February 2009 Doha - The Qatar Islamic Insurance Company (QIIC) Qatar Islamic Insurance Company (QIIC) hopes to buy half-a-million shares of another Islamic insurer which is being set up as a joint venture between Qatari and Bahraini investors.

A report posted on the website of the Doha Securities Market (DSM) Doha Securities Market (DSM) , the Qatari bourse, said yesterday that the QIIC QIIC will also buy another 50,000 shares of the afore-mentioned firm (Al Jisr Takaful Company) to cover the expenses involved in forming the company.

Takaful in Arabic means insurance.

The paid-up capital of the proposed Islamic insurer will be QR250m (slightly less than $70m) and some 30 per cent of its equity will be divided equally between Qatari and Bahraini owners through a mega public offer.

The owners come from across prominent national insurance firms and major institutions from the two countries. Qatar Foundation Qatar Foundation as well as the civil and military pension funds in Qatar are tipped to own around 40 percent of the proposed company's equity, the report suggested.

The remaining 60 per cent of the equity will be offered to the Qatari and Bahraini public (citizens) through an initial public offering (IPO).

"The board of directors of the QIIC QIIC has already approved the purchase of 500,000 shares as well as an additional 50,000 shares of the said company," the QIIC QIIC was quoted as saying.

The company is to be listed on the DSM DSM and the process is on, the DSM DSM report obliquely hinted. This will be the second Islamic insurer in Qatar after the QIIC QIIC .

© The Peninsula 2009 omar 1.1:zy