Qatar Islamic Insurance

What Qatar Islamic Insurance does

Qatar Islamic Insurance Company (QIIC), founded in 1995 and headquartered in Doha, is Qatar's first and leading Takaful (Islamic cooperative) insurance company, publicly listed on the Qatar Stock Exchange under the ticker QIIC and operating as Qatar Islamic Insurance Group Q.P.S.C. The company offers a comprehensive Sharia-compliant insurance portfolio organized across two primary segments: retail (motor, travel, medical/Balsam plans, home, boat/yacht, domestic maid, and life/Aman) and corporate (energy, engineering, general accident, corporate liability, fire and property, marine cargo, marine hull, motor fleet, group medical, and group life). All products and operations are supervised by a Sharia Supervisory Board to ensure compliance with Islamic principles, with external audit by KPMG and an A.M. Best Financial Strength Rating of A- (Excellent).

QIIC's core technology is a Takaful insurance platform supporting both retail and corporate operations through online policy management, claims processing, and digital customer-service portals (gionline.qiic.com.qa, medonline.qiic.com.qa, insure.qiic.com.qa). Distribution is multi-channel: direct digital (website, Android/iOS apps, self-service insurance kiosks), physical (main office on C Ring Road and a Barwa Commercial Avenue branch in Doha), WhatsApp and call-center support, and a corporate sales team for enterprise clients. The company leverages its role as a lead insurer in national consortia (Qatar Rail, Ashghal OCIP, Qatar FIFA 2022 World Cup stadia) to win large accounts.

The business model is subscription-based premium collection under the cooperative Takaful framework: premiums flow into a general fund that meets claims, with any residual surplus distributed annually to policyholders. Declared surplus has risen from 5% at inception in 1995 to 15% currently, paid every year since 1995. Revenue streams include retail premiums, corporate premiums, and reinsurance ceded to retakaful partners to manage large risks. Paid-up capital has grown from QAR 20 million to QAR 150 million through bonus shares, and total assets approach QAR 1 billion. For the first nine months of 2025, net profit reached QAR 139.168 million (+13.97% YoY), with EPS of QAR 0.93. Recent strategic activity includes a February 2026 investment in SkipCash's $4M Series A and continued expansion of digital and ecosystem partnerships.

Name

Qatar Islamic Insurance

Legal name

Qatar Islamic Insurance Company

Website

https://qiic.com.qa

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

251–500 employees

Short description

Qatar Islamic Insurance Company (QIIC), founded in 1995 and listed on the Qatar Stock Exchange, is Qatar's first Takaful (Islamic cooperative) insurer offering Sharia-compliant retail and corporate insurance across motor, medical, life, energy, engineering, marine, and group lines to individuals, families, and businesses.

Ownership category

akta.pro rank

Product category

Takaful Insurance

NAICS

Insurance Carriers (5241), Direct Life, Health, and Medical Insurance Carriers (52411), Direct Property and Casualty Insurance Carriers (524126), Direct Health and Medical Insurance Carriers (524114)

SIC

Insurance Carriers, Nec (6399), Life Insurance (6311), Accident & Health Insurance (6321), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM)

akta.pro secondary industries

Universal Life (UL) Insurance (FSAIABAB), International/Expatriate Individual Health Insurance (FSAIAEAH), Retakaful (Life & Health) (FSAIANAM)

Keywords

• Takaful insurance services
• Sharia compliant insurance
• Cooperative insurance products
• Corporate insurance solutions
• Personal insurance coverage

Headquarters

HQ city

Doha

HQ country

Qatar

HQ region

Middle East

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Retail Insurance Premiums: QIIC generates revenue through collection of takaful (insurance) premiums from individual retail customers purchasing motor, travel, medical, home, life, boat/yacht, and domestic maid insurance policies. Premiums form the general fund from which claims are met, with any remaining surplus returned to policyholders annually.
2. Corporate Insurance Premiums: Revenue from corporate clients including energy, engineering, general accident, liability, fire & property, marine cargo, marine hull, motor fleet, group medical, and group life insurance. Premiums are collected and managed under the cooperative takaful model.
3. Reinsurance Ceded Premiums: QIIC cedes a portion of premiums to reinsurance/retakaful companies to manage large risks, and receives claims reimbursement. The company has arrangements with renowned and financially sound reinsurance companies enabling it to offer comprehensive coverage for large corporate groups and projects.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Qatar Islamic Insurance Company (QIIC) is a Takaful (Islamic cooperative) insurance provider offering Sharia-compliant personal and corporate insurance products in Qatar. Retail offerings include motor, travel, medical (Balsam plans), boat/yacht, maid, home, and life (Aman) insurance, while corporate offerings include energy, engineering, general accident, liability, fire & property, marine cargo and hull, motor fleet, group medical, and group life insurance. Operating under a cooperative model, policyholders participate in annual surplus distributions that have risen from 5% in 1995 to 15% currently.

Product overview

Qatar Islamic Insurance Company (QIIC) is a Qatar-based Takaful (Islamic insurance) company offering a comprehensive portfolio of both personal and corporate insurance products and services. The company provides individual insurance covering motor, travel, medical (Balsam plans), boat/yacht, maid/domestic worker, home, and life (Aman) insurance, alongside corporate insurance including energy, engineering (contractors all-risk, machinery breakdown), general accident, corporate liability, fire & property, marine cargo, marine hull, motor fleet, group medical (Balsam Classic), and group life insurance. QIIC distributes products through digital channels including online portals, mobile applications, and self-service kiosks, with products supervised by a Sharia Supervisory Board to ensure compliance with Islamic principles.

Differentiator

Problem solved

Functional benefit

Brands

• Balsam: Medical insurance plans including Balsam General, Balsam Bronze, Balsam Silver, and Balsam Gold with various coverage levels for inpatient and outpatient services.
• Aman

Products and services

• Motor Insurance Sharia-compliant motor vehicle insurance for individuals covering own damage, personal injuries, fire, theft, third party liability, agency repairs at official dealerships, and roadside assistance with 24/7 support.
• Travel Insurance Travel insurance covering outbound travel (Schengen, MENA, Worldwide) and inbound visitors' health insurance with emergency medical assistance and evacuation coverage.
• Medical Insurance (Balsam) Tiered health insurance plans (Balsam General, Bronze, Silver, Gold) for individuals covering outpatient, inpatient, dental, and vision benefits with cashless claims through QIIC's provider network.
• Boat & Yacht Insurance Insurance for private and commercial boats and yachts covering physical loss, damage, third party liability, and towing assistance.
• Domestic Maid Insurance Domestic worker insurance covering personal accident, treatment, accidental death, permanent disablement, and home contents protection.
• Home Insurance Residential home insurance covering loss, damage, fire, theft, earthquake, and water damage for buildings and contents.
• Life Insurance Aman Individual life Takaful insurance covering death (any cause) and total permanent disability (accident and sickness), with optional critical illness and disability benefits. Premiums start from QAR 120 per year.
• Energy Insurance Insurance for oil and gas, offshore construction, onshore energy, and marine energy operations covering physical damage and business interruption.
• Engineering Insurance Insurance for construction and engineering projects including Contractors All-Risk, Erection All-Risk, Electronic Equipment, Machinery Breakdown, and Boiler insurance.
• General Accident Insurance Corporate accident insurance covering all risk, burglary, plate glass, fidelity guarantee, money insurance, crime, and cyber liability.
• Corporate Liability Insurance Corporate liability coverage including workmen's compensation, employer's liability, public/products liability, directors and officers (D&O), terrorism, and cyber insurance.
• Fire & Property Insurance Fire and property insurance covering loss, damage, terrorism, political violence, and business interruption for commercial properties.
• Marine Cargo Insurance Marine cargo insurance for sea, air, and land transit covering accidental physical loss and damage with war and strikes coverage.
• Marine Hull Insurance Marine hull and machinery insurance covering vessels against accidental physical loss and damage including war risk.
• Motor Fleet Insurance Corporate motor fleet insurance covering comprehensive, third party liability, and fire & theft for company-owned vehicle fleets.
• Group Medical Insurance Corporate group medical insurance including the Balsam Classic plan with flexible benefit options for employee healthcare coverage.
• Group Life Insurance Employee group life insurance including AMAN basic plan and HEMAYA credit life covering death and total disability for employee benefits programs.

Quantifiable outcome

• 15% annual cash surplus return for policyholders
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Doha Insurance: Qatar-listed multi-line insurer offering motor, marine, fire, medical and engineering products. Comparable as a same-market, multi-line insurance competitor sharing customer base and product categories with QIIC.
• Beema (Bahrain National Holding / Takaful International): Bahrain-based Takaful provider offering family and general Takaful products. Directly comparable as a GCC Takaful peer operating under a similar cooperative model and product taxonomy.
• Saudi Enaya Cooperative Insurance: Saudi cooperative health and protection insurer focused on medical and life cover. Closely comparable to QIIC's group medical and life Takaful (Aman) lines within a GCC cooperative insurance model.
• Al Sagr National Insurance Company: UAE-based insurer providing motor, medical, life and corporate insurance with Sharia-compliant product offerings. Directly comparable as a regional multi-line insurer pursuing the same retail and corporate Takaful/cooperative niche.
• Dar Al Takaful: UAE-based Takaful operator offering family and general Takaful products. Comparable as a direct Takaful peer sharing product architecture, Sharia oversight structure, and target customer segments with QIIC.
• Walaa Cooperative Insurance: Saudi-listed cooperative insurance company providing motor, medical, property and engineering coverage. Comparable as a Gulf-region cooperative insurer competing for similar corporate and retail accounts under a Sharia-compliant framework.
• Salama (Islamic Arab Insurance Company): UAE-listed Takaful insurer offering both family and general Takaful across retail and corporate lines in the GCC. Directly comparable as a regional cooperative/Islamic insurance peer with a similar Sharia-compliant product mix to QIIC.

Others

• Saudi Reinsurance Company: Saudi-listed reinsurer serving MENA primary insurers. Comparable as a counterparty / reinsurance provider that QIIC likely relies on to cede large risks, rather than as a direct competitor.

Broad incumbents

• Gulf Insurance Group (GIG): Kuwait-headquartered regional insurance group with operations across MENA offering life, health and P&C lines. Comparable as a larger regional incumbent competing for corporate accounts in Qatar and broader GCC.
• Qatar Insurance Company (QIC): Qatar's largest and flagship conventional insurer with a broad regional and international footprint. Comparable as a domestic competitor across nearly all of QIIC's lines but operating conventional rather than Takaful structures.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/qiicqa
• Facebookfacebook.com/QIICQA
• LinkedInlinkedin.com/company/qiicqa

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Qatar Islamic Insurance