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, yesterday announced that they are joining forces to create a Qatar-based national champion in the Islamic asset management space.
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 $7bn of investment assets across asset classes for its clients and having an impeccable track record of investing, 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, capitalizing on its track record in developing and structuring innovative Islamic investment products, in addition to its ability to raise capital.
The transaction remains subject to relevant corporate and regulatory approvals.
It is the intention of both parties, in conjunction with respective stakeholders, to work collaboratively to finalize the transaction during Q2 2022.
