Islamic Arab Insurance Company (“Salama”),the UAE’s largest and oldest takaful provider, announced its audited financial results for the year ended 31 December 2019, reporting a net profit of AED 55 million.
Lebanon has a long history of economic and political instability. In the past, local insurers have been successful at navigating this challenging environment. However, recent civil unrest and a ballooning public debt have increased the level of economic uncertainty, which is negatively impacting the credit quality of Lebanon’s insurance market.
Islamic Arab Insurance Company, listed as “SALAMA” on DFM, and the UAE’s largest Shari’ah compliant Takaful insurer announced its preliminary unaudited and unreviewed financial results for the year ending 31 December 2019, reporting a net profit of AED 55 million compared to AED 2 million in 2018. The results are bolstered by SALAMA’s effective strategies and strong controls implemented by the new board of directors.