DOHA: The net profit of the shareholders of Damaan Islamic Insurance’s (Beema) touched QR40m for the full-year 2014, up from QR30m recorded a year ago.
The financial results were announced after the company’s annual general meeting held here the other day. The meeting was chaired by Abdullatif Abdulla Zaid Al Mahmoud, the Deputy Chairman of the company.
Addressing the meeting, the deputy chairman said Beema has achieved a gross contribution of QR254m in 2014 compared to QR204m in 2013, a growth of 25 percent. He announced a refund of surplus of 7 percent to the policy holders. The Chairman expressed his happiness on the excellent results achieved by Beema in short period of time.
Beema was incorporated in September 2009 as a fully Shariah-compliant private Closed Qatari Shareholding Insurance Company with a paid up capital of QR200m. The founders of the company are Qatar Insurance Company (25 percent), Qatar Islamic Bank (25 percent), Masraf Al Rayan (20 percent), Brawa Real Estate Co (20 percent) and Q Invest (10 percent). The company started with a gross contribution of QR33m and went on to grow steadily year on year and within five years it has achieved contribution growth of QR254m in 2014 making itself a formidable Islamic insurance provider in Qatar.
Beema is probably one of the few Islamic insurance companies in the region, which has declared refund of surplus from its first year of operation. Beema currently has branches at Al Mirqab, Abu Hamour and Al Khor and it has planned for an expansion this year. The company has seen a tremendous increase in online insurance policies, and planned to introduce new products through online which would help the customer to choose the insurance product and buy right from their home or workplace.