Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani (centre), Chairman of Beema; Abdulatif Abdullah Al Mahmoud, Deputy-Chairman, and other Board members, during the Annual General Assembly Meeting of Beema held at Grand Hyatt Hotel, yesterday. Pic: Bahe
The Board of Directors of Damaan Islamic Insurance Company (Beema) has recommended for dividends distribution to shareholders at 10 percent of the nominal value of the share for the financial year ended December 31, 2019.
This was announced at the Company’s Annual General Meeting held yesterday which was presided over by Beema Chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani.
Beema is a Doha-based fully Sharia-compliant private closed Qatari shareholding insurance company, which offers Takaful solutions that provide protection across a wide spectrum of risk categories.
“In light of these results, the Board of Directors recommends, in coordination with the Sharia Supervisory Board, to distribute 7 percent to policy holders for whom no claims have been registered, and to approve dividends distribution to shareholders at 10 percent of the nominal value of the share and transfer the amount of QR50m from the retained earnings account of shareholders to the statutory reserve in addition to what is transferred annually so that the legal reserve becomes for an amount of QR154.18m (to be exact QR154,189,843),” said the Chairman of Beema in his address to the shareholders.
He added: “The year 2019 was a real test for the strength and solidity of BEEMA to ensure that it maintains its growth rates, develops its performance, and prepares for a new phase of success and growth after completing its tenth year.”
He said that Beema launched during the year more insurance products through the electronic windows, and thanked to its policyholders and customers who helped Beema to retain the leadership in Qatar Takaful insurance market and penetrate larger market share. In addition, the company’s rating (BAA1) by Moody’s has helped it to increase its business and gain the trust of its customers.
Beema is aware of the importance of the role it plays in developing the insurance sector, which is the cornerstone of the national economy, as this vital sector has a great role in providing risk protection to individuals, companies and institutions. The Company adheres to the requirements and principles of governance in accordance with the principles of corporate governance of insurance companies issued by Qatar Central Bank.
