In a tough six months trading Doha-based Qatar Islamic Insurance Company saw its first-half year profits increase from QR30.1m ($8.3m) in the first half of 2010, to QR33.4m ($9.2m).
Encouragingly the firm's gross contributions increased by 27.7% from QR94m ($25.8m) to QR120.1m ($33m) when the first six months of 2011 was compared to the same period of 2010. However, gross claims also increased - in this instance by 53.3% from QR35.6m ($9.8m) to QR54.6m ($15m). The Takaful firm's gross assets fell by 1% when 1H'10 and 1H'11 were compared, falling from QR613.9m ($168.6m) to QR607.6m ($166.8m).
Qatar Islamic Insurance Company was last rated by Moody's, which gave the Takaful firm a Baa2 rating. Moody's maintain the outlook is stable and the rating is not on watch.
Last year the firm was behind a JV in Pakistan with Dawood Islamic Bank and FWU in BancaTakaful roll out. The firm operates as Pak-Qatar Family Takaful in Pakistan.
No one from Qatar Islamic Insurance Company was available for comment on the results by the time the paper went to press.
© The Islamic Globe 2011
