News Middle East01 Oct 2020

Qatar:Takaful sector increases contributions by 5.5% in 2019

| 01 Oct 2020

The contributions generated by the five takaful companies operating in the domestic market in Qatar amounted to over QAR1.29bn ($355m) in 2019, representing growth of 5.5% compared to the previous year, according to an analysis by Bait Al Mashura Finance Consultations.

During the five years 2015-2019, takaful contributions grew at a compound annual growth rate of 1.1%, says the consulting firm's report titled Islamic Finance in Qatar.

The takaful companies accounted for over 10% of the combined premiums of conventional and Islamic insurers in the Qatari insurance market last year.

The aggregate net profit of the five takaful companies stood at QAR5.7m in 2019.

The performance of the five takaful companies is as follows:

Company

2019 Written premiums

QAR m

Change

over 2018

2019 Surplus

QAR m

Change

over 2018

Policyholders'

Assets

QAR m

Change

over 2018

Qatar Islamic Insurance

405

+6%

12.2

Profits fell by 42%

752.8

 

+27%

Alkhaleej Takaful Insurance

296

+10.8%

1.5

Profits fell by 15%

455.8

+9%

 

Damaan Islamic Insurance (Beema)

339

+2.1%

11.6

Profits fell by 42%

752.7

 

-1%

 

General Takaful

192

-3%

(24.0)

Losses rose by 267%

286.3

-16%

 

Doha Takaful

59

+32%

4.4

Profits rose by 168%

100.4

+38%

 

Source: Islamic Finance in Qatar 2019 report

The five takaful companies operate under the supervision of Qatar Central Bank which also oversees five local conventional insurance companies and four branches of foreign conventional insurers, in addition to representative offices of four conventional insurers.

In addition, four takaful companies operate at the Qatar Financial Centre. They are:

  • MedGulf Allianz Takaful
  • T’azur Company
  • Takaful International
  • SEIB Insurance and Reinsurance Company.


 

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