Insurance Football 2017

The captain of Qatar Islamic Insurance company Mr. Tariq Hilmi presenting the Insurance Football 2017 Runners-up trophy to QIIC CEO Mr. Ali Ibrahim Al Abdulghani.

Mr. Ali Ibrahim congratulated the whole team for this achievement and praised the Team efforts.

Mr. Ali was the mastermind behind the Insurance Football Tournament that started in 2013, with the idea and thought of raising the vision of the State of Qatar to encourage exercise & dissemination of sports culture in all loved Qatar state. This event on large scale gave opportunity of rapprochement between workers in the insurance sector and joint cooperation between staff in the insurance industry.

Mr. Ali thanked all teams that participated in the tournament and making it a permanent sport with growing spirit of unity.

Supreme Committee awards major insurance contract to Qatar’s NIC

Supreme Committee awards major insurance contract to Qatar’s NIC

q22-nic-shot-2 q22-nic-shot-4

The Supreme Committee for Delivery & Legacy (SC), the organization responsible for delivering the infrastructure required for the 2022 FIFA World Cup in Qatar, has awarded an insurance contract for capital expenditure works related to the construction of tournament stadiums to the National Insurance Consortium (NIC), a six-member group of Qatari national insurance companies.

Delegates from Qatar Islamic Insurance Company (QIIC), the lead organization on this particular contract, and the other members of the NIC, including Qatar Insurance Company, Qatar General Insurance & Reinsurance Company, Al Khaleej Takaful Group, Doha Insurance Company and Al Koot Insurance & Reinsurance Company, attended the official ceremony at Al Bidda Tower, SC’s headquarters in Doha, where the policy was formally handed over to the SC’s secretary general Hassan al-Thawadi by Sheikh Abdullah bin Thani al-Thani, QIIC chairman.

The procurement of the capital expenditure insurance contract was made under an Owner Controlled Insurance Programme (OCIP) and provides ‘Construction All Risk’ and ‘Third Party Liability’ coverage for seven of the eight currently planned stadiums for the 2022 World Cup, with the exception of the Khalifa International Stadium as the venue’s extensive refurbishment project is expected to be completed by Q2, 2017. The terms of the OCIP were obtained through a competitive bidding process in the international reinsurance market through the SC’s appointed broker, Jardine Lloyd Thompson (JLT), who was also selected through the same process.

SCOR Global P&C of France, one of the largest reinsurers in the world, won the bidding and has assumed 20% of the risk. The remaining 80% has been distributed among the NIC members, thereby creating a strong public-private partnership (PPP) consisting of a mix of international and local expertise, with the majority focused on local organisation participation. “Awarding this capital expenditure contract to the National Insurance Consortium represents another significant project milestone as we progress towards 2022. We have always said that we will use the tournament as a catalyst to help further develop the State of Qatar, in line with the Qatar National Vision 2030, and agreements like today’s demonstrate that it is working to do exactly that as the NIC and this contract is largely focused on Qatar’s national insurance market and made up of local Qatari organisations,” al-Thawadi said during yesterday’s signing ceremony.

“The placement of 80% of the risk to the NIC also demonstrates the SC’s and the State of Qatar’s full confidence in the organisations’ that make up the NIC and will help further cement the strong reputation Qatar’s national insurance market has regionally and around the world,” he further added. On the occasion, Sheikh Abdullah said, “We’d like to thank the Supreme Committee for Delivery & Legacy for their support and confidence in Qatar’s national insurance market and in particular this National Insurance Consortium. The consortium will further develop the local insurance market, and shall help boost the national economy as well through maximum local retention of premium and risk. It also demonstrates best practice in enhanced public-private partnerships, which is in in line with the Qatar National Vision 2030.”

He added “We have a long history of delivering on our promises to our policyholders and are fully capable of meeting their expectations through our professionalism and balance sheet strength. We’d also like to thank HE the Prime Minister Abdullah bin Nasser bin Khalifa al-Thani, for his keen interest in the development of the local insurance industry and his guidance in helping Qatar’s national insurance companies play a larger role in the development of national economy.”

The ceremony was also attended by other the senior officials from the SC and the NIC including Naisamudheen SA, executive manager (reinsurance), QIIC; Ahmed Rafee al-Emadi, Al Koot Insurance

& Reinsurance Company chief executive officer; Ali Ibrahim al-Abdulghani, chief executive officer, QIIC; Sheikh Saud bin Abdulla Mohamd Jabor al-Thani, chief executive officer, Al Khaleej Takaful Group; Ali S al-Fadala, senior deputy group president and CEO, Qatar Insurance Company; Bassam Hussein, chief

executive officer, Doha Insurance Company; Maurizio Colautti, deputy Insurance CEO, Qatar General Insurance & Reinsurance Company and Mohamed Ashraf Ali Siddiqui, executive manager (risk management), QIIC.

The SC currently has eight stadium construction sites across Qatar, with seven venues being built from scratch for the 2022 FIFA World Cup. The seven venues that are being built from scratch and included in the capital expenditure works insurance contract include Al Wakrah, Al Bayt – Al Khor, Qatar Foundation, Al Rayyan, Ras Abu Aboud, Al Thumama and Lusail. Lusail stadium located in Lusail city will host the opening and closing games in 2022. The NIC has also provided extensive national insurance cover to some of Qatar’s other leading development programmes, including Qatar Rail and Ashghal

Best Arabs Awards 2016

QIIC wins the “Best Arab Managing Team in Insurance Sector” Award

moroccopiccopy

Qatar Islamic Insurance Company (QIIC) has received the ‘Best Arab Managing Team in the Insurance Sector’ award during the ‘Best Arabs Awards 2016’ ceremony hosted in Marrakech, Kingdom of Morocco, which was supported by Qatar Islamic International Bank (QIIB) as ‘strategic and supportive sponsor.’

During the ceremony, QIIC CEO Ali Ibrahim al-AbdulGhani received the award, which shows the competitiveness of Qatari companies “in achieving better results and success.”Al-AbdulGhani said, “We are proud to receive the ‘Best Arab Managing Team in the Insurance Sector’ award, which is a tribute to the whole Qatari insurance sector and to the national economy. We owe to the country and its thriving economy whatever we have achieved and reached.”

INTERIM RESULTS

ISLAMIC INSURANCE DISCLOSES INTERIM FINANCIAL STATEMENT FOR PERIOD JUNE 30, 2016

Qatar Islamic Insurance Company disclosed its reviewed financial statements for the period ended on 30.6.2016. The statements shows that the net profit is QR 35,7 Million compared to net profit amounting to QR 50,1 Million for the same period of the previous year.

The earnings per Share (EPS) amounted to QR 2, 38 for the period ended June 30, 2016 compared to EPS amounted to QR 3, 35 for the same period of the previous year.

See Results

QIIC open new Traffic window for accident reporting at QIIC Motor Claim Office- Barwa Commercial Avenue

traffic-office-586x440

QIIC is pleased to announce that Qatar Traffic Police Department has opened a
service window from our Motor Claims Office at Barwa Commercial Avenue. Vehicle Owners could directly report accidents from our insurance office, without the need of visiting Traffic Police Station. A traffic police officer will be on duty Sunday to Thursday during our business hours from 7:30 a.m. to 2:30 p.m.to receive accident complaints, investigate and complete documentation procedure.

The service facilitates our customers to complete accident reporting task and claim registration task at insurance company in one go under one roof.

Procedures for repairing not-at-fault vehicles and those vehicles which cause accidents can be completed there without referring to the investigation department of the General Directorate of Traffic or any other traffic sections.

The officer will deal with cases related to repairing damaged vehicles which are reconciled between the parties involved in the accident. In case of dispute between the parties, the traffic police office will investigate and decide who caused the accident.

This initiative by MOI help vehicle owners save time and ease procedure related to accident investigations.

Annual General Assembly Meeting -2016

QATAR ISLAMIC INSURANCE COMPANY INVITATION TO SHAREHOLDERS FOR ATTENDING THE ORDINARY AND EXTRAORDINARY GENERAL ASSEMBLY MEETING

The board of Directors of Qatar Islamic Insurance Company (Q.S.C.) is pleased to invite you to the Shareholders’ Ordinary And Extraordinary General Assembly Meeting to be held on Monday 11.4.2016 at Salwa 1 Hall, Sheraton Hotel  at 5.30 p.m. (on Wednesday 20.4.2016 at the same time and venue in case the desired quorum for the Meetings is not achieved).

Read More :

Chief Executive of Qatar Islamic Insurance wins Takaful CEO of the year Award

Chief Executive of Qatar Islamic Insurance wins Takaful CEO of the year Award

APICT1_COMPX

Ali Ibrahim Al-Abdulghani, Chief Executive Officer, of Qatar Islamic Insurance wasawarded the prestigious Takaful CEO of the year award in a ceremony held last week during the 10th International Takaful Summit 2016 at Jumeirah Carlton Tower, London.
This award was presented to him in recognition of his outstanding leadership that witnessed the Company grow steadily to the benefit of both shareholders and policyholders alike adding much needed credibility to the Takaful (Islamic insurance) model worldwide as viable alternative to the conventional insurance.
Speaking at the occasion,he thanked Allah the Almighty for his blessings,the Board of Directors, particularly the Chairman, for the confidence reposed in him, his colleagues for believing in his leadership despite being a beginner in the industry and customers for trusting Qatar Islamic Insurance. He also thanked his counterparts in Qatar for their cooperation to strengthen the Qatari Insurance market.
Notably, he invited Takaful industry leaders to cooperate in establishing a ReTakaful syndicate at Lloyds of London, the oldest Takaful market in the world, to fill in fading ReTakaful capacity that poses a challenge to the Takaful industry worldwide.

APICT2_COMPX

A.M. Best Affirms Ratings of Qatar Islamic Insurance Company

A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit ratings of “bbb+” of Qatar Islamic Insurance Company Q.S.C. (QIIC) (Qatar). The outlook for both ratings remains stable.

The ratings for QIIC reflect its adequate combined risk-adjusted capitalisation (considering both shareholders’ and policyholders’ funds), sustainable policyholders’ fund, good track record of operating performance and niche market position as a takaful provider in the Qatari market. Offsetting rating factors include limited enterprise risk management and a high concentration of illiquid assets within its investment portfolio.

QIIC’s combined risk-adjusted capitalisation has weakened as a result of a shift in the company’s asset allocation toward real estate assets; however, it remains at an adequate level. Capital requirements are largely driven by QIIC’s concentrated investment profile, which is weighted toward domestic equity and real estate assets. The company has generated a self-sustaining policyholders’ fund, with QAR 132 million (USD 30 million) in retained surplus at the end of the third quarter of 2015, adequately supporting the risks assumed by policyholders. Risk-adjusted capitalisation is expected to remain sufficiently strong to support QIIC’s planned growth.

QIIC adopts a combined takaful model, whereby the shareholders’ fund charges a Wakala fee based on gross written premiums and a Muderaba fee based on investment income to the policyholders’ fund. QIIC has consistently generated surpluses within the policyholders’ fund and regularly distributed surplus back to policyholders. The company has developed a sound balance of earnings between the shareholders’ and policyholders’ funds, which reinforces the sustainability of the model.

QIIC achieved overall profits and policyholder surplus of QAR 90.5 million (USD 24.8 million) in the first three quarters of 2015. QIIC has an impressive track record of underwriting profitability with a five-year weighted average combined ratio (replacing Wakala fees for actual expenses) of 80%, reflecting consistently strong profitability in medical and Family Takaful (life) lines of business. QIIC’s performance is supported by strong investment returns from equity and real estate assets in Qatar, producing an average return on equity of 21% over the same period.

As a provider of Shari’a compliant products, QIIC enjoys a niche position in the Qatari market. QIIC’s distribution of surpluses back to policyholders, in line with its takaful operating model, provides a competitive advantage over other market players.

QIIC’s enterprise risk management is developing. The company has sound underwriting controls in place; however, investment decisions are made at board level. As such, the high concentrations in real estate and equities in the company’s portfolio can create volatility in operating results and limit liquidity.