DOHA: Qatar Islamic Insurance Company (QIIC) Chairman Sheikh Abdulla bin Thani Al Thani has said that firm would consolidate its market position and create new business opportunities in Qatar and abroad and continue its success in 2013 and beyond.
Addressing the ordinary general assembly of the company on Sunday, the chairman said that the company recorded good results in 2012 by generating a premium of QR206m and aggregate net profit of QR74m, of which net policyholders’ surplus amounted to QR16m.He noted the shareholders’ profit reached QR58m, constituting earnings per share of QR3.5.
“The board will pursue, with unwavering determination, the company’s strategic plans for the Years 2013-2015 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, maximise our insurance underwriting capacities, retention and profit efficiency, re-engineer our motor insurance operations, maximize the efficiency of our investment assets diversification and profitability, rise the Qatarisation percentage,” the chairman said.
The Board of Directors, in co-ordination with the Shariah Supervisory Board, has decided to reimburse policyholders with cash surplus equaling 20 percent of the premiums written in 2012, still the highest so far.
The general assembly approved the company’s nine-point agenda, including its financial statements for the year 2012 and election of two people in the current QIIC Board of Directors.
The Shariah Supervisory Board of QIIC reviewed the practices, contracts and documents of the company executed during 2012 and found them it total compliance with the rules and principles. The board noted that the allocation of profit and charging of losses relating to investment accounts conform to the basis that has been approved by it in accordance with Shariah rules and principles.
It also observed that the company has maintained separate accounts for the shareholders and policyholders, and the shareholders’ profits and policyholders’ surplus for the year ended December 31, 2012, have been determined in accordance with the approved rules a and properly reflected in the financial statements for the full year.
“The distribution of investment profits, based on the principals of Mudharaba and the determination of Wakala Fees are in compliance with the Shariah rules and guidelines approved by the Shariah Supervisory Board,” the Dr Ali Moehi El Din Al Gura Daghi, Head of Shariah Supervisory Board, said.
The Peninsula
