This is to inform you that the Board of Directors of QIIC decided to held Ordinary General Assembly Meeting at 6,30 pm on Monday 26.3.2018 at AL-Zummurd Hall, Ezdan Towers, in case the quorum is not achieved the second meeting will be held on Sunday 1.4.2018 at same time and place.
Qatar Islamic Insurance has reported more than 1% year-on-year rise in gross written contribution (premium) of QR316.6mn in 2017.
The insurer, which reported a shareholders’ profit of QR61.9mn, has recommended 35% cash dividend to be approved by shareholders at the annual general assembly meeting.
The company’s earnings-per-share was QR4.13 compared to QR4.23 a year ago. The policyholders’ surplus registered more than 100% growth to QR16.2mn in 2017 compared to QR7.9mn in the previous year.
Sheikh Abdulla bin Thani al-Thani, chairman of Qatar Islamic Insurance, said the company would distribute, for the eighth consecutive year, 20% surplus to all the eligible policyholders for 2017. He said the board appreciated the management’s efforts in achieving these results despite a very challenging environment in 2017 due to negative impact of low oil prices on national economy.
The management’s prudent underwriting and risk management policies generated good technical results that supported overall results in 2017 when investment returns were falling, according to Ali Ibrahim al-Abdulghani, chief executive of Qatar Islamic Insurance.
QIIC’s Board of Directors meeting shall be convened on Wednesday 25.10.2017 to disclosure financial statements (un-audited) for the 3rd quarter of 2017.
The Best Takaful Company in MiddleEast.
Qatar Islamic Insurance Company (QIIC) won The Best Takaful Company award and its CEO has dedicated it to Emir H H Sheikh Tamim bin Hamad Al Thani (Tamim the Glory) patron of the State’s renaissance and inspired of the patriotic spirit and unity.
Despite the Blockade national insurance companies performed well and it reflects the strength of the national economy of the State. Ali Ibrahim Al Abdulghani, CEO of QIIC dedicated the “Award of Excellence” given by the 11th International Takaful Summit held in London.
Ali Ibrahim Al Abulghani expressed his happiness with the Company’s winning of the award.
He considers this award is an acknowledgment and appreciation of Takaful insurance community of the important role of the Takaful insurance which is regarded as an ideal pattern of real application and correct understanding of Islamic Sharia and its perception of Islamic economics and Islamic Takaful insurance which is realized through real distribution of the surplus resulted from its insurance operations due to the policyholders continuously for the eights year, in addition to excellent results for the Company’s stakeholders.
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.
QIIC has announced the terms and disclosures forms of Share’s Ownership in accordance with QFMA and QCB circular No.1/2016 , to see please click the following link:
Supreme Committee awards major insurance contract to Qatar’s NIC
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
QIIC wins the “Best Arab Managing Team in Insurance Sector” Award
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.”
QIIC is awarded the “Family Takaful Company of the year 2016” at the 3rd Middle East Insurance Industry Award function Dubai.
Qatar Islamic Insurance Company the pioneers of Islamic Insurance in Qatar, is achieving this Award for the second time.
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.