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SALAMA unveils aggressive expansion plans in the region

Shari’a-compliant Takaful company now closer to customers’ needs; ramps up regional presence to 6 branches across the UAE.

May 12, 2010 3:02 by

Dubai, 2010: SALAMA-Islamic Arab Insurance Co. (PSC), one of the region’s leading Islamic insurance (Takaful) companies, is embarking on a major expansion drive in the region, and recently to open two new branches soon.

The new branches recently opened in line with SALAMA’s strategy to harness the immense potential for Takaful products and solutions across the region and beyond. With the new branches, SALAMA now has 6 branches in the Emirates.

The expansion 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 new branches, Dr. Saleh Malaikah – Vice Chairman and CEO of SALAMA Group, said: “We are extremely bullish with the response we have received so far from our customers in the region. The launch of these new branches is a major step towards accomplishing our vision to emerge as a dominant player in the regional Islamic insurance market. We are also ramping up our presence significantly and will expand to 8 branches by the end of 2010. We will continue to reinforce our leadership in meeting the diverse needs of our clients through a defined vision, Islamic insurance industry specialization and sustained results.”

The company already has a large and growing customer base in the Middle East and its expansion will pave the way for enhanced customer support services in the region and beyond. 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.

Rafiq Halani, General Manager – General & Health Takaful at SALAMA, said: “Middle East is always a key market for our business and has been the starting point of an expanded footprint across the globe. With this latest expansion, we see a push to our brand equity to a wider audience, build-up of greater scale and a wider choice of our products closer to our customers. This expansion strategy ties-in with our long-term commitment to our existing and prospective customers.”

He added: “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.”

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.

Issued by Landmark PR & Event Management.

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