Finance & Capital Market

Salama chosen as Takaful Company of the Year

Islamic Arab Insurance Company, listed as ‘Salama’ on DFM, has been chosen as the Takaful Company of the Year at the 7th annual Middle East Insurance Industry Awards. 
 
The award, announced last night, recognises Salama’s market-leading product offering and the continuing high standards of service it provides to its customers. Furthermore, this is the second time Salama has received a Middle East Insurance Industry award.
 
Commenting on the award, CEO of Salama Parvaiz Siddiq, said: “In the midst of the challenges arising from the global pandemic, this win is testimony to Salama’s ongoing commitment to customers, whom we place at the heart of our business. We have been delivering innovative Takaful solutions for more than four decades and we remain focused on delivering personalised and digital-driven solutions in line with the evolving needs of the customers and partners. We’re proud to be leading the way in the Takaful industry and supporting our customers through every challenge to create a life they love.”
 
In its seventh year, the prestigious MIIA awards recognise and celebrate the accomplishments of companies and individuals in the insurance sector across the Mena region. This year’s awards drew over 200 entries across 16 categories in total. 
 
The finalists were  shortlisted by a panel of 23 judges– comprising  of CEOs, senior executives, association heads and industry experts – the winners were then selected by secret ballot. Independently audited, the MIIA awards clearly defines criteria and maintains transparency in the judging process. The awards aim to boost standards and promote greater professionalism in the market.
 
Siddiq added: “This award is testimony to our team’s hard work and dedication and reflects our board’s ongoing support and guidance. Thanks must also go to our customers and partners for continuing to place their trust in us.”
 
The win follows Salama’s recent Q3 2020 results which saw the company announce an increase in gross written premium of 7.5% year-on-year, despite the challenges of the Covid-19 pandemic. 
 
Its emphasis on customer-centric products and services also saw Salama achieve significant growth of 392% in net profit for the year to date, with first nine months of 2020 reporting AED137.06 million ($37.31 million) (YTD 2019: AED34.99 million). 
 
Salama’s strong financial performance means that it is one of few Takaful companies in the region able to pay cash returns both to eligible policyholders and to shareholders in the form of dividends.
 
Salama stands as the largest sharia’h compliant Takaful operator with ‘AAA’ level capital adequacy as per S&P. Salama remains committed to serving partners and customers while enhancing shareholder returns in 2020 and beyond. -- Tradearabia News Service