News Middle East03 Sep 2020

UAE:Islamic insurer gains nearly US$11m from sale of stake in Saudi takaful company

| 03 Sep 2020

Islamic Arab Insurance Company (Salama), the UAE's largest and oldest Shariah compliant Takaful solutions provider,has generated AED 39.45m ($10.74m) net profit from the sale of some of its stake in Salama Cooperative Insurance Company, a Saudi joint stock company.

On 31 August, the company sold 4.5m shares out of its total holdings of 7.5m shares in the Saudi company at a price of AED13.9 per share; hence, the sale will result in a cash inflow of SAR66m.

The issued capital of the Saudi takaful company is SAR250m, comprising 25m shares with a nominal value of SAR10 each.

The gain from the sale of the stake will be shown in Salama's financial results for the third quarter of 2020, according to the company's statement lodged with the Dubai Financial Market.

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