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qquuaarrtteerr ooff 22002233,, ddeelliivveerriinngg aa ssoolliidd ppeerrffoorrmmaannccee iinn iimmpprroovviinngg ccoorree bbuussiinneessssprofitability 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 and seasoned insurance veteran, Walter Jopp as CEO, as part of its
strategy to advance SALAMA’s growth ambitions in the Takaful industry and
strengthen Emiratisation initiatives.
The Company continued to strengthen its balance sheet with the conversion of
accumulated losses to retained earnings of AED 2.66 million after the completion of
capital reduction in Q1 2023.
Commenting on the first quarter results, H.E. Saeed Alhajeri, SALAMA’s
Chairman said: “Throughout this quarter, we have continued to pursue our ambitious
strategy for growth. Our Q1 2023 results demonstrate our firm focus on profitability
while remaining committed to financial stability. Despite global economic
headwinds, we see tremendous opportunity for Sharia’h Compliant Insurance
Solutions and remain committed to delivering world class product offerings and
services for our ever-growing customer base and value to our stakeholders.”
H.E. Alhajeri continued, “As the UAE steadily delivers higher economic growth, we
continue to see increased momentum across sectors, and this is also reflected in
our solid performance. We anticipate that the strength and stability of UAE economy,
improving economic sentiment, continued infrastructure spending, new mandatory
cover and overall higher insurance demand in the UAE will boost our business
throughout 2023.”
SALAMA’s growth journey serves as a testament of its exceptional Takaful insurance
products to customers while upholding the highest standards of governance. The
Company continues to progress strategic initiatives including recruiting and
fostering Emirati talent acquisition across various managerial levels with ten new
recruits joining SALAMA recently. SALAMA will continue to keep customers at heart
and cater to varied segments of the market making access to Takaful section in all
categories easy.
The adoption of IFRS 17 brings about a comprehensive framework for insurance
contracts, ensuring that SALAMA’s financial statements accurately reflect the nature
and complexities of the insurance business. By adhering to this global standard,SALAMA remains better equipped to provide relevant and reliable information to
stakeholders, enabling them to make informed decisions. SALAMA remains
confident that the adoption of IFRS 17 will contribute to a more robust and
transparent financial reporting landscape, further solidifying its commitment to
maintaining the highest standards of accounting and disclosure practices.
SALAMA is the largest Sharia’h Compliant Takaful solutions provider in the UAE with
a “AAA” capital adequacy rating from S&P.

Sentiment: positive