Qatar- QIIC AGM approves QR4 per share dividend
Date
3/17/2015 3:18:27 AM
(MENAFN- The Peninsula) Qatar Islamic Insurance Company (QIIC) Annual General Assembly (AGM) yesterday approved board's proposal to distribute dividend of QR4 per share.
"The Board of Directors, in co-ordination with Shariah Supervisory Board, has decided to reimburse policyholders with cash surplus equaling 20 percent of the premium written in 2014, still highest so far. As for the shareholders, the Board proposes to your assembly the distribution of cash dividends of 40 percent of the paid up capital, which equals QR4 per share," said Sheikh Abdullah bin Thani Al Thani, Chairman, QIIC while addressing company's 20th AGM.
He said despite challenging economic environment, the company will consolidate its market position in the current year.
"Although we recognise that 2015 will pose a real challenge to the Qatari private sector and, especially, the Qatari joint stock companies, given the current global economic turmoil and unprecedented competitive environment dominating the domestic insurance market, we are confident that we will consolidate our market position, create new business opportunities in Qatar and abroad and ensure QIIC's continued success in 2015 and beyond," he said.
QIIC offers a wide range of insurance products and services in accordance with Shariah.
"As for the future, the Board will pursue with unwavering determination, the company's strategic plans for the years 2014-2016 to ensure tis continued growth and prosperity. Out approved three year strategic plan and goals will permit us to increase our share of insurance business in Qatar, maximise our insurance underwriting capacities, retention and profit efficiency, re-engineer our motor insurance operations, maximise the efficiency of our investment assets diversification and profitability, and rise the Qatarisation percentage," said the chairman.
He added that the company had succeeded in exceeding in business and operational goals and targets in 2014 by generating gross premium of QR235.99m and aggregate net profit of QR90.57m.
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