The General Assembly of the Arab Islamic Insurance (Salama) decided to increase the percentage of foreign ownership in the company’s capital from 25% to 49%.

According to Al Bayan newspaper, the company said in a statement that the general assembly approved the amendment of Article 7 of the company's articles of association, according to which the contribution rate of UAE and Gulf nationals should not be less than 51% of the capital, and the foreign share should not exceed 49%.

The General Assembly approved the Board of Directors proposal regarding cash dividends of 3 fils per share, with a total value of 35.64 million dirhams.

The association also approved the approval of the Board of Directors' report on the company's activities on its financial position in 2019.

The company made a net profit of 55 million dirhams last year.

The total written insurance premiums grew by 6.25% to reach 1106 million dirhams in 2019 compared to 1041 million dirhams in 2018.