(Sukuk.net - The Peninsula) Qatar Islamic Bank (QIB) yesterday announced it intends to set up a large Takaful insurance company, although modalities need to be worked out. Takaful is an Islamic insurance concept grounded in Islamic banking transactions and follows Islamic law.

At a press conference yesterday, Salah Jaidah, QIB CEO, told media persons: "The region needs large Takaful insurance companies. We foresee the market and are constantly developing it and are analysing strategies. We are constantly looking at all options. We are constantly looking at opportunities with Takaful insurance companies. We will be taking advantage of having Takaful insurance subsidiaries."

Among other things, it is yet to be decided where the new entity would be headquartered, he said. Jaidah was meeting with the media to analyse the bank's half-yearly results, which showed a profit of QR854m, up 70 percent from the corresponding period last year. The bank's growth is due to its work in the regional market.

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