Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest and oldest Shari'a compliant Takaful solutions provider, today announced a payment of surplus (cash returns) of AED11.5 million to eligible group credit life policyholders for the policy year 2019, demonstrating a good half year of profitable growth.
Surplus sharing is a unique benefit of the Takaful concept of insurance in comparison to conventional insurance, which not only protects policyholders against unforeseen circumstances but also qualifies them for a share in the achieved surplus of the fund without any investment in capital, if the claim remains below a certain level.
Parvaiz Siddiq, SALAMA’s CEO, said: “SALAMA is among the rare few Takaful companies in the region that has been distributing a surplus to its individual and group credit life policyholders for more than a decade, reflecting the true spirit of Takaful. Awarding our family of loyal policyholders a surplus has been a significant feature of SALAMA's Takaful offerings over conventional products, and a testament to our belief in Shari’ah compliant solutions. We value the trust of our customers and partners and will continue to hold them at the heart of our business with a responsible approach, high standards of services and access to Takaful best practices.”
SALAMA reported a growth of 6.9% in gross written contribution, from AED 650m in H1 2019 to AED 695m in H1 2020. SALAMA’s net profit increased to AED 47.05m in H1 2020 from AED 33.33m in H1 2019.
SALAMA stands as the largest sharia’h compliant Takaful operator with ‘AAA’ level capital adequacy as per S&P. SALAMA remains committed to serving partners and customers.
Source: Asda'a BCW