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DUBAI, United Arab Emirates SALAMA Islamic Arab Insurance Co. (P.S.C.) has received a financial strength rating of B++ from A.M. Best Co.
The Dubai-based takaful and retakaful company has "strong risk-adjusted capitalisation, which is supported by very good operating performance," according to Oldwick, N.J.-based Best. Operating performance is likely to remain strong in 2007, the rating agency said in a statement.
SHALAMA, which writes commercial and personal lines business, wrote gross premiums in 2006 of around $180 million and those writings reach $200 million this year, Best noted.
Increasing demand for Shari'ah products means SALAMA has good growth prospects, Best said.