Takaful News - Dubai: Salama's 06 Profits Up by Two-thirds to over AED180 million
Source: Middle East Insurance Review | Mar 2007
Salama Islamic Arab Insurance Co has netted a 65% increase in profits in 2006 to AED181 million (US$49 million) and expects continuing buoyant performance.
Salama forecasts a substantial boom in the next five years in the global takaful and retakaful industry which is set to expand from US$1.7 billion now, to up to $10 billion.
Speaking in conjunction with the release of the company’s sterling results, Dr Saleh Malaikah, Salama’s Vice Chairman and CEO said: “We have invested during the past period in establishing new companies such as Saudi IAIC and adding family takaful activities (life insurance) in the UAE, Algeria, and the Senegal.”
He said: ‘We shall focus our efforts during the current year on the diversification of the list of services through launching systems for medical takaful and family takaful in all markets where we operate, to position ourselves to take advantage of the growing available opportunities in the global markets.
The Salama umbrella includes Tunisia-based Best Re which is the largest retakaful company in the Islamic world.