04-10-2022
QInvest (a subsidiary of Masraf), the leading investment bank in Qatar and one of the most prominent Islamic financial services institutions in the world, announced in partnership with “Qatar Insurance”, the leading insurance company in Qatar, the Gulf Cooperation Council and the Middle East and North Africa, the establishment of a company Epicure Islamic Investment Management, a Qatari company specialized in the field of Islamic asset management.
Epicure Investment Management Ltd., a wholly owned subsidiary of Qatar Insurance Company, is one of the largest companies specialized in the investment management sector in Qatar, and it manages various investment assets for its clients valued at about $7 billion, and has a proven track record of successes and achievements in the sector Investments and is looking to strengthen its presence in the investment asset management sector.
The new entity will benefit from the long experience and high competence enjoyed by IPICURE Investment Management Limited in the field of asset management, while QInvest will provide this entity with the necessary infrastructure and a strong presence in the market, based on its strong track record in developing and structuring Islamic investment products. In addition to its ability to attract capital.
This announcement follows the joint press statement, issued on April 10, 2022, which stated that the two parties have joined forces with the aim of discussing potential means of strategic cooperation and establishing a Qatari company specialized in the field of Islamic asset management.
Epicure Islamic Investment Management, jointly owned by Qatar Insurance Company (51% stake through Epicure Holding Group) and QInvest (49%), is a Shariah-compliant entity regulated by the Qatar Financial Center Regulatory Authority. This new entity will focus on offering a broad portfolio of Islamic asset management products and solutions, from investing to developing and structuring innovative Islamic investment products.
Commenting on this, Mr. Salem Al-Mannai, CEO of Qatar Insurance Group, said: “This investment constitutes a significant milestone in the growth of Epicure Investment Management Limited - which manages investment assets valued at more than $7 billion in stocks, fixed income and real estate - as it will enhance its capacity to provide investment products compatible with the principles and provisions of Islamic Sharia through our investment platform, to serve its customers in Qatar and the region. This step will consolidate our capabilities and our offer in the investment asset management sector in the region, and will give Epicure Company wide perspectives of opportunities and expansion in the markets.” .
In a joint statement, Mr. Hussain Abdullah and Mr. Hussain Fakhruddin, Co-CEOs of QInvest, said: “We are pleased to complete this landmark transaction with Qatar Insurance Company. This deal is a strong testament to our continuous efforts to enhance our offering of services, products and investment solutions in Qatar, and we look forward to launching a wider range of products and solutions that are compatible with the principles and provisions of Islamic Sharia and to meet the requirements of investors.”
It is scheduled to start the "Epicure Islamic Investment Management" company to start its activities and operations as soon as possible and under the supervision of the two owners.