Qatar Intl Islamic among investors in Syrian insurer

Qatar International Islamic Bank said on Sunday it was among Qatari investors that would own a majority stake in a new Islamic insurance firm in Syria with capital of 1 billion lira ($19.57 million).

Qatar International, Qatar Islamic Insurance Co Al Watani Al Islamic and Trading Group would own 54 per cent of Syrian International Insurance Co, Qatar International said in a statement on the Doha bourse website.

The Syrian government granted a licence to the insurance firm, whose other shareholders would be Syrian investors, Qatar International said.

In Islamic insurance, or takaful, risk and reward is spread equally between the customer and the insurer, unlike conventional insurance, where the insurer takes on all risk and receives a premium. (Reuters)