Qatar’s Insurance company Beema to list on QSE as a Public entity

By Arya M Nair, Official Reporter
  • Follow author on
Representational Image

Qatar-based Damaan Islamic Insurance Company (Beema) announced its conversion into a public company and to list its shares on the Qatar Stock Exchange (QSE).

Addressing a general assembly held virtually at the company’s headquarters in Lusail, Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani, Chairman of the Board of Directors of Beema, said that the convening of the meeting came in response to the directives of the Qatar Central Bank (QCB).

Sheikh Jassim stressed that Beema recognizes the importance of its vital role in developing the insurance sector, which is a cornerstone of the national economy, especially the Takaful insurance, a type of Islamic insurance in which members contribute money to a pool system to guarantee each other against loss or damage.

Since its formation in 2009, Beema has been fully compliant with legislation and laws, as well as bylaws and instructions regulating insurance business and their updates, in order to ensure the activation of the company’s Board of Directors to take it to new heights, Sheikh Jassim added.

Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani
Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani
Chairman – Board of Directors

“Following requirements of the regulatory authorities and the QCB law, we are holding our extraordinary general assembly based on the recommendation of the company’s Board of Directors for the initial approval of the company’s transformation into a public shareholding company, offering its shares for public trading and listing on the Qatar Stock Exchange.”

According to reports, the company’s share offering is the first step and the significant pillar in implementing its objectives of becoming a leader among national companies in the field of Takaful insurance in the State of Qatar and expanding its footprints globally.

Mr. Nasser Rashid Al Misnad, CEO of Beema, said that Beema achieved excellent performance from January to October 2021 reflects its strength, solidity, financial position that it made in the Takaful insurance market.

Related: Qatar’s non-energy economy escalated new heights in Nov: PMI