Total assets of local takaful operators in Qatar reached QAR4.2bn ($1.15bn) in 2023 (excluding General Takaful Company), according to the Islamic Finance Report issued by Bait Al-Mashura Financial Consulting Company.
According to the report, Al Khaleej Takaful Company (Al-Khaleej) achieved the highest growth rate in assets in 2023 at 5.2%, followed by Doha Takaful 2.7%, then Islamic Insurance Company (IIC) 1.9%. During 2019-2023, CAGR of takaful providers’ assets was 2.1%, with Doha Takaful achieving the highest compound growth rate at 11.3%, followed by IIC at 2.6%, Damaan Islamic Insurance Company (Beema) 1.2%, and Al-Khaleej at a marginal rate of 0.3%.
The reports added that total assets of policyholders in takaful operators, excluding General Takaful, amounted to QAR2.2bn during 2023, a decrease of 3.6% compared to 2022. Doha Takaful achieved the highest positive growth rate in policyholders’ assets in 2023, with a growth rate of 23.9%, Al-Khaleej 2%, while IIC and Beema registered a decrease by 6.3% and 8.4%, respectively, compared to 2022. Over 2019-2023, CAGR of policyholders’ assets in these companies amounted to 1.2%, and with differences between them, CAGR of policyholders’ assets in Doha Takaful was positive at a rate of 14.1%, and Beema 2.3%, while it was negative for Al-Khaleej and IIC at 2.6% and 0.1%, respectively.
Contributions for the four takaful players reached QAR1.4bn in 2023, an increase by 8.8% from the preceding year. Doha Takaful achieved the highest growth rate at 30.2%, followed by IIC 12%, Al-Khaleej 4.4%, and Beema at 2.2%. During the 2019-2023 period, contributions’ CAGR was 5.1%.
As for surpluses, the report indicates that the results of the takaful operators varied in 2023, as Beema was the only to achieve surplus (QAR27m). Al-Khaleej reported a deficit of QAR4m, Doha Takaful of QAR8.5m, and IIC’s deficit reached QAR54.6m. M