Business

Islamic Arab Insurance Company (SALAMA), the UAEs biggest and oldest shariah-compliant Takaful solutions provider, today announced a payment of excess (cash returns) of AED11.5 million to qualified group credit life policyholders for the policy year 2019, giving a good half-year of sufficient growth.

Surplus sharing is a unique advantage of the Takaful concept of insurance concerning conventional insurance, which not only protects policyholders against unexpected circumstances but also tempers them for a share in the produced excess of the fund without any property in capital if the claim remains below a certain level.

Parvaiz Siddiq, SALAMAs CEO, said: SALAMA is amongst the rare few Takaful businesses in the region that has been sharing a surplus to its personal and group account life policyholders for more than a decade, revealing the true spirit of Takaful.

Awarding our family of loyal policyholders a surplus has been a significant feature of SALAMA's Takaful offerings over conventional products, and a testament to our belief in Shariah compliant solutions. We value the confidence of our customers and partners in us and will continue to hold them at the heart of our business with a reliable approach, high measures of services and access to Takaful best practices.

SALAMA recorded a growth of 6.9% in gross written contribution, from AED 650m in H1 2019 to AED 695m in H1 2020. SALAMAs net profit increased to AED 47.05m in H1 2020 from AED 33.33m in H1 2019.

SALAMA stands as the largest shariah-compliant Takaful operator with AAA level capital adequacy as per S&P. SALAMA remains committed to serving partners and customers.

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