DUBAI(Bloomberg) — Islamic Arab Insurance Company, the world's largest Islamic insurer, said its Saudi unit will start trading on the kingdom's stock exchange today.Saudi IAIC for Cooperative Insurance Company, known as Salama, sold a 40 percent stake in an initial public offering in March. Islamic Arab Insurance, based in Dubai, United Arab Emirates, announced the start of trading in a statement today.

Saudi Arabia's government on October 9 approved the licensing of 13 insurance companies to improve competition in the insurance industry in the Persian Gulf kingdom, the largest Arab economy.