Qatar-based major insurance company Qatar Insurance Company (QIC) and the leading investment bank QInvest have partnered to create a national champion in the Islamic asset management space.
The new company, jointly owned by QIC and QInvest, will be a Sharia‘a compliant entity, regulated by Qatar Financial Centre Regulatory Authority (QFCRA).
According to the statement, “Epicure Investment Management (EIM), a wholly-owned subsidiary of QIC, which manages over $7 billion of investment assets across asset classes for its clients, will provide the necessary asset management capabilities to the joint venture entity.”
The statement added that the QInvest will offer the necessary infrastructure and market reach to the joint venture entity, capitalizing on its track record in developing and structuring innovative Islamic investment products, in addition to its ability to raise capital.
The transaction remains subject to relevant corporate and regulatory approvals. Both the parties intend to work together, in collaboration with their respective stakeholders, to complete the transaction in the second quarter of 2022.
Qatar Insurance Company (QIC)
Founded in 1964, Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA region. QIC is one of the highest-rated insurers in the Gulf region with a rating of A/Negative from Standard & Poor’s and A(Excellent) from A.M. Best.
QInvest is one of the most prominent Islamic financing institutions in the world. The bank’s priority is to deliver high-value propositions, considered solutions, and tangible results for its clients and shareholders.