Business | Banking
Salama Islamic reports Dh150m profit in 2007
Salama Islamic Arab Insurance Co. (IAIC) - the largest Islamic insurance (takaful and retakaful) operator in the world - on Monday reported a Dh150 million profit for 2007, a company statement said.
- Staff Report
- Published: 00:35 February 19, 2008
Dubai: Salama Islamic Arab Insurance Co. (IAIC) - the largest Islamic insurance (takaful and retakaful) operator in the world - on Monday reported a Dh150 million profit for 2007, a company statement said.
Salama also disclosed that its takaful premium revenues reached Dh930 million at the end of 2007 compared to Dh657 million at the end of 2006, an increase of Dh273 million and a 41 per cent increase over 2006 revenue.
Shaikh Khalid Bin Zayed Bin Saqr Al Nahyan, chairman of Salama, said, "Our company has presented a distinguished performance since its shares were listed for trade on the Dubai Stock Exchange one year ago. The remarkable success was not limited to the launch of the first IPO, but we have also attained an A-Rating from Ambest."
Expanding presence
"We have also fully acquired the total equity of Best Re, the largest re-takaful company in the world. These steps have contributed to expanding our geographic presence to include North Africa, especially Egypt, Algeria, Senegal and Tunisia, and last but not least Saudi Arabia where the IPO for Saudi Salama has been very successful and the company finally resumed its operations," Shaikh Khalid added.
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