01-12-2022
Daman Islamic Insurance Company "Beema" approved, at the end of its extraordinary general assembly held yesterday, the company's request to convert from a Qatari private shareholding company to a Qatari public shareholding company. After completing the conversion procedures, the company intends to list its shares in the main market of the Qatar Stock Exchange according to the direct listing mechanism, subject to obtaining all the required regulatory approvals.
His Excellency Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani, Chairman of the Board of Directors, who presided over the meeting, said: “Beema” is one of the leading Islamic insurance companies in the State of Qatar Al Rayyan, It was established in 2009 by its five founding shareholders, namely Qatar Islamic Bank, Qatar Insurance Company, Masraf Al Rayan, Barwa Real Estate Company and QInvest.
He added: The company offers a wide range of innovative Takaful solutions to individual and corporate clients, directly and through a diverse distribution network. The company also has a wide range of products, ranging from auto insurance services to individual takaful services in addition to takaful solutions for the aviation, marine and engineering sectors and many other bespoke takaful services.
At the end of its fiscal year in 2021, the total written subscriptions for “Beema” amounted to 368 million Qatari riyals. The company’s basic insurance products, takaful and health insurance (including group medical products and group life insurance products) accounted for 59% of this number, while Personal insurance (including car insurance and travel insurance) came in at 28%, while property insurance accounted for 13% of the total subscriptions written during that period.
Addressing the meeting, he said: “Beema” operates according to the mixed takaful model, which includes both agency and mudarabah approaches. Under the mixed takaful model adopted by the company, the company receives a “wakala fee” for managing insurance operations and a mudarabah share for managing policyholders’ investments. The Company adheres to strict investment risk policies in the management of its operations, including setting minimum credit rating requirements for reinsurance partners and internal capital requirements.
The company will provide further information and details about the planned direct listing of Beema on the main market of the Qatar Stock Exchange in the near future, subject to obtaining the relevant regulatory approvals. Mr. Nasser Rashid Al-Misnad, CEO of the company, said: Beema has appointed Maroon Capital Consulting as the company's listing advisor, LLP office as international legal advisor and Sharq Law Firm as Qatari legal advisor. Daman Islamic Insurance Company “Beema” is registered under Commercial Registration No. (43652) and its registered office address is P.O. Box (11068), Building (72), Street (142), District (69), Lusail, Qatar.