DUBAI (S&P Global Ratings) Oct. 21, 2021--SALAMA's financial report for the six months ended June 30, 2021, contained a qualified opinion due to insufficient information regarding the valuation and ownership of some assets. We understand that SALAMA is taking legal action against the third parties to recover these amounts, and the court cases are ongoing. We are therefore keeping our 'BBB' ratings on SALAMA on CreditWatch with negative implications, where we initially placed them on July 26, 2021. The CreditWatch reflects the uncertainty regarding the valuation of qualified assets and SALAMA's ongoing court cases with third parties. We expect to resolve the CreditWatch within 90 days, after assessing the outcome of the court cases. Research Update: Dubai-Based SALAMA/Islamic Arab Insurance
