Islamic Insurer seeks to write off accumulated loss
The Board of the Dubai Islamic Arab Insurance Company (Salama) recommended reducing the capital by 398 million dirhams ($108 million) to write off accumulated losses.
The share capital after the reduction will be US$ 790 million compared to US$1.21 billion, the company said in a statement to the Dubai financial market on Monday.
The recommendation will be presented at the upcoming general meeting of the company after approval by the Securities and Commodities Authority (SCA) and the Central Bank of the UAE (CBUAE).
The company, which has not yet released its financial results for the second quarter of 2022, reported a profit of 15 million dirhams with total assets of 4.64 billion dirhams in the first quarter, with accumulated losses of 362 million dirhams as of March 31, 2022.
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