Islamic Arab Insurance Company (Salama), the UAE's largest Takaful provider, has appointed Essa Ali Bin Salem Alzaabi as Chairman of the Board of Directors, effective October 23, 2025. The appointment marks a significant leadership transition as the Dubai-listed insurer navigates completion of its capital restructuring programme. Alzaabi replaces H.E. Fahad AlQassim, who continues as Salama's principal strategic backer, succeeding to the chairman role just months after shareholders approved a comprehensive recapitalisation plan addressing accumulated losses and capital inadequacy.
The appointment follows Salama's shareholder approval in October 2025 of a capital reduction and the issuance of up to AED 175 million in Mandatory Convertible Sukuk to strategic investors as part of its broader turnaround strategy. Mohamed Ali Bouabane, Salama's Group Chief Executive Officer and former AIG executive, praised Alzaabi's governance and transformation credentials. Bouabane stated that Alzaabi's track record will strengthen Salama's foundations and enable the company to focus on profitable growth, capital optimisation and operational excellence. No search firm involvement in the appointment was disclosed. Bouabane's own appointment as CEO in April 2025 preceded the capital restructuring announcement and underscores the company's commitment to leadership renewal during a critical period of recapitalisation.
Alzaabi brings more than two decades of experience across public and private sectors with a background in human capital development and institutional transformation. He studied at the University of Louisville and completed Harvard Business School's Executive Development Program in 2012, where he focused on strategic management and leadership. Early in his career, he served as Manager of the Dubai Tanmia Office (2000-2006), part of the National Human Resources Development and Employment Authority. He subsequently held the position of Vice President of Human Capital at Dubai World Trade Centre (2006-2009) before becoming Deputy General Manager of the Emirates Institute for Banking and Finance (2009-2013). Most recently, he served as Senior Vice President of Support Services at the Dubai Chamber of Commerce and Industry from April 2013 onwards, where he launched the Dubai Startup Hub initiative aimed at fostering entrepreneurship in the emirate.
Salama, incorporated in 1979, is one of the world's oldest and largest Shariah-compliant Takaful providers, listed on the Dubai Financial Market with a paid-up capital of AED 939 million. The company serves over 450,000 customers and offers coverage exceeding AED 10 billion across family, general and health Takaful segments. Salama operates subsidiaries and associates across Saudi Arabia, Algeria, Egypt and Senegal. It reported total equity of AED 351.84 million in the first half of 2025, a 5.2% increase year-over-year, and achieved net profit of AED 8.25 million and Takaful revenue of AED 515.36 million as of June 30, 2025. S&P Global Ratings recently affirmed the company's long-term issuer credit rating at BBB- with a Developing outlook.
Alzaabi's appointment can be understood as a response to Salama's urgent need for experienced governance and transformation leadership as it executes its capital restructuring. The timing suggests the board sought a chairman with demonstrated expertise in organisational change and capital structure matters. Alzaabi's background in human resources and institutional development at entities such as Tanmia and the Dubai Chamber positions him to oversee cultural and operational refinement as Salama completes balance sheet restoration expected in April 2026. His relative youth and entrepreneurship-focused experience at the Dubai Startup Hub may signal the board's intention to combine financial discipline with renewed growth orientation following the restructuring. The completion of Salama's capital programme and return to solvency compliance by mid-2026 will determine whether Alzaabi's stewardship successfully accelerates the company's recovery into sustainable market expansion.
