30 Mar 2017

Qatar Islamic Insurance Company’s (QIIC) strategic plan and goals will help the company to increase its share in Qatar’s insurance business, said Sheikh Abdullah bin Thani Al Thani, Chairman of QIIC yesterday.

“As for the future, the Board will pursue, with unwavering determination, the Company’s strategic plans for the Years 2015 - 2017 to ensure its continued growth and prosperity. Our approved three year strategic plan and goals will permit us to increase our share of insurance business in Qatar, maximize our insurance underwriting capacities, retention and profit efficiency, re-engineer our motor insurance operations, maximise the efficiency of our investment assets diversification and profitability, rise the qatarisation percentage,” said the Chairman addressing shareholders at the Company’s Annual General Assembly meeting.  

He added that the Board of Directors, in co-ordination with the Sharia’ Supervisory Board, has decided to reimburse policyholders with cash surplus equaling 20 percent of the premiums written in 2016.

The meeting approved the distribution of cash dividends of 35 percent of the paid-up capital, which equals QR 3.5 per share.  “Although we recognise that 2017 will pose a real challenge to the Qatari private sector and, especially, the Qatari joint stock companies, given the current global economic turmoil and the unprecedented competitive environment dominating the domestic insurance market, we are confident that we will consolidate our market position, create new business opportunities in Qatar and abroad and ensure QIIC continued success in 2017 and beyond,” added the Chairman.

© The Peninsula 2017