Despite a highly competitive market with new insurance companies entering the Qatari market through the Qatar Financial Center, Damaan Islamic Insurance Company recorded a profit of QAR28 million (US$7.68 million) for the first half of 2013, against QAR10 million (US$2.74 million) posted during the same period in 2012. The Qatar Islamic Insurance Company also enjoyed strong financial statements for the first half of 2013 with a net profit of QAR35.8 million (US$9.83 million) compared with QAR34.8 million (US$9.55 million) for the same period last year.

Qatar Islamic Bank (QIB) recorded a 15.6% growth in profit from June 2012 to March 2013, reaching QAR360 million (US$98.85 million). QIB’s initiative to expand its domestic network and ensure that customer needs are met has been put to action with the opening of yet another branch in Qatar.

Masraf Al Rayan posted a profit of QAR821 million (US$225.5 million) in the first half of 2013, showing a commendable increase of net profits of 13.2%. Masraf Al Rayan’s prudent policies have positioned it to be at the forefront of Islamic banking in both the local and regional markets.

Originally published in Islamic Finance news Volume 10 Issue 34 on 28.08.13.