Dubai-based Islamic insurer Salama is taking bold steps to reset its financial footing. The Takaful provider, listed on the Dubai Financial Market, plans to raise up to 175 million dirhams ($48 million) through a Mandatory Convertible Sukuk issuance, following a shareholder-approved capital reduction.
The restructuring aims to clear accumulated losses and cancel treasury shares, reinforcing the company’s balance sheet. Once the Securities and Commodities Authority signs off, Salama will channel the issuance through a special purpose vehicle to a select set of strategic investors.
Rated BBB- by S&P with a developing outlook, Salama recorded a net profit of AED 8.25 million for the first half of 2025, signaling cautious optimism as it embarks on this capital refresh.
