Latest news with #QAR
Qatar Tribune
7 hours ago
- Business
- Qatar Tribune
QIB named Islamic bank of the year in Middle East by The Banker
Tribune News Network Doha Qatar Islamic Bank has been named Islamic Bank of the Year in the Middle East by The Banker (Financial Times Group) at The Islamic Banking Awards 2025. The recognition reflects QIB's leadership in Islamic finance, its continued investment in innovation, and its focus on delivering secure, Shari'a-compliant financial solutions across the region. The award comes as QIB continues to strengthen its position as one of the most efficient and digitally advanced Islamic banks in the region. In the first quarter of 2025, QIB reported a net profit of QAR 985 million, a 3.1% increase over the same period last year. Total assets grew to QAR 212 billion, while the Bank maintained a cost-to-income ratio of 16.6%, the best in the Qatari banking sector. QIB also continued to demonstrate prudent risk management, with a non-performing financing assets ratio of 1.76% and a financing-to-deposit ratio well within regulatory limits. QIB's financial strength continues to be recognized by international rating agencies. In 2024, Fitch Ratings affirmed QIB's rating at 'A' with a stable outlook, Moody's affirmed the Bank's long-term deposit ratings at 'A1' with a stable outlook, and Capital Intelligence Ratings affirmed the Bank's long-term rating at 'AA-' with a stable outlook. Over the past years, the Bank introduced several first-to-market innovations that have simplified banking for customers. Key milestones include real-time digital onboarding for new customers, and instant personal financing through the QIB Mobile App, which is now offering over 300 features and a refined user experience. The Bank has introduced new innovations beyond banking including the QIB Marketplace providing a diverse range of products and including a section for local SMEs to display & sell products. QIB has also introduced the first Auto Marketplace in Qatar, also within its mobile app, enabling customers to browse, book a test drive, select and finance vehicles online. Bassel Gamal, QIB Group CEO, said: 'We are pleased to be named Islamic Bank of the Year in the Middle East by The Banker. On this occasion, I would like to extend my appreciation to QIB's Board of Directors, the entire QIB team and our customers for their trust and support.'
ILoveQatar.net
11 hours ago
- Entertainment
- ILoveQatar.net
Hilton Salwa Beach Resort & Villas unveils exciting experiences to celebrate Eid Al Adha 2025
This Eid Al Adha, escape to the coast and experience an unforgettable holiday at Hilton Salwa Beach Resort & Villas, where luxury, celebration, and family joy come together. Whether you're seeking a serene beachfront retreat or a vibrant getaway full of adventure and indulgence, the resort offers everything you need to make this Eid truly special. Unmatched Accommodations Set along Qatar's golden coastline, the resort features 361 elegantly appointed accommodations, including spacious guest rooms, stunning suites, Arabian-style townhouses, and beach villas with private swimming pools—ideal for large family celebrations. Festive Dining Experiences Guests are invited to savour the flavours of Salwa with a variety of exceptional dining experiences, thoughtfully curated to bring families and friends together in celebration. Souk Kitchen: Celebrate the first three days of Eid with an abundant buffet of traditional favourites and international specialties, set in a vibrant and welcoming atmosphere. QR 225 with soft beverages | QR 350 with house beverages Miss Wong: Enjoy a flavourful family-style Chinese set menu, ideal for sharing. Featuring bold Asian flavours, it's the perfect choice for a memorable gathering. QAR 350 for two adults and two children | Available 6–14 June Levantine: Experience warm hospitality and rich regional cuisine with a beautifully curated Levantine set menu, including soft drinks and hot beverages. QAR 250 per person | Available 6–14 June For those seeking a more private setting, guests may also opt for an in-villa BBQ experience—perfect for creating cherished moments in the comfort of their own space. Family Fun & Festive Entertainment This Eid, Desert Falls Water and Adventure Park invites in-house guests to an unforgettable night at 'Splash After Dark' event on 12 June, from 6 PM to 11 PM, for only QR 100 per person (reserved for in-house guests only). This vibrant, neon-lit event features thrilling rides, live entertainment, and festive fun under the stars, transforming the park into a glowing aquatic wonderland. Launching during Eid and after; For an enhanced experience, guests can upgrade to the FAST PASS - available daily for additional QAR 150 per person — to skip the lines at top attractions and enjoy more thrills with less waiting time. Please note: To allow families to make the most of their time together, Ladies Day at Desert Falls will be paused during the Eid week. Meet our friendly mascots Lenny, Sandy & Sami, enjoy daily kids' activities at the South pool or kids club—there's something for everyone to enjoy. Eid Spa Retreat Rejuvenate your body and soul with our exclusive Eid Spa Retreat. Indulge in a 60-minute signature Oud massage, complemented by a 20-minute reflexology session—a perfect treat for yourself or a thoughtful gift for someone special. Celebrate Eid Al Adha where every detail is curated to create joyful memories and luxurious moments. Hilton Salwa Beach Resort & Villas – Where Eid comes alive.
ILoveQatar.net
a day ago
- Entertainment
- ILoveQatar.net
Blippi's Garage at Doha Festival City
This Eid Al Adha, let your little ones step into the shoes of real engineers, inventors, and mechanics at the Blippi Garage. A dynamic, interactive zone designed to spark curiosity and creativity through a series of play-based learning stations. Activations will run daily from 2 pm to 10 pm. But wait, there's more! Meet a Blippi-trained actor and the lovable mascot T.A.B.B.S. at the garage: Meet & Greet Timings: Daily at 3 pm, 5 pm, 7 pm, and 9 pm How to Enter? Shop for QAR 250 at any store in Doha Festival City and present your receipt at the event entrance to receive access for 2 children. Details Location: Centre Court, Doha Festival City Date: 8 - 14 June 2025 Price: Present a receipt worth QR 250 from any DFC store for 2 children's access Source and cover image credit: Doha Festival City Note: The details mentioned in this event listing are sourced from the organizers' official announcements and are subject to change. Please check with the organizer directly before making plans.
Yahoo
5 days ago
- Business
- Yahoo
AM Best Affirms Credit Ratings of Damaan Islamic Insurance Company ‘BEEMA' (Q.P.S.C.)
LONDON, May 29, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Damaan Islamic Insurance Company 'BEEMA' (Q.P.S.C.) (Beema) (Qatar). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Beema's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. Beema is a takaful insurer and operates through a hybrid model, whereby the shareholders' fund charges the policyholders' fund (PHF) a Wakala fee based on gross written contributions (GWC) and a Mudarabah fee based on investment income. Beema's balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). AM Best assesses the company's risk-adjusted capitalisation on a combined basis, including its policyholders' and shareholders' funds, due to the strength of domestic regulation and requirement that the shareholders' fund would have to support the policyholders' fund were it to fall into a deficit. Other positive balance sheet strength factors include Beema's track record of internal capital generation through the retention of earnings and its ability to accumulate surpluses within the PHF whilst regularly distributing surplus back to policyholders. At year-end 2024, Beema reported capital and surplus of QAR 795.0 million (inclusive of QAR 237.4 million of accumulated policyholder surplus), an 11.1% increase as compared with year-end 2023. AM Best views Beema's operating performance as strong. The company has consistently reported robust technical performance, with a five-year (2020-2024) weighted average combined ratio of 80.5%. The combined ratio increased in 2024 to 93.4% (2023: 82.2%), driven predominantly by losses incurred on its international facultative reinsurance portfolio following the United Arab Emirates floods, which took place in the first half of the year. Despite the deterioration in non-life underwriting results in 2024, the company continues to demonstrate strong profitability in its core life & health segment. Earnings are well-balanced between shareholders' and policyholders' with both funds achieving consistent growth over the past 10 years. Beema holds a niche position within its domestic insurance market, as the second largest takaful player by GWC. However, in the context of the wider Qatari insurance market, Beema has a more modest profile, with a market share of approximately 4%. The company's concentration of contributions from a single market are partially mitigated by a diversified portfolio by line of business, both on a gross and net written contributions basis. Further diversification is achieved through a small, albeit growing, portfolio of inward international facultative reinsurance. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Romeo Berti Senior Financial Analyst +44 20 7397 0267 Ben Diaz-Clegg Associate Director, Analytics +44 20 7397 0293 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
5 days ago
- Business
- Business Wire
AM Best Affirms Credit Ratings of Damaan Islamic Insurance Company ‘BEEMA' (Q.P.S.C.)
LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of Damaan Islamic Insurance Company 'BEEMA' (Q.P.S.C.) (Beema) (Qatar). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Beema's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. Beema is a takaful insurer and operates through a hybrid model, whereby the shareholders' fund charges the policyholders' fund (PHF) a Wakala fee based on gross written contributions (GWC) and a Mudarabah fee based on investment income. Beema's balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). AM Best assesses the company's risk-adjusted capitalisation on a combined basis, including its policyholders' and shareholders' funds, due to the strength of domestic regulation and requirement that the shareholders' fund would have to support the policyholders' fund were it to fall into a deficit. Other positive balance sheet strength factors include Beema's track record of internal capital generation through the retention of earnings and its ability to accumulate surpluses within the PHF whilst regularly distributing surplus back to policyholders. At year-end 2024, Beema reported capital and surplus of QAR 795.0 million (inclusive of QAR 237.4 million of accumulated policyholder surplus), an 11.1% increase as compared with year-end 2023. AM Best views Beema's operating performance as strong. The company has consistently reported robust technical performance, with a five-year (2020-2024) weighted average combined ratio of 80.5%. The combined ratio increased in 2024 to 93.4% (2023: 82.2%), driven predominantly by losses incurred on its international facultative reinsurance portfolio following the United Arab Emirates floods, which took place in the first half of the year. Despite the deterioration in non-life underwriting results in 2024, the company continues to demonstrate strong profitability in its core life & health segment. Earnings are well-balanced between shareholders' and policyholders' with both funds achieving consistent growth over the past 10 years. Beema holds a niche position within its domestic insurance market, as the second largest takaful player by GWC. However, in the context of the wider Qatari insurance market, Beema has a more modest profile, with a market share of approximately 4%. The company's concentration of contributions from a single market are partially mitigated by a diversified portfolio by line of business, both on a gross and net written contributions basis. Further diversification is achieved through a small, albeit growing, portfolio of inward international facultative reinsurance. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
