SALAMA reports successful Q1 2023 results with net profit of AED 8.04mln

SALAMA reports successful Q1 2023 results with net profit of AED 8.04mln

- Insurance Revenue increased 18% to reach AED 265 million as compared to same period last year.

- Total Assets stand at AED 3,556.61 million.

- Company poised for new growth phase with recent leadership appointments.

Dubai: Islamic Arab Insurance Company, listed as "SALAMA" on DFM, the UAE's largest Sharia’h Compliant Takaful solutions provider, reported profit of AED 8.04 million in its first quarter results (Q1) of 2023 today.

The company successfully implemented new IFRS 17 standards, which came into force on January 1, 2023. This significant milestone marks a crucial step towards enhancing transparency, consistency, and comparability in the financial reporting processes.

Building on the success of 2022, SALAMA continued its growth trajectory in the first quarter of 2023, delivering a solid performance in improving core business profitability with Insurance Revenue reaching AED 265 million, reflecting a 18% increase as compared to the same period last year. SALAMA has Total Assets of AED 3,556.61 million.

This announcement follows recent appointments within SALAMA’s leadership team as the Company prepares for the next phase in its successful growth trajectory, maintaining its position as a leader in the UAE Takaful industry for over 43 years. The Company has appointed business and finance leader H.E. Saeed Alhajeri as Chairman