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Monday, 23 November 2009 21:53 UAE time

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GM of world's largest Islamic insurer quits

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 18 August 2008
TAKING OVER: Saleh Malaikah has assumed day-to-day running of Salama following Siddiq's resignation.
TAKING OVER: Saleh Malaikah has assumed day-to-day running of Salama following Siddiq's resignation.

The general manager of the world's biggest Islamic insurer, Islamic Arab Insurance Co, has quit without giving a reason for his resignation.

The Dubai-based company, known as Salama, said Parvaiz Siddiq has stepped down in a filing to the Dubai Financial Market on Monday.

CEO Saleh Malaikah will take over day-to-day management of the company, Salama said.

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Salama said on Sunday second-quarter profit rose 24 percent on higher income from underwriting and investments.

It said net income rose to 42.9 million dirhams ($11.7 million), or 0.040 dirham a share, from 34.5 million dirhams, or 0.030 dirham, for the same period last year. Its share price on Sunday stood at 2.38 dirhams, a drop of 37 percent on the year so far.

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more » MIDDLE EAST MARKETS DATA

SALAMA.DFM

Last Price:

1.06

+0.04+3.92%

23 Nov 2009 09:58 GMT
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