It is with great honor that I welcome you, on behalf of the Board of Directors, to the 16th Annual General Assembly of Qatar Islamic Insurance Company.

Qatar Islamic Insurance Company has been able, thanks to God Almighty, register good results in 2010, it is gratifying to announce that your Company succeeded in exceeding its business and operational goals and targets in 2010 by generating gross premium of QR 178,6 million (against QR 159 million in 2009) and aggregate net profit of QR 75 million, of which net policyholders' surplus amounted to QR 29 million and shareholders' profit reached QR 46 million, constituting earnings per share (EPS) of QR 3,07 and increase of 44 % over 2009.

As for the future, the Board will pursue, with unwavering determination, the Company’s strategic plans for the Years 2011 – 2013 to ensure its continued growth and prosperity. Our approved three year strategic plan and goals will permit us to increase our share of insurance business in Qatar, maximize our insurance underwriting capacities, retention and profit efficiency, re-engineer our motor insurance operations, maximize the efficiency of our investment assets diversification and profitability, achieve at least 20% qatarization of our staff.

Based on the aforementioned results, the Board of Directors, in co-ordination with the Sharia' Supervisory Board, has decided to reimburse policyholders with cash surplus equaling 20 % of the premiums written in 2010, still the highest so far .

As for the shareholders, the Board proposes to your Assembly the distribution of cash dividends of 27 % of the paid-up capital, which equals QR 2.7 per share.

Although we recognize that 2011 will pose a real challenge to the Qatari Private Sector and, especially, the Qatari joint stock companies, given the current global economic turmoil and the unprecedented competitive environment dominating the domestic insurance market, we are confident that we will consolidate our market position, create new business opportunities in Qatar and abroad and ensure QIIC's continued success and prosperity in 2011 and beyond.

In closing, we express our profound gratitude and deepest respects to His Highness the Emir and His Highness the Heir Apparent and H. E. The Prime Minister for their unwavering support and endless encouragement.

We record our sincere thanks to the Ministry of Business & Trade, our Sharia Supervisory Board, policyholders and shareholders for their continued support, guidance and advice. Last, but not least, we convey our genuine appreciation to the General Management and staff of the Company for their wholehearted devotion and dedication.

Abdulla Bin Thani AL-Thani
Chairman of the Board