Salem Al Mannai, Group CEO of QIC and Hussain Abdulla, Co-CEO of QInvest, during the announcement of the establishment of Epicure Islamic Investment Management, in Doha, recently.
Doha: Qatar Insurance Company (QIC), the market leader in Qatar and a dominant insurer in the GCC and Mena region, and QInvest, Qatar’s leading investment bank and one of the most prominent Islamic financial institutions globally, have announced the successful establishment of Qatar-based national champion “Epicure Islamic Investment Management”.
Epicure Investment Management (EIM), a wholly owned subsidiary of QIC and one of the largest regulated investment managers in Qatar manages over $7bn of investments across asset classes for its clients and having an impeccable track record of investing, is looking to enhance its footprint in the Investment Management business.
Epicure Islamic Investment Management, jointly owned by QIC (51 percent through Epicure Holdings) and QInvest (49 percent), is a Sharia’a compliant entity, authorised and regulated by Qatar Financial Centre Regulatory Authority (QFCRA). The new entity will focus on providing a wide range of Islamic asset management activities ranging from investing to developing and structuring innovative Islamic investment products.
EIM will provide the necessary asset management expertise and capabilities to the joint venture entity. At the same time, QInvest will provide the necessary infrastructure and market reach to the joint venture entity, while capitalising on its track record in developing and structuring innovative Islamic investment products, in addition to its ability to raise capital.
This announcement follows the initial press statement on April 10, 2022, when the two parties agreed to explore a potential strategic alliance with the aim of creating a Qatar-based national champion in the Islamic Asset Management space.
Commenting on the announcement, Salem Al Mannai, Group CEO of QIC said: “This investment is a significant turning point for Epicure Investment Management as it allows providing Sharia’a compliant investment products on our platform to our clients in Qatar and Mena. This further enhances our investment management capabilities and offerings - which currently exceed $7bn of investment assets across Equities, fixed Income and Real Estate - in the region and will allow Epicure to penetrate new markets”.
In a joint statement, Hussain Abdulla and Hussein Fakhreddine, Co-CEOs of QInvest said: “We are delighted to have completed this landmark transaction with QIC. Our primary objective continues to be the provision of innovative investment products for our investors and to help develop the market further. This is a testament to our ongoing efforts to continuously optimise our offering for the Qatari landscape, and we look forward to launching a wider suite of Sharia’a compliant products that meets our investors’ requirements”.
Epicure Islamic Investment Management will start operations under the joint ownership imminently.
QIC is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in Qatar. Today, QIC is the market leader in the country and a dominant insurer in the GCC and Mena regions. The Company is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A (Excellent) from AM Best. It is also the first and best digital insurance company in Qatar and the largest insurance company in the Mena region by gross written premium, profitability and total assets. It is listed on the Qatar Stock Exchange and has a market capitalisation in excess of QR7.8bn.
QInvest is the leading investment bank in Qatar, with activities across the Middle East, Europe, Turkey, UK, and USA. The Company has built world class investment and advisory capabilities, with the highest standards of governance and transparency underpinning its client-focused approach. QInvest was incorporated in April 2007, licensed by the Qatar Financial Centre Authority and is authorised by the Qatar Financial Centre Regulatory Authority. QInvest’s shareholders include Qatar Islamic Bank and other institutional investors, as well as high-net-worth individuals. The bank has authorised capital of $1bn.
