Good competitive position Strong operating performance Strong capitalization Short track record in current organizational structure Lack of any leading market positions Dependence on inward reinsurance through related entity B.E.S.T. Reinsurance Co. for premium volume and underwriting income The ratings on Salama/Islamic Arab Insurance Co. (P.S.C.) (Salama/IAIC) of Dubai, United Arab Emirates (UAE), reflect the company's secure stand-alone and consolidated financial profile deriving from a well-diversified competitive position, strong earnings, and strong capitalization. Salama/IAIC also benefits from the support of certain highly influential UAE- and Saudi Arabia-based shareholders. Partially offsetting these tangible strengths is the absence of a clear track record in the current group configuration, the uncertainties attaching to an ambitiously expansive group strategy, and the potential economic and industry
