Qatar: Beema to become public shareholding company and launch IPO
Source: Middle East Insurance Review | Jan 2023
Shareholders of Damaan Islamic Insurance Company (Beema) have voted to convert the company from a Qatari private shareholding company into a Qatari public shareholding company. The shareholders voted at an extraordinary general meeting held on 30 November 2022, reported The Peninsula newspaper.
Following the conversion of the company, Beema intends to undertake a direct listing on the main market of the Qatar Stock Exchange, subject to obtaining all required regulatory approvals.
Beema was established in 2009 by its five founding shareholders, Qatar Islamic Bank, Qatar Insurance Company, Masraf Al Rayan, Barwa Real Estate Company and Qinvest.
Beema operates under a hybrid takaful model, which encompasses both wakala and mudaraba approaches. The company receives a wakala fee for managing insurance operations and a mudarib fee for managing policyholders’ investments.
Beema offers a wide range of innovative takaful solutions to retail and corporate clients directly and through a diversified distribution network. The company has a broad product portfolio, ranging from motor to individual life insurance services, takaful solutions for the aviation, marine and engineering industries, and many other bespoke takaful services. M