UAE: Salama Islamic Arab Insurance has completed the conversion of its AED155 million (US$42.2 million) mandatory convertible Sukuk as part of its capital restructuring program, with the Shariah compliant instrument fully subscribed by Eshraq Investments and Humana Holding. The Sukuk conversion resulted in the issuance of new shares and formed a key component of the company’s balance sheet reset, contributing to the restoration of its capital position and regulatory compliance.
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