Salama/Islamic Arab Insurance Co. (P.S.C.) (Salama) is a takaful insurance group that has a diverse book of business across the Middle East and North Africa (MENA). Intermediate industry and country risk exposure signifies that most of its business is based in the United Arab Emirates (UAE). Adequate competitive position due to diversification by line of business and geography, but diminished by the demise of its Best Re subgroup's business. Capital adequacy to remain extremely strong through 2017 as Best Re liabilities continue to gradually run-off. Standard&Poor's Ratings Services base-case scenario anticipates return to modest underwriting profits in 2015-2017. Moderate risk position, reflecting some sector investment concentrations and some higher risk exposure to real estate, equities, and speculative-grade bank
