Islamic Insurance (QIIC) announced today that its aggregate net profits for the 1st Quarter of the Financial Year 2008 amounted to QR 24.6 million against QR 13.4 million for the corresponding period in 2007. Of the aggregate net profit for the period QR 4.3 million ( QR 4.9 million in 2007 ) was generated by insurance operations and the remainder – QR 20.3 million – represented shareholders' net profit constituting Earning Per Share of QR 1.35 ( QR 0.57 in 2007 ).

Mr. Izzat M Al-Rashid, General Manager & Managing Director, said that shareholders' profit recorded an increase of 138% over the 1st Quarter of 2007 and represented nearly 45% of shareholders' net profit for the year 2007 adding that these profits were made up of realised profits excluding any revaluation or unrealised profits.

Mr. Al Rashid added that the much improved results in the first 3 months of 2008 were due to improved underwriting policies and greater profit contribution from one subsidiary and two affiliated companies. He drew attention to the fact that QIIC's total assets exceeded for the first time - since the formation of the company in 1995 – the QR 600 million mark and shareholders' Equity grew by 12.5% ( to QR 262 million ) against the figure at 31.12.2007.

Mr. Al Rashid concluded by affirming that QIIC's overall performance for the remainder of 2008 will be excellent.