Islamic Arab Insurance Company (Salama), which trades on the Dubai Financial Market (DFM), has been going through a capital restructuring, which will result in the Takaful insurer raising to 175 million UAE dirhams ($48 million) through a Mandatory Convertible Sukuk issue following a capital reduction.
The drive is among the firm’s strategies to revive solvency through offsetting accumulated losses and cancellation of treasury shares.
On completion and ultimate approval of the Securities and Commodities Authority (SCA), Salama will then take MCS to a select group of strategic investors via a special purpose vehicle.
Salama, where S&P has a rating of BBB- with an emerging outlook, reported a net profit of AED 8.25 million in H1 2025.
