News Middle East12 Jan 2021

UAE:Salama appoints new CEO

| 12 Jan 2021

Islamic Arab Insurance Company (Salama), the UAE's largest Shariah-compliant insurer, has appointed Mr Fahim Al Shehhi as the company's new CEO with effect from 13 January 2021.

This decision came after Mr Parvaiz Siddiq resigned from his position of CEO, according to the company in a statement lodged with the Dubai Financial Market (DFM).

Mr Siddiq has occupied the CEO position in Salama for five years.

Salama posted net profits of AED55m ($15m) for 2019, 27.5 times that of the AED2m net profits reported for 2018. For the first nine months of 2020, the net profits attributable to the shareholders of Salama jumped to AED137.06m ($37.32m), up from AED 34.99m for the corresponding period in 2019.


 

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