Officials from Qatar Insurance Company (QIC) & QInvest during the launching ceremony.
Qatar-based major insurance company Qatar Insurance Company (QIC) and the leading investment bank QInvest have established the national champion in the Islamic asset management space, “Epicure Islamic Investment Management.”
The new entity is a Sharia’a compliant entity, authorized and regulated by Qatar Financial Centre Regulatory Authority (QFCRA).
Epicure Islamic Investment Management, jointly owned by QIC (51 percent through Epicure Holdings) and QInvest (49 percent), will focus on providing a wide range of Islamic asset management activities ranging from investing to developing and structuring innovative Islamic investment products.
The announcement follows the two parties’ decision to explore a potential strategic alliance to create a Qatar-based national champion in the Islamic Asset Management space.
Salem Al-Mannai Group CEO – QIC
“This investment is a significant turning point for Epicure Investment Management as it allows providing Sharia’a compliant investment products on our platform to our clients in Qatar and MENA. This further enhances our investment management capabilities and offerings – which currently exceed US$7 billion of investment assets across Equities, Fixed Income, and Real Estate – in the region and will allow Epicure to penetrate new markets.”
In a joint statement, Mr. Hussain Abdulla and Mr. Hussein Fakhreddine, Co-CEOs of QInvest, said that “this is a testament to our ongoing efforts to continuously optimize our offering for the Qatari landscape, and we look forward to launching a wider suite of Sharia’a compliant products that meets our investors’ requirements.”
Epicure Investment Management (EIM), a wholly owned subsidiary of QIC and one of the largest regulated investment managers in Qatar, will provide the necessary asset management expertise and capabilities to the joint venture entity.
According to the statement, “QInvest will provide the necessary infrastructure and market reach to the joint venture entity, while capitalizing on its track record in developing and structuring innovative Islamic investment products, in addition to its ability to raise capital.”
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