Salama Assurances (former Al Baraka Oua Al Amane), first takaful Algerian insurer wish to create before the end of the year 2014, a subsidiary of life insurance. This announcement has been made during a press conference held by its managing director Abdelhakim Hadjou, on August,19 2014 in Algiers. Salama Assurances, Algerian incorporated company founded on March,26 2000, with Saudi capital at its very start, is subject to the so-called rule 49/51 govering foreign investment. It is with the support of a local partner, whose name has not been revealed, that the company plans to enter the life insurance market. The capital of the new entity would be approximately 1 billion DZD (12.4 million USD).
With a social capital of 2 billion DZD (24.8 million USD), Salama Algérie has experienced, few years after its creation, a shareholders' change. The company is actually controlled by the Emirate's group Salama-Islamic Arab Insurance Company, based in Dubai.
With a turnover of 4.025 billion DZD (51.3 million USD) in 2013, an increase of 22% compared to 2012 and a market share of 4.5%, Salama Algérie is growing at a pace higher than the national average. The company have to date, a network of 200 sales points and 6 regional offices spread over the territory.
A new communication policy has been recently elaborated, with the final purpose to increase public awareness of the company and to boost sales.