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01 january 2014
Home > Issuers > Listed Securities > Securities > Company Profile Page

Islamic Arab Insurance Company

SALAMA
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0.150%
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  • Market: DFM
  • Symbol: SALAMA
  • ISIN: AEI000301012
  • Sector: Insurance

Company Brief

Country of Origin: United Arab Emirates (U.A.E)

Islamic Arab Insurance Co. (Salama) (“the Company”) is a public shareholding company, registered in the Emirate of Dubai, United Arab Emirates (UAE) and operates through various branches in the UAE. The principal activity of the Company is the writing of all classes of general takaful and family takaful business, in accordance with Islamic Shari’a principles and in accordance with the relevant Articles of the Company and the UAE Federal Law No. 8 of 1984 (as amended) concerning commercial companies and UAE Federal Law No. 6 of 2007, concerning regulations of insurance operations.

Key Facts

ESTABLISHED

Apr 29, 1979

AUDITOR

Deloitte

FISCAL YEAR END

December

REGISTRAR

Islamic Arab Insurance Company

Board Members

CHAIRMAN

Mr. Jassim Alseddiqi

Vice Chairman

Mr. Saeed Mubarak Al-Hajeri

MEMBERS

Mr. Mohamed Hussain AlKhoori
Mr. Fraih Saeed  AlQubaisi
Mr.Mustafa Ghazi Kheriba

Top Management

Chief Executive Officer

Mr. Parvaiz Siddiq


 Managing Director
Mr.Mustafa Ghazi Kheriba

Equity Profile

DATE OF LISTING:

Sep 17, 2005

SECTOR:

Insurance

AUTHORIZED CAPITAL:

1,210,000,000.00 UAE Dirham

ISSUED SHARES:
1,210,000,000

PER VALUE SHARE:

1.00 UAE Dirham

Subsidiaries

TARIIC Holding Co Kingdom of Bahrain 99.40 %
Salama Assurances Senegal Senegal 57.41 %
Salama Assurances Algerie Alegria 96.98 %
Salama ImmobilierSenegal81.50%
Egyptian Saudi Insurance Home Co. Egypt 51.15 %
Best Re Holding Co. Malaysia 100.00 %
SALAMA Cooperative Insurance Company KSA 30.00 %
Islamic Insurance Jordan 20.00 %
Generale d'Etudes et de Placement en Assurance R. Tunisia 20.00 %

Contact Details

Head Office:

Dubai, UAE

Address:

4th Floor, Spectrum Building, Sheikh Rashid Road, P.O. Box 10214, Dubai, UAE.

Phone No.

+9714 357 7000

Fax No.

+9714 3577418

Email address:

info@salama.ae

Website:

http://www.salama.ae/

Showing Last 10 Disclosures - SALAMA View all
SALAMA 08-08-2019 09:20 AM

Press release regarding financial results for the first half of 2019

1 File(s)
SALAMA 08-08-2019 09:19 AM

Results of BOD meeting including financial statements for the 2nd QTR of 2019

2 File(s)
SALAMA 05-08-2019 08:54 AM

BOD meeting

1 File(s)
SALAMA 21-07-2019 11:27 AM

Press release

1 File(s)
SALAMA 30-06-2019 09:42 AM

Financial statements for the 2nd QTR of 2019

1 File(s)
SALAMA 30-06-2019 08:17 AM

Results of BOD meeting

1 File(s)
SALAMA 24-06-2019 11:55 AM

BOD meeting

1 File(s)
SALAMA 17-06-2019 08:11 AM

Results of BOD meeting

1 File(s)
SALAMA 12-06-2019 08:24 AM

BOD meeting

1 File(s)
SALAMA 11-06-2019 09:37 AM

Resolutions of General Assembly

1 File(s)
Showing Last 10 Issuer News - SALAMA View all
Showing Last 10 Financial Reports - SALAMA View all
SALAMA 30-06-2019 09:42 AM

Financial statements for the 2nd QTR of 2019

1 File(s)
SALAMA 31-03-2019 10:18 AM

Financial statements for the 1st QTR of 2019

1 File(s)
SALAMA 31-12-2018 10:53 AM

Financial statements for the year of 2018

1 File(s)
SALAMA 30-09-2018 08:42 AM

Financial statements for the 3rd QTR of 2018

1 File(s)
SALAMA 30-06-2018 09:21 AM

Financial statements for the 2nd QTR of 2018

1 File(s)
SALAMA 16-05-2018 09:05 AM

Financial statements for the 1st QTR of 2018

1 File(s)
SALAMA 31-12-2017 09:20 AM

Financial statements for the year of 2017

1 File(s)
SALAMA 15-11-2017 08:05 AM

Financial statements for the 3rd QTR of 2017

1 File(s)
SALAMA 30-06-2017 10:30 AM

Financial statements for the 2nd QTR of 2017

1 File(s)
SALAMA 16-05-2017 07:30 AM

Financial statements for the 1st QTR of 2017

1 File(s)
Showing Last 10 General Meetings - SALAMA View all
Meeting Date/TimeJun 10, 2019 02:00:00 PMType of MeetingGeneral Assembly
Net Profit/Loss18074000Cash Dividend
Bonus Share
Announcements/Resolutions

The General Assembly of the shareholders of the Company held its meeting at 2:00 pm on Monday 10/6/2019 at its headquarter located in Fourth Floor, Spectrum Building, Sheikh Rashid Street, Oud Metha, PO Box. 10214, the Emirate of Dubai, for the election of a member of the Board of Directors of the vacant seat in the Board pursuant to the resolution of the General Assembly meeting held on 25/04/2019 where the meeting was chaired by the Chairman of the Board Sheikh Khalid Bin Zayed Bin Saqr Al Nahyan.

 

In addition to the shareholders the following attended the meeting:

Mr. Ahmed Al Naqbi Represented by the Securities and Commodities Authority

Ms. Haifa Al-Qadi represented by the Insurance Authority

 

The quorum of the meeting was 30.17%, representing 0.09% by proxy and 30.16% by proxy

 

Mr. Ali Hussain Ismail was appointed as the meeting's moderator and Ms. Sanaa Abdulla was appointed as a vote collector

 

Where the quorum was not completed at the previous General Assembly meeting on Thursday, 30/5/2019, the meeting today is legal regardless of the number of those present in accordance with Article 183 of the Companies Law.

 

The voting cards containing the names of the candidates for the election of a member of the Board of Directors as an independent member were distributed to the shareholders.

 

The Chairman of the meeting pointed out that the agenda of the General Assembly for this day is the election of a non-executive member of the Board of Directors. The nomination was opened for the period from Thursday 16/05/2019 to Saturday, 25/05/2019. Mr. Jassim Alseddiqi and Mr. AbdulQader Thomas have been nominated themselves for the membership of the Board. Since the required number is to elect one member, the shareholders were requested to nominate one of these candidates as Board member.

 

The shareholders unanimously approved Mr. Jassim Alseddiqi as a member of the Board of Directors as an independent non-executive member.

 

It was announced that the member who won by acclamation is an independent non-executive member, which is in line with the decision of the SCA decision No. (7 / R) of 2016 on the standards of institutional discipline and the governance of public shareholding companies. The meeting ended at 2:30 pm.


Last Date For Dividend EntitlementEx-Dividend Date
Register Closing (Settlement) DateTrading Suspension Date
Trading Resuming DateDividends Payment Date
Payment EntityMeeting VenueSALAMA Head Office
1 File(s)
Meeting Date/TimeApr 25, 2019 03:00:00 PMType of MeetingGeneral Assembly
Net Profit/Loss477000Cash Dividend
Bonus Share
Announcements/Resolutions

1.      Approval ofthe report of the Board of Directors on the Company’s activities and itsfinancial position for the financial year ended on 31/12/2018.

2.      Approval ofthe Auditors’ report for the financial year ended on 31/12/2018.

3.      Approval ofthe report of the Company’s Sharia Supervisory Committee for the financial yearended on 31/12/2018.

4.      Approval ofthe Company’s balance sheet and its profit and loss statement for the yearended 31/12/2018.

5.      Approval ofthe Company’s Corporate Governance report for the year ended 31/12/2018.

6.      Approval ofre-appointment of the members of Sharia Supervisory Committee:

-          Dr. Mohamad Dawod Baker

-         Dr. MohamadAmin Qattan

-         Dr. Amin AlFateh

For one year in accordance with the provisions of Article 177 ofthe Commercial Companies Law No. 2 of 2015, and the re-appointment was approvedas proposed.

7.      Approval ofthe Board of Directors’ proposal for not distributing dividends for the yearended 2018.

8.      Discharge theCompany’s board members of the liability for the financial year ended on31/12/2018, except for the Vice Chairman of the Board Dr. Saleh Jameel Malaikah

9.      Discharge theExternal Auditors of the liability for the financial year ended on 31/12/2018.

10.  Appoint theExternal Auditors for another period and determine their fees.

11.  Acceptance ofthe resignation of Mr. Marwan Ahmed Al-Ghurair (Board Member) and Appointmentof Mr. Mohamed Husain Al-Khoori (Board Member)

12. Two shareholders requested to add an item to theAGM agenda, in accordance with the SCA law. Approval to depose the ViceChairman, Dr. Saleh Jameel Malaikah, from his position and to arrange to electa replacement within 30 days. Approval was granted on this item
Last Date For Dividend EntitlementEx-Dividend Date
Register Closing (Settlement) DateTrading Suspension Date
Trading Resuming DateDividends Payment Date
Payment EntityMeeting VenueAl Nakheel meeting room in Movenpick Hotel, Oud Metha, Dubai
1 File(s)
Meeting Date/TimeDec 23, 2018 02:00:00 PMType of MeetingGeneral Assembly
Net Profit/Loss0Cash Dividend
Bonus Share
Announcements/Resolutions

 

Kindly note that the General Assembly of SALAMA held onSunday 23rd of December 2018 at 2pm in meeting room (Oud Metha 2) at MovenpickHotel in Oud Metha, Dubai.

 

The following members have been elected by acclamation to beindependent members of the Board of Directors.

 

1)    Mr. Fraih AlQubaisi

 

1)    Mr. MustafaKheriba

 


Last Date For Dividend EntitlementEx-Dividend Date
Register Closing (Settlement) DateTrading Suspension Date
Trading Resuming DateDividends Payment Date
Payment EntityMeeting VenueMovenpick Hotel, Oud Metha, Dubai
1 File(s)
Meeting Date/TimeApr 30, 2018 06:00:00 PMType of MeetingGeneral Assembly
Net Profit/Loss37,509,000Cash Dividend
Bonus Share
Announcements/Resolutions
  1. Approval of the report of the Board of Directors on the Company’s activities and itsfinancial position for the financial year ended on 31/12/2017.
  2. Approvalof the Auditors’ report for the financial year ended on 31/12/2017.
  3. Approvalof the report of the Company’s Shari’ah Supervisory Committee for the financialyear ended on 31/12/2017.
  4. Approvalof the Company’s balance sheet and its profit and loss statement for the yearended 31/12/2017.
  5. Approvalof the Company’s Corporate Governance report for the year ended 31/12/2017.
  6. Approvalof re-appointment of the members of Sharia Supervisory Committee, Dr. MohamadDaud Baker, Dr. Mohamad Amin Qattan, and Dr. Amin Al Fateh for a period of onemore year.
  7. Approvalof the Board of Directors’ proposal for not distributing dividends for the yearended 2017.
  8. Dischargethe Company’s board members of the liability for the financial year ended on 31/12/2017.
  9. Dischargethe External Auditors of the liability for the financial year ended on 31/12/2017.
  10. Re-appointthe External Auditors for the year 2018, and determine their fees.

Last Date For Dividend EntitlementEx-Dividend Date
Register Closing (Settlement) DateTrading Suspension Date
Trading Resuming DateDividends Payment Date
Payment EntityMeeting VenueMovenpick Hotel- Oud Metha
1 File(s)
Meeting Date/TimeApr 30, 2017 02:30:00 PMType of MeetingGeneral Assembly
Net Profit/Loss-174,947,000Cash Dividend
Bonus Share
Announcements/Resolutions
  1. Approval of the report of the Board of Directors on the Company’sactivities and its financial position for the financial year ended on 31/12/2016.

  2. Approval of the Auditors’ report for the financial year ended on 31/12/2016.
  3. Approvalof the report of the Company’s Sharia Supervisory Committee for the financialyear ended on 31/12/2016.
  4. Approvalof the Company’s balance sheet and its profit and loss statement for the yearended 31/12/2016.
  5. Approvalof the Company’s Corporate Governance report for the year ended 31/12/2016.
  6. Approvalof re-appointment of the members of Sharia Supervisory Committee, Dr. MohamadDawod Baker, Dr. Mohamad Amin Qattan, and Dr. Amin Al Fateh for a period ofthree years in compliance with Takaful Regulation.
  7. Approvalof the Board of Directors’ proposal for not distributing dividends for the yearended 2016.
  8. Dischargethe Company’s board members of the liability for the financial year ended on 31/12/2016.
  9. Dischargethe External Auditors of the liability for the financial year ended on 31/12/2016.
  10. Re-appointthe External Auditors for another period and determine their fees.
  11. The belowmentioned members have been elected to the Company’s Board of Directors toserve the new term of three years that expires in the year 2019:

  1. Sheikh Khalid Bin Zayed Al Nehayan

  2. Dr. Saleh J. Malaikah

  3. Mr. Marwan Ahmad Al Ghurair

  4. Mr. Suhail Mubarak Al Dhaheri

  5. Eng. Hussein Hasan Biyari








      Last Date For Dividend EntitlementEx-Dividend Date
      Register Closing (Settlement) DateTrading Suspension Date
      Trading Resuming DateDividends Payment Date
      Payment EntityMeeting VenueRaffels Hotel- Wafi City
      1 File(s)
      Meeting Date/TimeApr 25, 2016 04:00:00 PMType of MeetingAnnual General Meeting
      Net Profit/Loss-162840000Cash Dividend
      Bonus Share
      Announcements/Resolutions

      1.      Approved the Board of Directors’ Report for the Company’s activity and its financial position for the financial year ended 31 December2015.

      2.      Approved the Auditors’ Report for the financial year ended 31 December 2015.

      3.      Approved the Shari’ah Supervisory Committee Report for the financial year ended 31 December 2015.

      4.      Approved the Balance Sheet and Profit and Loss Account of the Company for the financial year ended 31 December 2015.

      5.      Approved to appoint KPMG as External Auditors for the financial year 2016 and fixing their remuneration for AED 480,000.

      6.      Approved the nomination of following members for the Shari’ah Supervisory Committee for the next term of 3 years:

      ·         Dr. Mohammad Daud Bakar

      ·         Dr. Mohammad Amin Qattan

      ·         Dr. Amin Fateh

      7.      Approved not to distribute profits for the financial year ended 31 December 2015.

      8.      Approved to dischaarge the Board of Directors from bearing liability for the financial year ended 31 December 2015.

      9.      Approved to discharge the auditors from bearing liability for the financial year ended 31 December 2015.

      10.  Approved to amend the Memorandum and Articles of Association of the Company in accordance with the provisions of the Federal Law No. 2 of 2015 for commercial companies.

      Last Date For Dividend EntitlementEx-Dividend Date
      Register Closing (Settlement) DateTrading Suspension Date
      Trading Resuming DateDividends Payment Date
      Payment EntityMeeting VenueRaffles Hotel, Wafi City
      1 File(s)
      Meeting Date/TimeApr 30, 2015 04:00:00 PMType of MeetingAnnual General Meeting
      Net Profit/Loss17933000Cash Dividend
      Bonus Share
      Announcements/Resolutions

      1-The Company’s Financials were reviewed by the Board of Directors and approved for the period of 31/12/2014.

      2-The Auditing report for the period of 31/12/2014  was validated and approved.

      3-The Consolidated financial statements of the company for the year end period of 31/12/2014 was discussed and approved.

      4-The Company’s Corporate Governance Report for the period of 31/12/2014 was discussed and approved.

      5-The Shari’ah Supervisory Board’s report and Fatwa for the period of 31/12/2014 was reviewed and approved.

      6-The Proposal of not distributing Dividends for the year end period of 31/12/2014 was approved.

      7-Discharge of the members of the respected Board of Directors and Auditors from bearing liabilities for the financial year end period of 31/12/2014 was approved.

      8-Approval of appointing ‘’KPMG’’ – as External Auditors for the financial year end period of 31/12/2015 and set their fees of services in the amount of Dhs. 410,000/-.

      Last Date For Dividend EntitlementEx-Dividend Date
      Register Closing (Settlement) DateTrading Suspension Date
      Trading Resuming DateDividends Payment Date
      Payment EntityMeeting VenueRaffles Hotel, Wafi City, Dubai
      1 File(s)
      Meeting Date/TimeApr 30, 2014 04:30:00 PMType of MeetingAnnual General Meeting
      Net Profit/Loss-60245000Cash Dividend0
      Bonus Share0
      Announcements/Resolutions


      1. سماع تقرير مجلس الإدارة عن نشاط الشركة ومركزها المالي للسنة المالية المنتهية في 31/12/2013 والتصديق علية وتمت الموافقة على البند المذكور.
      2. سماع تقرير مدققي حسابات الشركة عن السنة المالية المنتهية في 31/12/2013 وقد تمت الموافقة على البند المذكور.
      3. مناقشة ميزانية الشركة وحساب الأرباح والخسائر عن السنة المالية المنتهية في 31/12/2013 والتصديق علية وقد تمت الموافقة على البند المذكور.
      4. مناقشة تقرير الحوكمة للشركة عن العام المنتهي في 31/12/2013 وقد تمت الموافقة على البند المذكور.
      5.الإطلاع على تقرير هيئة الفتوى والرقابة الشرعية واعتماده. وقد تمت الموافقة على البند المذكور.
      6. إبراء ذمة أعضاء مجلس الإدارة ومدققي الحسابات من المسؤولية عن السنة المالية المنتهية في 31/12/2013 وقد تمت الموافقة على البند المذكور.
      7. تمت الموافقة على تعيين السادة KPMG/ كمدققي حسابات للشركة عن السنة المالية المنتهية في 31/12/2013 وححدت أتعابهم بمبلغ 410000 درهم
      8. اعادة تعيين لجنة الرقابة الشرعية المكونة من السادة العلماء الدكتور محمد داود بكار والدكتور محمد أمين قطان والدكتو أمين الفاتح لمدة ثلاث سنوات وفقا لنظام التأمين التكافلي، وقد تمت الموافقة على البند المذكور.
      9. انتخاب أعضاء مجلس الإدارة السادة التالية أسمائهم:
      الشيخ خالد بن زايد بن صقر آل نهيان - عضو غير تنفيذي
      د. صالح جميل ملائكة - عضو تنفيذي
      السيد سهيل مبارك سرور الظاهري - عضو مستقل
      السيد مروان أحمد الغرير - عضو مستقل
      السبد حسين حسن بياري - عضو مستقل

      Last Date For Dividend EntitlementWednesday, May 07, 2014Ex-Dividend DateThursday, May 08, 2014
      Register Closing (Settlement) DateSunday, May 11, 2014Trading Suspension Date
      Trading Resuming DateDividends Payment Date
      Payment EntityMeeting VenueRaffles Hotel Wafi City Dubai
      1 File(s)
      Meeting Date/TimeApr 30, 2013 04:30:00 PMType of MeetingAnnual General Meeting
      Net Profit/Loss(382,464,000.00)Cash Dividend0%
      Bonus Share0%
      Announcements/ResolutionsThe ratification of the report of the Governing Council on the activities of the company and its financial position for the financial year ended 31/12/2012
      Adoption of the consolidated financial statements of the Company for the financial year ended 31/12/2012
      The ratification of the company's auditors report for the same period
      The ratification of the Corporate Governance Report for the year ended 31/12/2012
      The ratification of the report of the Fatwa and Sharia Supervisory and adoption
      The ratification of the Board of Directors proposal not to distribute dividends for the financial year ended 31/12/2012
      Discharge of the members of the Board of Directors and auditors for the financial year ended 31/12/2012
      Assigned to the company's auditors for the financial year 2013 and determine their fees
      Last Date For Dividend EntitlementEx-Dividend Date
      Register Closing (Settlement) DateTrading Suspension Date
      Trading Resuming DateDividends Payment Date
      Payment EntityMeeting VenueHall Algiza (1) - Raffles Hotel Dubai
      1 File(s)
      Meeting Date/TimeApr 30, 2013 04:30:00 PMType of MeetingAnnual General Meeting
      Net Profit/Loss-382,464,000Cash Dividend
      Bonus Share
      Announcements/ResolutionsView related documents
      Last Date For Dividend EntitlementEx-Dividend Date
      Register Closing (Settlement) DateTrading Suspension Date
      Trading Resuming DateDividends Payment Date
      Payment EntityMeeting VenueRaffles Hotel Gizza 1
      1 File(s)
      Top ShareholdersLast Refreshed at: 23 September 2019

      Individual Investors

      ShareholdersPercentage
      GOLDILOCKS INVESTMENT COMPANY LIMITED 13.29%
      مصرف عجمان ش م ع 12.50%
      MOHAMMAD BINAHMAD BINSAEED ALQASSIMI 6.93%

      • 1 EN
        1

        Article of Association - 0001

      Foreign Investments View all
      National GCC Foreign
      Country of Origin Actual Permitted Actual Permitted Actual Permitted As of Date:
      AE 84.85% 100% % % 15.15% 25% 23-09-2019
      Showing Last 10 Corporate Governance Reports - SALAMA View all
      • 15-04-2019

        SALAMA - CGR 2018

      • 11-04-2018

        SALAMA_CGR_2017

      • 31-12-2015

        Corporate Governance Report - SALAMA 2015

      • 01-01-2011

        Corporate Governance Report SALAMA 2011

      Showing Corporate Actions - SALAMA View all
      Year2011Corporate Action TypeBonus Shares
      Last Date For Action Entitlement5/4/2011Ex-Dividend Date5/7/2011
      Register Closing (Settlement) Date5/8/2011Trading Suspension DateNot Available
      Trading Resuming DateNot AvailableRun (Effective) Date5/8/2011
      Corporate Action DetailsDistributed 10% bonus shares as approved in its AGM on 28/04/2011
      Year2006Corporate Action TypeBonus shares
      Last Date For Action Entitlement5/5/2006Ex-Dividend Date5/6/2006
      Register Closing (Settlement) Date5/7/2006Trading Suspension DateNot Available
      Trading Resuming DateNot AvailableRun (Effective) Date5/7/2006
      Corporate Action DetailsIssue bonus shares in the ratio of 10% activated as agreed at the AGM
      Disclaimer
      • Ownership percentage is subject to change based on several reasons including the following:
        1. Trading activity.
        2. Off-Market Transactions such as family and inheritance transfers.
        3. Changes in the nationality status of investors.
        4. Securities deposits and withdrawals to and from DFM for Dual listed companies.
        5. Capital increase by issuing new shares to a strategic investor.
        6. Converting Bonds into shares.
        7. Equity added to the equity of the associated group.
        8. Direct Deals.

       

      Percentages are updated daily after 4 pm
      Disclaimer
      The above published Ownership Percentages:
      • Are updated daily at the end of every trading day based on date of trade and not settlement date.

      • The ownership percentages are rounded off to 2 decimal places

      • Ownership percentages are subject to change due to the following:

        1. Trading activities.

        2. Off-Market Transactions such as family and inheritance transfers.

        3. Changes in the nationality status of investors.

        4. Securities deposits and withdrawals to and from DFM for Dual listed companies.

        5. Capital increases, by issuing new shares to Strategic investor

        6. Converting bonds or Sukuk into shares.

        7. Changes of associated group’s ownership.

        8. Direct Deals. (The ownership percentage is changed immediately after the execution of the deal).

        9. Failed trade settlement.


      DISCLAIMER

      The information provided in this document is only available in Arabic due to the (Dubai court attestations only being in Arabic herein after referred thereto as (“Information”) is provided by way of general information and comment only. While reasonable care has been taken in producing this Information, changes in circumstances may occur at any time and may impact on the accuracy of the Information. The Information does not constitute professional advice or provision of any kind of services and should not be relied upon as such.  Dubai Financial Market (“DFM”) and/or its affiliates, officers or employees,  does not give any warranty or representation as to the accuracy, reliability, timeliness or completeness of the Information now or in the future. DFM shall not be liable for any loss suffered, directly or indirectly by any person acting in reliance upon the Information contained herein. 


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