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SALAMA marks 30 years of excellence

December 21, 2009 12:00 by Aarti Nagraj

SALAMA marks 30 years of excellence

 

Shari’a-compliant Islamic insurance company carves a niche with its innovative products and solutions customized for the region

 

 SALAMA-Islamic Arab Insurance Co. (PSC), one of the region’s leading Islamic insurance (Takaful) companies, is marking three decades of excellence in the region, reinforcing its market leadership with its range of solutions to cater to the insurance sector across the region and beyond.

 

The tremendous growth achieved by SALAMA reflects the wide range of innovative solutions on offer by the company and the potential for Takaful products in the region.

 

SALAMA’s growth has been accentuated by the encouraging demand for quality Takaful products across the region, driven by increase in per capita GDP, a youthful demography, increasing awareness, a greater desire for Shari’a-compliant offerings and increasing asset-based Shari’a-compliant financing.

 

Talking about the success of SALAMA, H.E. Shaikh Khaled Bin Zayed Al Nahyan – Chairman of SALAMA Group, said: “We are very proud of the growth and wide acceptance for SALAMA across the region and beyond. Home to the largest Muslim population in the world, Asia is a major force in the global Takaful market. What is impressive is the short period of time it took to stamp SALAMA’s mark in the industry, which talks highly of our quality of products. We will continue to reinforce our leadership in meeting the diverse needs of our clients through a defined vision, industry specialization and sustained results.”

 

Over the last three decades, SALAMA has a solid business profile in their traditional territories -- Far East, Africa, Middle East and Central Asia, which is further improving with geographical expansion, business growth and introduction of new life lines.

 

“We are making a major milestone in the history of SALAMA – a result of our prudent mix of product offering and geographical spread. Thanks to our unmatched service and insurance solutions, we are today the undisputed leader across the region and a veritable reference point in Takaful industry. In view of our unprecedented growth even in these very challenging economic times, we are aggressively looking forward to expand our presence across markets,” said Dr. Saleh J. Malaikah – Vice Chairman and CEO of SALAMA Group.

 

In his comments on the 30 years’ achievement, Rafiq Halani, General Manager – General & Health Takaful at SALAMA, said: “SALAMA’s achievements reflects the company’s legacy of principled leadership, operational excellence, strong financial results, and personalized customer service. We have provided a cornerstone for financial stability in the lives of thousands of families and businesses, safeguarding their investments and providing a quality of life and peace of mind.” SALAMA has already carved a niche for itself in the Islamic insurance sector – our BBB+ rating from Standard & Poor’s and A- from AM Best prove our credentials.”

 

Noel D’Mello, General Manager, SALAMA Family Takaful, said: “This is indeed an occasion for celebration within SALAMA, as well as within the Takaful fraternity. SALAMA, as the oldest Takaful Company, stands testimony to the feasibility of the Takaful concept, both from a Shareholder and a Policyholder’s perspective. With the clear vision from our Board of Directors and the untiring commitment from the Management team, SALAMA is poised to grow to even greater heights in the coming years. We take this opportunity to thank our Distributors and Policyholders for their trust and commitment in SALAMA.”

 

The company also won the Best Global Equity Fund award, Best Takaful Company award and the Best Takaful Marketing award in the past. It has a paid-up capital of US $300 million and is listed on the Dubai Financial Market.

 

- Ends –

 

About SALAMA Islamic Arab Insurance Company

SALAMA–Islamic Arab Insurance Company embarked from Dubai on its quest for expansion through acquisitions and participation in a number of Takaful and Re-Takaful companies in many Arab and Islamic countries. Today SALAMA is the largest Takaful and Re-Takaful Group in the world with a capital of USD 300 million (in excess of AED 1 billion). Its financial strength can be gauged by the “A-” rating that it received from AM Best and “BBB+” by S&P. Among the prominent subsidiaries of SALAMA, is the wholly owned Tunisia-based BEST Re, the largest global Re-Takaful company, serving customers in more than 70 countries.

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