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SALAMA to let GCC nationals trade Share - UAE

SALAMA Islamic Arab Insurance Company has become the first UAE insurance firm to allow GCC nationals to trade its shares.

The change, which came into effect on February 11, is in line with a UAE Cabinet decision to treat GCC nationals as locals in the country's stock markets.

"Being the first to ratify the GCC Summit decision to allow Gulf nationals to trade on any of the regions stock markets, the government has taken an important step towards the establishment of a common market. it will also ensure greater liquidity on the country's exchanges," said Sheikh khaled bin Zayed bin Saqr Al Nayan, Chairman, SALAMA Islamic Arab Insurance Company. "We have moved quickly to implement this change, SALAMA has a history of market leading initiatives and has once again taken the lead among insurance companies.

In January, SALAMA announced a provisional 2005 net profit of Dh 110 million, up from DH 3.599 million in 2004, in addition to an agreement with the reinsurance company MedNet Group to provide Shariah compliant health insurance in the UAE.

Emirates Today, UAE
14 February 2006

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