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Qatar Intl Islamic Among Investors in Syrian Insurer - ASHARQ AL-AWSAT English Archive
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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.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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