Dubai: Islamic Arab Insurance Company (Salama), the UAE’s largest Takaful provider, has announced robust financial results for 2024, highlighting significant profitability improvements and balance sheet optimization.
Salama reported insurance revenue of AED 1.046 billion, with net profits rising 118% to AED 24.6 million, driven by strong underwriting discipline and operational efficiency. The company’s total assets stood at AED 3.306 billion as of December 31, 2024.
Salama has also resolved audit qualifications outstanding since 2019, strengthening its financial position and ensuring compliance with accounting standards.
H.E. Fahad AlQassim, Chairman of Salama, emphasized the company’s commitment to digital transformation, underwriting excellence, and Emiratisation.
He stated: "With the resolution of audit qualifications, our balance sheet is stronger, and we remain focused on delivering value for shareholders while protecting our expanding customer base."
Salama has advanced in market penetration, digitization, and customer-centric innovation, including launching a revamped website and a UAE National Development Programme aligned with Emiratisation targets set by the Central Bank of the UAE.
As a Participating Insurer since 2022, Salama provides affordable healthcare coverage through the Essential Benefit Plan, reinforcing its socially responsible role in the UAE’s insurance sector.
Salama has received industry recognition, including awards for Digital Insurance, Shariah-Compliant Financial Services, and Best Takaful Provider, reaffirming its position as a regional Takaful leader.
