Islamic Arab Insurance Company ReBrands as "SALAMA"
New Corporate Identity Unveiled.
Islamic Arab Insurance Company, the world''s largest Takaful and Re-Takaful provider, today announced that it is re-branding its business as "Salama" Islamic Arab Insurance Company. The company which has a paid up capital of Dhs 1 billion, also unveiled its new corporate identity.
The intention of the re-branding is to create a strong platform for local, regional and international expansion and to strengthen its position as a leading provider of Islamic insurance and re-insurance products and services.
Sheikh Khaled Bin Zayed Al Neheyan, Chairman of "Salama" Islamic Arab Insurance Company said: "This is the first step in a strategic expansion of the company over the coming few months that will significantly add to our profitability. We will be launching a series of new products and moving into new markets, particularly in Asia and Europe."
The Board of Directors selected "Salama" Islamic Arab Insurance Company brand and corporate identity from four proposals by leading regional and international branding experts. The new brand was created by Lowe & Partners Middle East and North Africa "The company has ambitious plans to provide Shariah compliant insurance solutions to more people in more countries around the world," said Dr. Saleh Malaikah, the company''s Vice Chairman and Chief Executive Officer.
"In order to appeal to a wider audience and provide an immediate feeling of reassurance, we have adopted the company re-brand as "Salama" Islamic Arab Insurance Company. "Salama", which means "to keep safe" or "safety" in Arabic, connotes a strong sense of security and protection, which is extremely positive for an insurance company. "The basis of Islamic insurance is the community coming together to secure each other. This was the inspiration behind the new logo design. It depicts two swirls coming together in unison. On another level, it also depicts the community coming together to become stronger and secure each other.
"The baseline is ''Securing our future. together.'' which reinforces the concept of Takaful and provides assurance that the whole community is involved in "Salama" Islamic Arab Insurance Company and they''re coming together to help each other.
Importantly the name, logo and tag line are easy to comprehend anywhere in the world," added Dr. Malaikah.
An established Islamic insurance and reinsurance company, "Salama" Islamic Arab Insurance Company was recently listed on the Dubai Financial Market following an Initial Public Offering, which was many times over subscribed, which helped raise the company capital to One Billion Dirhams. "Salama" Islamic Arab Insurance Company has six Takaful companies and provides services in 70 countries through Tunisia headquartered BEST Re, the world''s biggest Islamic "Retakaful" company.
As part of its strategy for future growth, the company intends to invest Dhs 165M in developing its insurance products base in UAE; increase the capital of BEST Re US$55M to US$100M. It is expected that capital enhancement of BEST Re will help Standard & Poors (S& P) improve its BBB "Good" and A M Best''s B++ ''Very Good" ratings. The company plans to establish a Dhs 100M Re-Takaful company in Saudi Arabia and a Dhs 58M Takaful business in Malaysia.
Other plans include the incorporation, with a capital of Dhs 200M, of the Islamic Arab Insurance Company, Saudi Arabia, in which "Salama" Islamic Arab Insurance Company will have a major stake, and investment of Dhs 32M in Egypt to set up a family Takaful company. A further Dhs 20M has been allotted to family Takaful in the UAE and Dhs 11m to incorporate, SOSAR Life, a family Takaful provider in Senegal.
Sheikh Khaled said: ''The re-branding of the company reflects our commitment to ensuring that it not only remains, but also strengthens its position as, the world''s largest Takaful and Re-Takaful provider. This strategic move will assist us in enhancing our profile in both existing markets and those new markets we have identified as having significant growth potential.