News
Salama Eyes Further UAE Growth
| May 11, 2010 by Rob Morris
Demand for Takaful prompts Islamic finance provider’s expansion drive.
Salama Islamic Arab Insurance has opened two new branches in the UAE as part of a “major” Middle East expansion drive, the company revealed on Tuesday.
The Islamic insurance provider said demand for Takaful products had prompted an increase in branches across the emirates from four to six.
Dr Saleh Malaikah, vice chairman and CEO of Salama, confirmed that a further two would be added before year-end.
“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,” he said. “We are also ramping up our presence significantly and will expand to eight branches by the end of 2010.”
The company is listed on the Dubai Financial Market with a paid-up capital of $300 million. It has BBB+ and A- ratings from Standard & Poor’s and AM Best respectively.
