Qatar: Local takaful companies post aggregate $31m in surpluses in 2021

Source: Middle East Insurance Review | Oct 2022

Qatar’s five local takaful operators continued to achieve surpluses, which amounted to a total of QAR113m ($31m) in 2021 (Table 1), according to the Islamic Finance Report 2021 published recently. The report, published by Bait Al Mashura Financial Consulting Company, also showed that all the local takaful companies posted an insurance surplus for 2021.

Financial results of Qatar’s five takaful operators

In addition, they reported aggregate contributions of QAR1.4bn in 2021, an increase of 7.4% over 2020. The five companies are Qatar Islamic Insurance Company (QIIG), Alkhaleej Takaful Insurance Company, Damaan Islamic Insurance (Beema), General Takaful Company of the General Insurance and Reinsurance Company, and Doha Takaful Company of Doha Insurance Group.

These five takaful companies saw their combined assets rise by 4.4% y-o-y to QAR2.33bn.

Apart from them, other players in Qatar consist of five locally incorporated domestic insurance companies and four branches of foreign conventional insurance companies. In addition, over at the Qatar Financial Centre, there are four insurers that provide Islamic insurance services, namely, MedGulf Allianz Takaful, T’azur Company, Takaful International Company and SEIB Insurance and Reinsurance Company. M

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