Salama Cooperative Insurance Company (SALAMA) is a Saudi joint-stock company that specializes in providing Sharia-compliant insurance solutions. Headquartered in Jeddah City, SALAMA was established in 2006 with an authorized capital of SAR100 million and is listed on the Saudi Exchange (Tadawul). The company actively operates in the insurance management sector, offering diverse coverage plans that meet the needs of individuals, corporates, and institutions.
SALAMA is not subject to investment restrictions under Saudi regulations, in accordance with its bylaws and directives from the relevant supervisory authorities. It is identified on Tadawul by its ISIN (SA000A0MLUE6) and classification number (8050).
Establishment of SALAMA
Salama Cooperative Insurance Company was established under Royal Decree No. M/60 dated October 11, 2006, marking its entry into the Saudi insurance market. However, its roots trace back to 1979, when the Islamic Arab Insurance Company (SALAMA) was founded in the United Arab Emirates.
By building on this legacy, the company became a pioneer in cooperative and Sharia-compliant insurance in Saudi Arabia, aligning with the regulatory framework designed to provide ethical and transparent insurance services in the Kingdom.
Activities of SALAMA
Salama Cooperative Insurance Company offers a wide range of insurance services tailored to meet individual and business needs. Its primary activities include:
- Vehicle Insurance: Coverage for all types of automobiles.
- Medical Insurance: Comprehensive healthcare and medical coverage.
- Property and Buildings Insurance: Protection for real estate and construction assets.
- Real Estate Insurance: Policies safeguarding commercial and residential properties.
- Engineering and Construction Insurance: Coverage for infrastructure and construction projects.
- Marine Insurance: Protection for shipping, transport, and marine activities.
The company continues to expand its portfolio of Sharia-compliant products, ensuring compliance with Islamic cooperative insurance regulations while meeting market demand across Saudi Arabia.
Trading on Tadawul
SALAMA trades on the Saudi Exchange (Tadawul) under the insurance sector. It is recognized for its commitment to Sharia-based cooperative insurance principles, giving it a strong market position in the Kingdom. The listing enhances its ability to attract investments, strengthen corporate governance, and maintain transparency in alignment with Saudi regulatory frameworks.
Conclusion
Salama Cooperative Insurance Company stands as one of Saudi Arabia’s prominent providers of Sharia-compliant insurance solutions, with a history rooted in the broader Islamic insurance movement that began in the late 20th century. With its active role in the insurance management sector and its listing on Tadawul, SALAMA continues to strengthen its contributions to the Saudi financial industry, supporting both individuals and corporations with trusted, cooperative insurance services.
