Islamic insurance: Takafulia Assurances expands its funding round

The capital of the company Takafulia Assurances will be divided between the partners according to the following proportions: 60% for HIA, 20% for CIH BANK, 10% for QIIB and 10% for QIIC.

Holmarcom Insurance Activities (HIA), Crédit Immobilier et Hôtelier (CIH BANK), Qatar International Islamic Bank (QIIB) and Qatar Islamic Insurance Company (QIIC) recently signed a memorandum of understanding for a stake in the capital of the participatory insurance company, Takafulia Assurances, whose capital is currently 100% owned by HIA.

This new partnership, the finalization of which is subject to the necessary approvals and authorizations from the competent authorities, will lead to a distribution of the capital of the company Takafulia Assurances between the partners according to the following proportions: 60% for HIA, 20% for CIH BANK, 10 % for QIIB and 10% for QIIC.

The purpose of this partnership is to benefit from the expertise of each of the partners, both nationally and internationally, and to develop synergies with high added value.

This partnership will also make it possible to provide a complete and diversified offer in Takaful insurance, which will be distributed through various partners, in particular Umnia Bank, a participatory bank resulting from a partnership between CIH Bank, QIIB and CDG.

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