decisions of the UAE courts in favour of SALAMA.

Dubai, November 14, 2022: Islamic Arab Insurance Company, listed as “SALAMA” on DFM, today announced its audited financial results for the period ended September 30, 2022. The Company reported net profit of AED 25.1 million for the 9-month period. SALAMA’s quarterly profit doubled year-on-year, rising 102% to AED 5.9 million.

SALAMA’s gross written contributions for the period ended September 30, 2022, reached AED 886 million amid a price-sensitive and competitive market environment. In the third quarter, GWC recorded significant year-on-year growth of 48% to AED 312 million. 

In the UAE, SALAMA remained profitable, while subsidiaries in Algeria and Egypt outperformed year-on-year, reporting profitability growth of 54%. General, administrative, and other expenses in the third quarter of 2022 declined by 5.6% compared to the same period last year, driven by improved cost control measures.

SALAMA’s solid digital transformation strategy, coupled with prudent underwriting, client portfolio diversification, new partnerships, and improved distribution channels, contributed to the year-to-date progress across its various product lines.

In the coming quarters, SALAMA will prepare for the planned consolidation and acquisition of Takaful Emarat and the insurance portfolios of AMAN. The proposed transaction will expand SALAMA’s capabilities, realize business synergies and improve business performance. The portfolio consolidation, which is expected to be completed in the second half of next year, will significantly strengthen SALAMA’s position, giving the Takaful company a larger market share and making it one of the five largest Islamic insurers in the world.

One of the main highlights of the third quarter was the restoration of SALAMA’s solvency status. This was the result of the insurer working closely with the UAE Central Bank and taking the necessary measures to be able to maintain a good solvency ratio – demonstrating the insurer’s financial stability and high ability to pay claims.

Commenting on the SALAMA’s quarterly performance, Jassim Alseddiqi, SALAMA’s Chairman said: “The Board is very pleased with SALAMA’s strong financial performance to date. The restoration of our solvency status was critical this quarter and we are grateful to the Central Bank of the UAE for its support and guidance over the past 12 months – which has been instrumental in bringing SALAMA to where we are today in terms of capital strength. We also look forward to scaling up as we prepare for the proposed acquisition of insurance portfolios. In addition, SALAMA’s ongoing commitment to digital transformation initiatives, combined with the Company’s penchant for innovation, has continued to contribute positively to revenue growth. All of these steps have collectively yielded great results overall in terms of improving SALAMA’s financial strength, unlocking growth opportunities and creating value in line with shareholder and policyholder expectations.”

Fahim Al Shehhi, CEO of SALAMA, said: “SALAMA’s performance in the third quarter is a true testament to how our direct-to-customer approach and aggressive customer acquisition strategy continues to pay off. Our efforts in the strategic pillars of digitalization, innovation and collaboration will accelerate and lead to enhanced customer experiences and omnichannel services, as well as our ongoing digital marketing efforts and campaigns for our large customer base. Our progress to date and our future aspirations reinforce our commitment to making Takaful and its benefits as seamless as possible for everyone.”

The Takaful insurer’s partnerships with banks, broker aggregators and e-commerce platforms have seen tremendous growth this year, establishing SALAMA as the preferred provider of digital Takaful solutions for underwriting and issuing policies online. The latest partnership is an agreement with the Abu Dhabi Department of Economic Development (ADDED) to offer SALAMA’s services on ADDED’s ‘Investor Journey’ portal, which allows entrepreneurs and investors to apply for a wide range of services, including business insurance. Other recent key partnerships include one with policybazaar to offer online insurance to owners of non-GCC-specification cars who have not had access to comprehensive auto insurance in the past, and another with insuretech provider Wellx to offer hyper-personalised takaful solutions to its customers via wearables technology that helps them cultivate wellness and safety behaviours. SALAMA continues to build new strategic partnerships with leading banks in the UAE to provide omnichannel takaful solutions to the banks’ customers.

SALAMA is also one of the first takaful providers to allow its customers to access its services and products via WhatsApp. With initiatives like these, SALAMA is expanding its direct-to-customer portfolio to include product lines such as enhanced medical, motor, home, and pet insurance, as well as the recently added Essential Benefit Plan, which enables instant policy issuance and generates a health card online.

SALAMA recently ran a 22-day social media campaign titled ‘Kind Beings of Dubai’ to share stories of extraordinary acts of kindness shown or experienced by UAE residents. Complementing the Dubai-wide initiative, SALAMA recently launched the Essential Benefit Plan – an offering licenced from DHA that is tailored to meet the needs of workers with dependents who earn less than AED 4000 per month.

SALAMA stands as UAE’s largest sharia’h compliant Takaful operator with AAA-rated capital adequacy rating from S&P and is one of the few insurers to meet the solvency requirements of the regulator.

UAE, 26 October 2022: Islamic Arab Insurance Company, listed as “SALAMA” on DFM, announced today that it has signed an agreement with the Abu Dhabi Department of Economic Development (ADDED) to provide its services on ‘Investor Journey’ portal. SALAMA will join leading UAE public and private institutions in this initiative, which enables entrepreneurs and investors to apply for a wide range of services, including business insurance, directly through the ADDED’s ‘Investor Journey’ portal.

Launched by ADDED in 2021, the ‘Investor Journey’ portal offers investors and entrepreneurs a fully digitized experience, while enhancing the ease of doing business and streamlining communication with government entities. SALAMA will integrate its services into this advanced ecosystem that powers new business ideas and startups.

Fahim Al Shehhi, CEO of SALAMA, said: “We look forward to a highly collaborative partnership with ADDED, as we renew our commitment to developing and promoting the entrepreneurial ecosystem. As the largest Takaful provider in the UAE, we are proud to increasingly become a preferred insurance partner for local brands and entrepreneurs, supporting small and medium enterprises with quality, tailored insurance packages that help improve business performance, create a competitive advantage, and accelerate scalable growth.”

ADDED has unveiled Phase 2 of ‘Investor Journey’, which features more services and business setup tools, at GITEX Technology Week 2022. The portal also comprises an informative simulator to guide investors through their journey to setting up a business. ‘Investor Journey ‘also provides business owners with the opportunity to apply for bank accounts, telecommunications services, business operational support, and more.

SALAMA stands as the largest sharia’h compliant Takaful operator with ‘AAA” level capital adequacy as per S&P. SALAMA remains committed to serving partners and customers while enhancing shareholder returns in 2021 and beyond.

• UAE residents shared approximately 600 kindness stories throughout the 22-day campaign.
• SALAMA awarded shortlisted participants with AED 1000 each day for the entire duration of the campaign.

Dubai, United Arab Emirates, 12 October 2022 : Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest Shari’ah-compliant Takaful solutions provider, has concluded its 22-day social media campaign titled ‘Kind Beings of Dubai.’

Running from September 19 until October 10, ‘Kind Beings of Dubai’ called on the emirates’ residents and visitors to share stories of extraordinary acts of kindness. The unique campaign received nearly 600 submissions, with SALAMA selecting the most transformative to win a AED 1000 voucher each day. Stories demonstrated how kindness can have a great impact on society, touching hearts and even saving and transforming lives.

Launched following the ‘Care is Easy’ campaign, which paved the way for a dialogue on the importance of kindness towards support staff, domestic workers and dependents, ‘Kind Beings of Dubai’ was launched to acknowledge and reward the notion of inclusivity that remains at the core of the emirate’s community spirit. Complementing the Dubai-wide initiative, SALAMA has recently launched the Essential Benefit Plan – A DHA-licensed offering tailored to meet the needs of employees with dependents who earn less than AED 4000 per month.

‘Kind Beings of Dubai’ has successfully generated one million plus impressions, and a 300,000% plus increase in Instagram account reach, leveraging the power of social media to promote positive behaviours for the wellbeing of communities across Dubai.

Commenting on the success of the campaign, Sadia Noori, Head of Marketing at SALAMA, said: “We are immensely proud to have successfully executed this campaign, which was inspired by acts of kindness hidden in our daily lives, especially in a city like Dubai. Our aim was to highlight kindness in everyday routines, encouraging individuals across the city to reflect on what it meant to them, and how they have experienced it here. At SALAMA, we wanted to reward the unsung heroes and celebrate them in hopes of motivating more people to do good, as we believe that “caring is easy” when you approach it with kindness.”

SALAMA has recently launched specialised WhatsApp service 800SALAMA and now offers end-to-end pet and medical insurance plans to customers through the platform. To learn more about the SALAMA ‘Kind Beings of Dubai’ campaign’s winning stories, click here.

07 September 2022, Dubai, United Arab Emirates: Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest Shari’ah-compliant Takaful solutions provider has tied up with Almadallah Healthcare Management FZ CO, one of the leading independent Third-Party Administrator (TPA) providers in the region.

Through this collaboration, SALAMA’s health takaful plan members will benefit from Almadallah’s efficient, cost-effective and digital-driven services when it comes to the choice of health plans, network, claims submission, processing and settlement, thus enhancing their overall client service experience.

The collaboration reflects SALAMA’s continued efforts to innovate and set higher benchmarks through combination of efforts including – pioneering first of it’s kind, unique products and solutions, exploring new market segments, forging strategic partnerships to strengthen the insurance ecosystem and strengthening distribution channels – all of which have opened up new growth opportunities for the Takaful provider.

Fahim Al Shehhi, CEO of SALAMA, said: “As medical rates and claims activity continue to rise, we expect to see an increase in health care costs. TPAs have proven to be a valuable asset to self-insurance programs, reducing costs without compromising the quality of health care. Our collaboration with Almadallah, an experienced player with an excellent track record, will enable us to continue providing exceptional services to our customers and policyholders, while reaffirming our commitment to set new benchmarks for the health insurance industry in the UAE.”

Dr. Asma Alsharif, Deputy CEO at Almadalla commented: “We are pleased to partner with SALAMA and add them to our network. This is an important step in advancing our and SALAMA’s ambitions to provide quality health insurance solutions to all members. This is a great value add to expand our offering and is in line with our commitment to improve health insurance solutions and achieve our strategic vision.”

As part of its overall client enhancement strategy, SALAMA recently partnered with select UAE banks to deliver omnichannel Takaful solutions to bank customers. The company has also partnered with insuretech providers to offer hyper-personalised takaful solutions to customers via wearables technology.

Highlights:

• Records net profit of AED 19.20 million in H1 2022 – driven by strong operational efficiencies, product innovation and digital transformation initiatives.
• Net profit for H1 2022 compared to same period last year was adversely impacted by lower investment income.
• Robust business performance with Gross written contribution of AED 574 million.
• Achieves market leadership in offering largest number of digital takaful solutions to customers and partners, well poised to benefit from this growth opportunity in the second half of 2022.
• Strong performance by subsidiaries in Egypt and Algeria, which achieved profitability growth of 64% YOY.
• hanks to the deployment of strict cost control measures.

• Optimistic on delivering sustained, profitable growth for remaining part of 2022 with focused execution towards partnerships, product innovation and hyper-personalised digital solutions.

Dubai, August 15, 2022: Islamic Arab Insurance Company, listed as “SALAMA” on DFM, today announced its audited financial results for the period ending June 30, 2022. The Company reported a net profit of AED 19.20 million in the first half of the year.

SALAMA remained on track to achieve its operational objectives in H1 2022, led by the continued development of its digital capabilities, bolstering other aspects of the business – including prudent underwriting, client portfolio diversification, new partnerships, and improved distribution channels – providing seamless access to SALAMA’s offerings across varied consumer segments.

In the UAE, SALAMA remained profitable, while its subsidiaries in Algeria and Egypt exceeded performance compared to the same period last year, reporting profitability growth of 64%. General and administrative expenses in H1 2022 improved by 15.88% compared to the same period last year.

SALAMA’s gross written contributions reached AED 574 million in the first half of the year in a price-sensitive and competitive market environment.

The first half also saw SALAMA establishing new strategic tie-ups with banks in the UAE to provide omnichannel Takaful solutions to bank customers. In addition, SALAMA partnered with insuretech providers such as Wellx, to provide hyper-personalised takaful solutions to their customers via wearables technology. In doing so, SALAMA goes above and beyond offering hyper customised Takaful solutions that will positively impact consumers and help them cultivate wellness and safety behaviours.

As part of its strategy to cater to a diverse customer base and reach untapped market segments, SALAMA partnered with policybazaar to offer online insurance for non-GCC specification cars. Through this partnership, SALAMA is providing seamless and fast online insurance for owners of non-GCC-specification cars who have not had access to comprehensive auto insurance in the past.

As more partners, including banks, broker aggregators and e-commerce platforms, choose SALAMA as their preferred digital takaful solutions provider for end-to-end policies onboarding and issuance, the number of retail and e-commerce policies issued by SALAMA online has also multiplied.

The Takaful insurer has also been busy expanding its direct-to-customer portfolio with product lines such as enhanced medical, motor, home, pet insurance and recently added essential benefit plan that allows instant issuance of policy and generates health card online.  In 2022, SALAMA launched a WhatsApp channel for customers to access its services and products and is now one of the first providers to offer end-to-end pet insurance through Whatsapp. Users can now fill out their application, make the payment and get the insurance policy documents issued – all through Whatsapp.

Commenting on the first half yearly performance, Jassim Alseddiqi, SALAMA’s Chairman said: “The first six months of the year have been pivotal for SALAMA, as we have made visible progress in bringing innovative takaful solutions to more segments of the population – all thanks to our well-executed digital-led business transformation initiatives. Having achieved so much in the first half of the year, we are optimistic about the progress we can make for the rest of the year. This is underlined by our strong commitment to value creation in line with shareholder and policyholder expectations.”

Fahim Al Shehhi, CEO of SALAMA, said: ” SALAMA’s robust performance in the first half of the year is a testament to the progress we have made in our key strategic pillars that include digitalization, innovation and collaboration. With our all-encompassing digital capabilities, we are well positioned to grow and expand, led by an aggressive customer acquisition strategy. Growing our life and non-motor businesses is also a focus for us. We are confident about our prospects for the second half of the year and reaffirm our commitment to making Takaful and its benefits as seamless as possible for everyone.”

The customized, high-quality, digital and comprehensive Takaful health solution is exclusively available for Bayzat SME clients

July 5, 2022, Dubai, United Arab Emirates: Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest Shari’ah-compliant Takaful solutions provider, and Bayzat, a UAE-based company offering an all-in-one human resource (HR), payroll and employee benefits platform, have announced their collaboration to provide exclusive health takaful solutions to small and medium enterprises (SMEs) in the UAE.

This decision to introduce the offering follows comprehensive market analysis by Bayzat and SALAMA to identify and address the key pain points SMEs face with traditional Takaful solutions. Key among these is the need to remove the friction that these organizations’ lean HR teams typically encounter with the insurance process, from quoting all the way through to policy activation with customer centric integrations with NAS as the TPA. Moreover, by leveraging Bayzat’s unique analytics, they are able to provide each SME with a fair pricing structure that is unique to their organization, and more competitive than those available in the open market. 

Under the partnership agreement, a unique Group Takaful Health solution will be launched exclusively for Bayzat’s SME clients to provide comprehensive health insurance coverage for their employees. 

Fahim Al Shehhi, CEO of SALAMA, said: “We are pleased to partner with Bayzat to provide a unique solution that aligns with our core mission of extending the benefits of Takaful to all. Given the progress we have made in our digital transformation and the fact that Bayzat offers a great digital platform for work life balance, I am confident that this partnership can generate significant synergies that will greatly benefit the SME sector and the burgeoning startup ecosystem. The customized, high-quality, digital and comprehensive health insurance coverage will enable small businesses to take care of their employees’ health needs and, as a byproduct, promote socio-economic growth in the UAE.”

“The introduction of this insurance product is a logical step towards our goal of ensuring Bayzat can serve as the single, all-encompassing platform for our customers’ HR, payroll, performance management and employee benefits needs. It is specifically tailored to the unique needs of businesses with between 15 to 150 members. It not only offers them more competitive pricing, but also unlocks the ability for their employees to self-serve their insurance needs using the Bayzat app thereby reducing the workload on HR teams, and enhancing the employee experience,” commented Talal Bayaa, Co-founder and CEO at Bayzat.

“As one of the region’s most respected and well-recognized insurance providers, we are proud to partner with SALAMA in bringing this game-changing product to the market,” Bayaa added.

The policy will be underwritten by SALAMA, administered by NAS and reinsured by SwissRe – bringing together the expertise of leading players in the insurance sector.

The country’s largest Shari’ah-compliant Takaful solution provider offers Wellx health insurance plans that allow its customers to get a portion of their contribution back if they meet their health and wellness goals.

• Customers also gain access to Wellx’s ecosystem, which includes a wide range of fitness & wellness brands in the region

22 June 2022, Dubai, United Arab Emirates

Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest Shari’ah compliant Takaful solutions provider, and Wellx, the region’s first-of-its-kind wellness-centric health insurance platform, have partnered to further expand their offerings by introducing wellness-led insurance plans for individuals & corporates in the UAE. The insurance plans offered by Wellx aim to create happier, healthier and more resilient communities in line with the UAE’s National Wellbeing Strategy 2031.

Wellx is the region’s first & only insurance platform that incentivizes people for staying fit & healthy. The partnership with SALAMA offers a similar proposition, rewarding positive and healthy behaviors of customers throughout the year and when specific goals are met. Incentives come in many forms, including instant cashback, reduced insurance contribution, shopping vouchers, complimentary dining, and more. Customers can avail rewards from partners who are part of the Wellx ecosystem as they move forward in their wellness journey.

“We are pleased to partner with Wellx, a truly unique digital-first insurance platform, to expand their offerings to include high-quality, wellness-focused insurance plans that reward and encourage consumers’ healthy behaviors and achievement of their health and wellness goals. This partnership is significant for us as we are on a mission to fully digitize our offering so our customers can access health insurance policies and a healthy self with just a few clicks,” says Fahim Al Shehhi, CEO of SALAMA.

SALAMA X Wellx plans offer consumers maximum ease and accessibility in setting their goals. It can be as simple as taking a short walk each day, exercising, meditating at home or in the office, or simply getting a night of restful sleep to earn two months of cash back on your insurance contribution.

“This couldn’t have come at a better time as we are moving towards creating meaningful partnerships that encourage people to lead a fit and healthy lifestyle, thereby reducing annual insurance contributions. This move will give us access to larger pool of customers who are concerned about their health as well as those who are getting started on their wellbeing journey through SALAMA’s wide network not just in the country, but also in the region”, added Wellx founders Javed Akberali and Vaibhav Kashyap.

How to get rewarded?

Wellx has associated with other like-minded platforms and individuals that can help analyze your sleep patterns, monitor your calorie intake, and track your physical activities. Some of their partners include the likes of WHOOP, Steppi, Coach Hamdan, and Countd. All you need is a smartphone and an internet connection to earn rewards.

SALAMA customers who purchase one of the Wellx insurance plans also gain direct access to the Wellx ecosystem of physical, mental and financial wellness partners.

Sign up now and begin your wellness journey with Salama today!

Highlights:

• Net profit in Q1 reached 15.10 million.
• Gross written contributions reached AED 305 million despite difficult market conditions.
• Strong performance by subsidiaries in Egypt and Algeria achieving YOY growth of 150% in profitability.
• AGM approved the distribution of a cash dividend of 2 fils/share for the period ending December 31, 2021.
• Effective cost control measures resulting in 6% savings under G&A expenses compared to the same period last year.
• Working capital increased by 14% since December 31, 2021.
• Customer portfolio doubled in Q1, as a result of aggressive retail-focused acquisition strategy.
• Outlook: Targeting business expansion in 2022 through continued investment in product innovation and digital transformation initiatives such as enhanced omnichannel experience, customer-centric solutions, and operational efficiencies.

Dubai, May 12, 2022: Islamic Arab Insurance Company, listed as “SALAMA” on DFM, today announced its audited financial results for the first quarter of 2022. SALAMA reported a net profit of AED 15.10 million in the first quarter of 2022.

In the first quarter, SALAMA continued to achieve its operational goals, particularly with regards to continuing advancement of its digital capabilities, strengthening underwriting controls, diversifying its client portfolio, and making new and digitally enhanced products/solutions accessible to varied segments of customers in the UAE. 

The company delivered a solid performance in improving core business profitability and investment income.

SALAMA has been able to maintain its profitability in the UAE despite the broader macroeconomic challenges. SALAMA’s subsidiaries, particularly in Algeria and Egypt, also performed better in Q1 2022 than in the previous year. Effective cost control measures enabled SALAMA to save 6% in general and administrative expenses compared to the same period last year. Working capital has also increased by 14% since December 31, 2021.

SALAMA’s gross written contributions reached AED 305 million in the first quarter, despite continued challenging market conditions in terms of pricing and competition.

SALAMA is making steady progress in its quest to lead the digital takaful space and become the preferred digital takaful partner in the UAE. SALAMA now offers one of the largest range of products online, and has been particularly successful in expanding its direct-to-customer portfolio with product lines such as medical, motor, home content and pet insurance. The number of policies issued online has increased multifold in the retail and e-commerce spaces as more and more partners such as banks, brokers aggregators and e-commerce platforms prefer seamless and fast integration with SALAMA for end-to-end policy issuance. 

SALAMA’s digital efforts and customer-centric solutions have enabled SALAMA and its partners to onboard customers online, issue policies online, and provide policy certificates and documents to customers within minutes. Customers appreciate the access and flexibility to get their policies from the comfort of their homes or offices in just few minutes. The digital transformation initiatives have made it possible for SALAMA to create this added value for customers, saving them time, hassle and money.

SALAMA doubled its customer portfolio in Q1 thanks to an aggressive retail-focused acquisition strategy. SALAMA’s motor & medical portfolio continued to transform in Q1 replacing loss-making accounts with a more robust retail strategy. This process of portfolio consolidation and diversification – led by stronger underwriting controls and continuous improvement of overall customer experience – has improved portfolio health and increased profitability with continued momentum in these business lines.

General lines of business, including device, travel, pet, personal accidents, and home content, saw solid growth on the back of digital enhancement efforts. In the coming quarters, SALAMA’s focus remains on enhancing its non-motor business lines digitally.

Commenting on the first quarter results, Jassim Alseddiqi, SALAMA’s Chairman said: “SALAMA continues to improve its business operations, with a laser focus on expanding digital capabilities and innovation, as well as products and services, – living up to its market-leading position as a progressive takaful provider in the UAE. As we focus on ensuring the resilience of our business operations, building a robust digital infrastructure and bringing new technologies to market, and as there are signs of stabilization in the market, we remain optimistic about achieving our strategic business objectives and creating value in line with shareholder and policyholder expectations in the coming quarters.”

Fahim Al Shehhi, CEO of SALAMA, said: ” SALAMA is experiencing a new wave of growth and the key pillars that remain critical to our growth are digitalization, innovation and collaboration. We are very pleased with the progress we have made in the first quarter, which will serve as our benchmark for the rest of the year. We are committed to maintain this momentum and there are no signs of slowing down when it comes to playing to our business strengths, which include our product innovation, our dynamic end-to-end digital capabilities, our strategic partnerships and, most importantly, our aggressive client acquisition strategy. We are focused on taking it to the next level to achieve deeper market penetration, particularly through the growth of our life and non-motor business, and ultimately paving the way to make the benefits of Takaful accessible to all in the most seamless way possible.”

The Annual General Meeting also approved the distribution of a cash dividend of 2 fils/share for the period ending December 31, 2021.

At the beginning of this year, SALAMA was granted the status of a participating insurer (PI) by DHA. This makes SALAMA one of the 16 insurance companies in the UAE that can offer the ‘Essential Benefits Plan’ (EBP), which was created to provide quality insurance coverage to all Dubai residents, especially for the segment of employees with a monthly income of AED 4,000 or less.

Abu Dhabi, Dubai, UAE; 21 April 2022: Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest Shari’ah compliant Takaful solutions provider, today announced a partnership agreement with the Abu Dhabi Residents Office (ADRO), highlighting its goal to provide a comprehensive range of quality health insurance services to Abu Dhabi Golden Visa Holders.

ADRO, a division of the Abu Dhabi Department of Economic Development (ADDED), was established to support the emirate’s thriving international community of residents. The office’s mission is to help new residents settle in Abu Dhabi and to support the integration and harmonisation of the international community with the local culture and society. The office also advocates for international residents and actively contributes to the creation of policies that improve the quality of life for all people in Abu Dhabi, now and in the future.

This partnership is part of the SALAMA Board of Directors’ commitment to support the Abu Dhabi government’s strategies and plans to provide world-class healthcare services to all residents of the emirate.

SALAMA has always designed and developed solutions to meet the changing needs of its customers. Today, this has earned the company a solid reputation for offering the most competitive and diverse Takaful solutions in the region. As the leading Takaful insurance company in the UAE, SALAMA offers a comprehensive range of family, general and health insurance solutions.

Hareb Al Mheiri, Acting Executive Director of the Abu Dhabi Residents Office said: “The Abu Dhabi Residents Office is delighted to partner with Salama to provide an excellent offer of health insurance services to our Golden Visa holders. This partnership comes in line with our continuous efforts to provide access to world-class quality support and services that contribute to the high standard of living that Abu Dhabi is renowned for. 

He added: “At the Abu Dhabi Residents Office, we are committed to collaborating with the best local and international organisations to offer programmes and services that strengthen Abu Dhabi’s position as a preferred destination to study, live, work and thrive.”

Commenting on the partnership, Fahim Al Shehhi, CEO of SALAMA, said: “SALAMA is proud to partner with ADRO to provide high-quality, and digital takaful healthcare solutions to the golden visa members of Abu Dhabi. This partnership is a great vote of confidence for us at SALAMA, especially as we fully digitised all our enhanced health Takaful products, and we are one step closer to our goal to fully digitize all our products by end of 2022 to ensure that takaful solutions are accessible and reachable to all consumers.” 

SALAMA stands as the largest sharia’h compliant Takaful operator with ‘AAA” capital adequacy rating as per S&P. SALAMA remains committed to serving partners and customers while enhancing shareholder returns in 2021 and beyond.