5 Interactive Distance Learning Programs on Islamic Banking and Finance

Friday, February 13, 2009

Al Khaleej insurer to pick up stake in Al Jisr Takaful

DOHA: Al Khaleej Insurance and Reinsurance (AKHI) yesterday said it was picking up 2% stake in Al Jisr Takaful Insurance Company for a total of QR5.05mn.Already, Qatar Islamic Insurance Company and Gulf International Services’ subsidiary Al Koot have announced that they were picking 2% stake each in Al Jisr, which is being established among the national insurers in Qatar and Bahrain with an initial capital of QR250mn.Al Jisr, which is formed under the aegis of Qatar and Bahrain Chambers of Commerce and Industry, will be operating as a Shariah-principled entity writing all types of insurance.AKHI also said it was divesting its 25% stake in Bahrain’s National Life Assurance Company to Doha Bank Assurance Company (DBAC) for QR5mn.AKHI accorded approval for the stake sale to Doha Bank’s subsidiary after getting nod from its board as well as from the competent authorities in Bahrain, said its spokesman in a communiqué to the Doha Securities Market.In July last year, AKHI had picked up 25% stake in National Life Assurance Company, a subsidiary of Bahrain’s National Holdings, and it was planned that the joint venture would open a branch in the Qatar Financial Centre to provide life and medical insurance.DBAC, a 100% subsidiary of Qatar’s third largest lender, had reported more than 21-fold jump in net premium income to QR16.72mn in 2008.

" Gulf Time "