Salama Islamic Arab Insurance has reported a 65% boost in net profits to US$51.8 million in 2006.
In line with Salama’s expansion drive, the company will commence operations in Saudi Arabia, expecting 40% of the company’s capital to be up for subscription in March. Salama’s chairman, Shaikh Khalid Bin Saqr Al Nahyan credits its success to: “(Our) success was not limited only to the launch of the first IPO, but we have also a 96% majority shareholding in the Takaful & Retakaful International Investment (TARIIC) of Bahrain, and the total equity of BEST Re, the largest re-Takaful company in the world.”
Salama has also added health Takaful to its Saudi Arabian and Algerian operations. It will also be offering family Takaful via a soon-to-be-launched company in Senegal. Salama also raised the capital of the Jordanian Islamic Insurance and increased its capital by 100% to JOD8 million (US$11.29 million).