(MENAFN- The Peninsula) The Peninsula
Doha: Damaan Islamic Insurance Company“Beema” (“Beema” or the“Company”) is pleased to announce the conclusion of its Extraordinary General Assembly held on the 30th of November 2022, which shareholders approved the Company's application for conversion from a Qatari private shareholding company into a Qatari public shareholding company.
Following and subject to the conversion of the Company, Beema intends to undertake a direct listing on the Main Market of the Qatar Stock Exchange according to the direct listing mechanism, subject to obtaining all required regulatory approvals.
Beema is one of the leading Islamic insurance providers in the State of Qatar.
The Company was established in 2009 by its five founding shareholders, Qatar Islamic Bank QPSC, Qatar Insurance Company QPSC, Masraf Al Rayan QPSC, Barwa Real Estate Company QPSC and QInvest LLC.Beema offers a wide range of innovative takaful solutions to retail and corporate clients, both directly and through a diversified distribution network. The Company has a broad product portfolio, ranging from motor to individual life insurance services as well as takaful solutions for the aviation, marine and engineering industries and many other bespoke takaful services.
At the close of its financial year in 2021, Beema totaled QAR 368m in gross written contributions (“GWCs”). The Company's core insurance products, Takaful and health insurance (including group medical, group life and group life credit products) made up 59% of this figure, while personal insurance (including motor and travel insurance) came in at 28 percent, and property and casualty GWCs respectively accounted for 13% of Beema's total GWCs during that period.
Beema operates under a hybrid Takaful model, which encompasses both Wakala and Mudaraba approaches.
The Company receives a Wakala fee for managing insurance operations and a Mudarib fee for managing policyholders' investments. In doing so, the Company adheres to strict investment risk policies, including minimum credit rating requirements for its reinsurance partners, and internal capital requirements.
Further information and details on Beema's potential listing on the Main Market of the Qatar Stock Exchange in the future will be provided subject to the relevant approvals being obtained from the competent regulatory authorities. Maroon Capital Advisory LLC is appointed as Listing Advisor, Eversheds Sutherland (International) LLP as International Legal Advisor and Sharq Law Firm as Qatar Legal Advisor. Damaan Islamic Insurance Company“Beema” is registered under commercial registration number 43652 and has its registered office address at P.O. Box 11068, Building 72, Street 142, Zone 69, Lusail, Qatar.
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