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 risks confronting all operators in the Gulf Cooperation Council region, whose economies are still excessively dependent on energy income. Salama/IAIC benefits from its own, explicitly Sharia-compliant takaful insurance activities in the UAE, as well as from those
