Qatar Insurance Company (QIC), the market leader in Qatar’s insurance sector, and QInvest, a leading investment bank in Qatar, have announced that they are joining forces to create a Qatar-based Islamic asset management venture.
The new company, jointly owned by QIC and QInvest, will be a shariah-compliant entity, regulated by Qatar Financial Centre Regulatory Authority, said a statement posted on QInvest’s website.
Epicure Investment Management, a wholly-owned subsidiary of QIC, which manages over $7bn of investment assets across asset classes for its clients, will provide the necessary asset management capabilities to the JV entity. QInvest will provide the necessary infrastructure and market reach to the JV entity, capitalising 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 parties aim to have the transaction finalised in the second quarter of 2022. M