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Qatar Intl Islamic Among Investors in Syrian Insurer | ASHARQ AL-AWSAT English Archive 2005 -2017
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DUBAI (Reuters) – Qatar International Islamic Bank QIIB.QA 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 QIIC.QA al-Watani al-Islamic and Trading Group would own 54 percent of Syrian International Insurance Co, Qatar International said in a statement on the Doha bourse Web site.

The Syrian government granted a license 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 he insurer takes on all risk and receives a premium.