Islamic Insurance (QIIC) has announced that its aggregate net profit for the 1st Half of the Financial Year 2008 amounted to QR 62.7 million against QR 34.6 million for the corresponding period in 2007. Of the aggregate net profit for the period QR 13.1 million ( QR 10 million in 2007 ) was generated by insurance operations and the remainder – QR 49.6 million – represented shareholders' net profit constituting Earning Per Share of QR 3.3 ( QR 1.64 in 2007 ).

Mr. Izzat M Al-Rashid, General Manager & Managing Director, said that shareholders' profit recorded an increase of nearly 102% over the 1st Half of 2007 and represented nearly 112% of shareholders' profit for the year 2007 as a whole adding that these profits excluded any revaluation or unrealised profits.

Mr. Al Rashid added that the much improved results in the first 6 months of 2008 were due to improved underwriting policies, greater profit contribution from its subsidiary and affiliated companies and higher investment income. He drew attention to the fact that QIIC's total assets exceeded the QR 666 million (+15%) and shareholders' equity grew by 6% to QR 306 million approximately, technical reserves exceeded QR 134 million (+13%) and Policyholder's free reserves amounted to more than QR 121 million (+18.4%) all against the figures at 31.12.2007.

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