Islamic Arab Insurance Co. (Salama) PJSC (DFM:SALAMA) agreed to acquire Insurance Portfolio of Dubai Islamic Insurance and Reinsurance Company PSC (AMAN) from Dubai Islamic Insurance & Reinsurance Co. (Aman) (P.J.S.C) (DFM:AMAN) on December 29, 2022.

The transaction is subject to regulatory approval. The transaction is subject to approval from board of directors of both the companies. The combined insurance portfolios will operate under the SALAMA brand name.

The transaction is expected to close in first quarter of 2023. As of February 7, 2023. AMAN approves exit and sale of insurance portfolios and transformation into investment company.