Islamic Insurance (QIIC) announced today that its aggregate net profits for the 3 Quarters ending 30 September 2008 amounted to QR 72.2 million against QR 45.0 million for the corresponding period in 2007. Of the aggregate net profit for the period QR 14.8 million ( QR 13.7 million in 2007 ) was policyholders' profit and the remainder – QR 57.4 million represented shareholders' net profit constituting Earning Per Share of QR 3.83 ( QR 2.1 in 2007 ).

Mr. Izzat M Al-Rashid, General Manager & Managing Director, said that shareholders' profit recorded an increase of 83% over the nine month period in 2007 and represented nearly 126% of shareholders' net profit for the year 2007 as a whole 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 9 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 reached nearly QR 670 million ( +15% over the total at 31/12/2007); Investment assets exceeded QR 545 million ( +11% over the total at the end of 2007) and Shareholders' Equity grew by 9% to QR 313 million ( QR 288 million at 31/12/2007).

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