Date: 12/08/2022
SALAMA reports H1 net profit of AED 19.20 million,
achieving market leadership in digital takaful solutions
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.
- 15.88% YOY improvement in General and Administrative expenses in H1
2022, thanks 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 12, 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 - PublicSALAMA'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
SALAMA - Publicdigital 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."
-Ends-
Press Contact
SALAMA ASDA’A BCW
Sadia Noori Dhanya Issac
Head of Marketing Associate Director
Tel: +971 4 407 9940 Tel: +971 4 450 7600
Email: sadia.noori@salama.ae Email: dhanya.issac@bcw-global.com
Notes to editor:
About SALAMA Islamic Arab Insurance Company
About SALAMA Islamic Arab Insurance Company:
SALAMA Islamic Arab Insurance Company is one of the world’s largest and longest-established Shari’ah
compliant Takaful solutions providers listed on the Dubai Financial Market, with paid-up capital of
Dh1.21bn. SALAMA has been a pioneer in the Takaful industry from its incorporation in 1979 to the present
day.
SALAMA’s stability and success can be attributed to its customer-centric approach, keeping clients and
partners at the heart of the business, and its commitment to its core values and principles. SALAMA
continues to design and develop solutions that meet the ever-changing demand of customers. Today,
SALAMA is recognized for providing the most competitive and diverse range of Takaful solutions in the
region.
SALAMA serves individual customers and institutions in the UAE and, through its extensive network of
subsidiaries and associates in Egypt and Algeria.
As the UAE’s leading Takaful company, SALAMA offers a comprehensive range of family, motor, general
and health Takaful solutions. Due to its reputation for high-quality products and services and
implementation of Takaful best practice, SALAMA won the “Family Takaful Company of the Year” at
Middle East Insurance Industry Awards 2015, “Best Family Takaful Operator ME” at Islamic Banking &
SALAMA - PublicFinance Awards 2016, “Best Takaful Operator” at Islamic Business and Finance Awards 2019, “Takaful
Company of the Year” at Middle East Insurance Industry Awards 2020, “Takaful Company of the Year -
UAE ” at Global Business Outlook Awards 2021, “Best Takaful Service Provider” at Global Economics
Awards 2021, “Decade of Excellence Takaful Provider - UAE” at Global Banking & Finance Awards 2021,
“Takaful Specialist of the Year” at The Mena Insurance Awards 2022, and the recent “Leading Innovative
Takaful Solution Provider” at Insuretek Middle East Insurance Industry Awards 2022.
SALAMA continues to be the preferred Takaful partner by its partners and customers, remaining
committed to ‘Securing our future – together.’
SALAMA - Public

Sentiment: positive