By Soren Billing
Credit rating for Islamic insurance company suggests strong performance over next two years.
Islamic insurance company Salama is predicted to maintain strong performance with profits of up to $50 millio per year, according to a credit rating agency's latest report.
AM Best has affirmed Salama Islamic Arab Insurance Company’s Financial Strength Rating at A- (Excellent) and its Issuer Credit Rating (ICR) at a-.
“The outlook for both ratings remains stable,” the agency said on Sunday.
AM Best anticipates the company to maintain a good operating performance, with annual post-tax profit in the range of $40-50 million per annum over the next two years.
“The impressive ratings reflect Salama’s strong risk-adjusted capitalisation, supported by good operating performance and growing business portfolio,” it said.
Dr Saleh Malaikah, vice chairman and CEO of Salama, said: “The ratings further reinforces our growth strategy and will have a positive impact on our business in the changed investment milieu in the GCC."
He added: “The affirmation of our ratings is a reflection of the strength and quality of our Takaful and Re-Takaful products and services as we look to further expand our presence across the GCC and beyond.
"It is also a major impetus to the UAE government’s transparent policies in market regulation and efforts to promote economic growth and stability.”finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.