Islamic Arab Insurance Co. - SALAMA Islamic Arab Insurance Company

Dec 31, 2016 - competitive and volatile, like last year the motor insurance business faced many challenges ... for the motor business, SALAMA will continue to nurture other business. Head Office ...... Group's operations, this standard is expected to have a limited pervasive impact on the Group's consolidated financial ...
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Islamic Arab Insurance Co. (Salama) and its subsidiaries Directors’ report and consolidated financial statements for the year ended 31 December 2016

Islamic Arab Insurance Co. (Salama) and its subsidiaries Directors’ report and consolidated financial statements for the year ended 31 December 2016

Contents Directors’ report Independent auditors' report

Page 1-3 4 - 10

Consolidated statement of profit or loss

11

Consolidated statement of profit or loss and other comprehensive income

12

Consolidated statement of financial position

13

Consolidated statement of cash flows

14

Consolidated statement of changes in equity

15 - 16

Notes

17 - 76

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Registration No (17) under Federal Law No (6) of 2007

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We present 37 th Annual Report together with the audited consolidated financial statements for the year ended 31 December 2016. We are proud to announce that during the year 2016 SALAMA has won "Best Family Takaful Operator - ME" Award at Islamic Business & Finance Awards, which was announced at the award ceremony, attended by over 200 Islamic bankers and financiers from around the world. This award is a testimony to SALAMA's strong foundation and values on which the Family Takaful Business is built, always keeping customers at the heart of the business. Last year we have received "Family Takaful Company of the year" Award from MIlA (Middle East Insurance Awards). SALAMA apart from operations in UAE, do have many sustainable operations conducting Islamic insurance in their respective regions. In the year 2016 our operations across the region have recorded tremendous growth in their net profits, it rose to AED 57 MN from AED 22 MN last year. However, this is despite the fact that during the year our operations in Egypt and Algeria have suffered huge foreign currency setback against US Dollar. The consolidated net loss during the year 2016 is due to discontinued operations of BEST RE and losses in Motor portfolio in UAE. Motor portfolio in UAE by its very nature is highly competitive and volatile, like last year the motor insurance business faced many challenges leading to losses for many operators in the market.

1 Claim s Department

Head Office Dubal - Spectrum Building

Dubal

QUSill':; 4, Oama