QIIC posts QR30.13m H1 net profit

27 July 2010
DOHA: Qatar's largest Islamic insurer, Islamic Insurance (QIIC) posted a net profit of QR 30.13m in the first half of this year compared to QR 18.17m in the corresponding period in 2009, showing an impressive 66 percent growth. The company's earnings amounted to QR 2.01 compared to QR1.21 in the first half of June 2009.

Jassim Ali Al Saadi, General Manager of Islamic Insurance said at a news conference, also attended by Zaki Khamis Akila, the company's Finance Manager that the H1 results have been remarkable with income from investments in insurance activities increasing by 49 percent on the same period last year. He added that all the company's operational activities reported profits for the first time in a first half of the year.

Al Saadi pointed out that Islamic Insurance is continuing to improve its services to its customers like the launch of online car insurance registration through the company's website and also the introduction of a new service using SMS through the company's call centre to carry out procedures relating to car accidents.

He said Islamic Insurance since its inception in 1995 has grown to become one of leading companies in the region and building on its rich experience the company has been able to develop all its insurance departments to provide comprehensive services and products to its customers.

"In fact the company has been able to realise major achievements at all levels of its services despite the obstacles the insurance sector has been facing globally and regionally," said Al Saadi.

He noted that the success that the company has achieved reflects its financial stability and its ability to manage and develop its work according to the surrounding economic situation and the changes that occur. Islamic Insurance provides a wide variety of covers, including marine cargo-sea, land or air modes- marine hull/ yachts and motor boats, aviation, machinery as well as engineering, freight and plants insurances to name just a few.  Al Saadi noted that some 60 Islamic insurance companies are operating currently in 23 countries accounting for $ 10bn this year, according to international insurance market estimates.

Arab countries account for 63 percent of the Islamic insurance market, followed by Malaysia, the world's largest Islamic insurance market with 28 percent, Asia and Pacific with 9 percent and the USA with 1 percent.

© The Peninsula 2010

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