Islamic Arab Insurance Salama : Results of BOD meeting held by circulation

Date:

05th August 2022

Company's Name:

Islamic Arab Insurance Co. - SALAMA P.S.C (the Company)

Date and Day of the issuance of the

Friday, 05 August 2022

Decision by Passing:

Time:

02:00pm

Number of Board Members who have

considered and approved the Resolution

All Board Members

by passing

1- Recommendation to reduce the issued Share Capital of the

Company amounting to AED 1,210,000,000 in order to write

off the accumulated losses of AED 398,167,130.00 after

canceling the treasury shares as of 30 June 2022, so the

Share Capital after reduction shall be AED790,162,080.00

in accordance with Clause (3) of Article 205 of Federal

Decree-Law No.: (32) of 2021 regarding Commercial

Companies, and to present the same to the upcoming GAM

after obtaining the required regulatory approvals from SCA

and CBUAE.

Subject of the Resolution:

2- Approve the amendments of certain articles of the

Company Articles of Association in compliance with the

Company Law issued by the

Federal Law By Decree No. 32

of 2021 on

Commercial Companies, subject to regulatory

approvals.

3- Resolved to convene the General Assembly meeting and

setting the date and place of its convening in agreement

with the Securities and Commodities Authority and the

Central Bank of the United Arab Emirates.

4- Authorize the CEO to take necessary actions for executions

of all the above.

Name of the Authorized Signatory:

Khaled Barakat

Job Title:

Board Secretary

Signature and Date

05th August 2022

Company's Stamp: