Qatar Insurance Company(QIC) and QInvest LLC announced Sunday that they are joining forces to create a Qatar-based Islamic asset management company.
The new company, jointly owned by QIC and QInvest, will be a Sharia’a compliant entity, regulated by Qatar Financial Centre Regulatory Authority (QFCRA).
Epicure Investment Management LLC (EIM), a wholly owned subsidiary of QIC, which manages over US$7 billion of investment assets across asset classes will provide the necessary asset management capabilities to the joint venture entity, while QInvest will provide the necessary infrastructure and market reach to the joint venture entity.
Founded in 1964, QIC was the first domestic insurance company in Qatar. It is listed on the Qatar Stock Exchange.
QIC is one of the highest rated insurers in the Gulf region with a rating of A/Negative from Standard & Poor’s and A(Excellent) from A.M. Best.
QInvest has offices in Doha and Istanbul, as well as affiliates in India and the UK.