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Thursday, February 26, 2009

SALAMA Restructures Top Management

SALAMA-Islamic Arab Insurance, one of the region’s leading Islamic insurance (Takaful) companies has announced that it has made some key reorganization in its top level management. The reorganization is part of a major shake-up of the business as it registers increase in customer base and premium collection. The reform will offer intellectual advantage by focusing more on attracting new investors in the wake of the global economic crisis. It is also aimed at improving the management structure to enhance focus on its existing and potential customers. Mr. Rafiq Halani has been elevated as General Manager – General & Health Takaful while Mr. Noel D’Mello has been appointed as General Manager – Family Takaful.

“This change is part of SALAMA’s growth strategy of becoming a major player in the UAE market and its efforts to becoming a customer focused organization. SALAMA is the largest Takaful and Re-Takaful operator in the world. This would provide us with a bigger part of a market that’s still growing despite the shortfall of liquidity in the markets. Following the increase in awareness about the benefits of Shari’ah compliant insurance SALAMA UAE has recorded an increase of 74% growth in the premium revenue in 2008 (over 2007) while the Group’s overall revenues were increased by 42% during the same period. This revamp of leadership at SALAMA will mark a new chapter in growth and prosperity for the company. The new talent will bring fresh perspective into the boardroom”, says Dr. Saleh Malaikah, Vice Chairman & CEO of SALAMA.

On his new role, Mr. Noel D’Mello commented, “The Family Takaful products designed by SALAMA has received a good response in the UAE market in 2008 and we aim to be the preferred Takaful insurer for the residents of the UAE. I am fortunate to have a professional and enthusiastic team supporting me and in my new role I plan to take the business to greater heights. My sincere thanks go out to the excellent Distribution Partners who support us in distributing the Family Takaful products across the UAE and I look forward to supporting them even more in my new role”. Meanwhile Mr. Rafiq Halani on this occasion said “we are determined to achieve the strategic objective of SALAMA, i.e., making quality takaful solutions accessible and affordable to the people of the UAE. He further stated that , “Takaful is growing around in the Muslim world, especially the Middle East; our insurance schemes meet all the requirements of Shari’ah besides offering features and benefits of conventional insurance policies – this will ensure that our customers get the best of both worlds.”

The company was nominated for Best Takaful Operator and Best BancaTakaful Operator at the ‘Islamic Business & Finance Awards 2008 by CPI Financial. It has a paid-up capital of US $300 million and is listed at the Dubai Financial Market.

(Eye of Dubai)

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