Dubai – Mubasher: Islamic Arab Insurance Company (Salama) does not owe any debts to any local or foreign bank, the company confirmed in its disclosure to the Dubai Financial Market (DFM) on Tuesday.

Salama commented on misleading news about a lawsuit filed by Rusd Investment Bank to claim from the company certain amounts.

"Based on the solid and consistent transparency and governance methodology adopted by the new Board of Directors, Salama would like to clarify that "Rusd Investment Bank’s" allegation is nothing but a failed claim attempt," the company affirmed.

This allegation will not have any impact on the company's financial results.

It is noteworthy to mention that on Monday, 16 November 2020, Salama announced a 24% decrease in its accumulated losses to AED 284.82 million for the period ended on 30 September 2020, compared to  AED 376.82 million as of 31 December 2019.