Qatar Islamic Insurance (QIIC) Review - Halal Finance Products
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Qatar Islamic Insurance (QIIC) offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
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HalalWallet 2026 Review
Qatar Islamic Insurance (QIIC) - At a Glance
6
Products Reviewed
Qatar
Availability
2
Categories
Our Verdict
QIIC is the reference point for takaful in Qatar. It created the market in 1995, pioneered family takaful in the Gulf, and holds the one credential no competitor can copy: an unbroken 30-year record of declaring policyholder surplus, now at 15%, with cumulative distributions exceeding its QAR 150M paid-up capital. The hybrid wakala-mudaraba model is disclosed and Sharia-governed, and the recent wakala cut from 33% to 30% moved economics in policyholders' favor. Product breadth is the widest in the market, five retail lines plus a full commercial book that anchored Qatar Rail and FIFA 2022 stadium programs. The weaknesses are digital and disclosure gaps: no online rate cards, no instant purchase for most lines, and an unpublished mudaraba percentage. Beema beats it on digital experience and terms transparency; General Takaful beats it on fee level. Nobody beats it on track record. For buyers who anchor on institutional reliability and the surplus dividend, QIIC remains the default choice in Qatari takaful.
Pros & Cons
What We Like
- Unmatched surplus record: declared every year since 1995, currently 15%, with an online surplus checker for policyholders
- Widest retail product range in Qatari takaful: motor, medical (Balsam), life (Aman), home, travel, boat and maid cover
- AM Best A- (Excellent) rated with QSE listing, roughly QAR 1B in assets and QAR 551.1M FY2024 contributions
- Named, general-assembly-appointed Sharia board with binding authority and disclosed remuneration
- Wakala fee reduced to 30% in January 2024 with Sharia board sign-off, showing responsiveness on fees
What Could Be Better
- No online premium calculators or rate cards anywhere in the retail lineup, all quotes go through the call center or branches
- Mudaraba share percentage on policyholder investments is set annually but never published
- 30% wakala fee remains the highest disclosed rate among Qatari takaful operators
- Digital purchase lags Beema and Alkhaleej despite QIIC being first to offer online insurance in Qatar
- Benefit sub-limits on medical, home and travel products are not documented publicly
Who Is Qatar Islamic Insurance (QIIC) Best For?
Claim-free households who keep policies for years and want money back
The 15% annual surplus, declared without a break since 1995, functions like a structural no-claims rebate that no competitor matches
Families building complete Shariah-compliant protection with one insurer
Balsam's four medical tiers with cancer, dialysis and home nursing cover plus the Gulf's original family takaful line cover a family's full protection stack
Conservative buyers who prioritize insurer longevity over price or digital convenience
Three decades of operations, an AM Best A- rating and a binding Sharia board give maximum institutional assurance
Detailed Analysis
Qatar Islamic Insurance Group started operations in 1995 as the country's first Islamic insurance company and remains the market's institutional anchor. Listed on the Qatar Stock Exchange as QISI, it grew paid-up capital from QAR 20M to QAR 150M entirely through bonus shares while assets approached QAR 1B. Its underwriting spans the full economy: it insured Qatar Rail projects, Ashghal's Owner Controlled Insurance Program, and led the National Insurance Consortium on stadium construction for the FIFA 2022 World Cup. FY2024 gross contributions reached QAR 551.1M, up from QAR 523.5M in 2023.
The retail shelf is the deepest in Qatari takaful. Motor runs three tiers from mandatory third party to Gold Comprehensive with 3-year agency repair. The Balsam medical range spans four tiers plus Qatar's mandatory visitor plan, with cancer treatment, kidney dialysis and home nursing in the hospitalization cover. Aman is the Gulf's pioneering family takaful line, from QAR 120 per year, with a credit life variant. Home Standard and five travel plans complete the lineup, alongside boat, yacht and domestic worker covers.
The takaful model is hybrid wakala-mudaraba. Shareholders take a wakala fee, reduced from 33% to 30% of gross contributions in January 2024 with approval from both the board of directors and the Sharia Supervisory Board, plus a mudaraba share of policyholder investment income at a rate the Sharia board sets annually but does not publish. The surplus record is the company's crown jewel: a distribution declared every year since 1995, starting at 5% and now 15%, with total declared surplus exceeding paid-up capital. FY2024 net surplus from takaful operations was QAR 134.4M: motor QAR 22.7M, life and medical QAR 36.1M, general accident QAR 75.6M. Policyholders can check their surplus entitlement online.
Shariah governance is formal and disclosed. The three-member Sharia Supervisory Board, Sheikh Dr. Waleed Mohammed Hadi as chairman with Sheikh Dr. Abdulaziz Khalifa Al-Qassar and Sheikh Dr. Mohamed Ahmine, is appointed by the ordinary general assembly for renewable three-year terms, reports directly to shareholders, and issues binding opinions. Its remuneration, QAR 360,000, is disclosed in the corporate governance report. The company also transfers 2.5% of net profit to Qatar's social and sports fund and maintains a legal reserve of 10% of net profit.
The assessment: QIIC's fundamentals are the strongest in the sector, but its customer experience has aged. It was first to sell insurance online in Qatar and first with self-service kiosks, yet today publishes no rate cards and routes most purchases through its call center while Beema and Alkhaleej issue policies digitally. The 30% wakala fee is the market's highest disclosed rate, softened in practice by the 15% surplus return. AM Best's A- rating with stable outlook reflects both standalone strength and shareholder support. For depth, history and the surplus dividend, QIIC is the benchmark.
How It Works
QIIC operates a hybrid wakala-mudaraba takaful model. Policyholder contributions enter an account fully segregated from shareholder funds. As wakeel (agent), the shareholders charge a wakala fee for managing takaful operations, set at 30% of gross contributions since January 2024 (33% before that, cut with Sharia board approval). As mudarib, the shareholders also invest policyholder funds usury-free across real estate, equities and associates, taking a share of investment returns at a percentage determined each year by the Sharia Supervisory Board; the exact rate is not published. What remains in the policyholder account after claims, retakaful costs, reserves and these fees is surplus, and the board of directors sets a distribution policy annually that the Sharia board must approve. QIIC has declared a surplus every year since 1995, currently 15%, and if the takaful fund ever fell short, the company would extend a profit-free loan (qard hasan) repayable from future surpluses, per its financial statement disclosures.
Shariah Compliance Review
Oversight Level
Review details on provider's website
Sharia Supervisory Board: Sheikh Dr. Waleed Mohammed Hadi (chairman), Sheikh Dr. Abdulaziz Khalifa Al-Qassar, Sheikh Dr. Mohamed Ahmine; appointed by the general assembly, binding authority, QAR 360,000 disclosed remuneration (governance report, verified 2026-08-04)
Wakala fee 30% of gross contributions effective January 2024, reduced from 33% with board and Sharia board approval (FY2024 consolidated financial statements, verified 2026-08-04)
Policyholder surplus declared every year since 1995, from 5% initially to 15% currently, cumulative declared surplus exceeding QAR 150M paid-up capital (company facts page, verified 2026-08-04)
Financial statements prepared under AAOIFI Financial Accounting Standards with segregated policyholder and shareholder reporting; qard hasan commitment if the takaful fund runs deficits (FY2024 FS, verified 2026-08-04)
Shariah compliance should always be verified directly with Qatar Islamic Insurance (QIIC). HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
Against Beema, QIIC trades digital convenience for track record: Beema issues policies online and publishes clearer product terms, but its surplus history dates to 2009 while QIIC's dates to 1995 and currently runs at 15%. Against Alkhaleej Takaful, QIIC's policyholder fund is healthier, Alkhaleej posted a QAR 29.3M policyholder deficit in FY2025 and has not paid meaningful surplus since 2022, though Alkhaleej's motor feature set (5-year agency repair, TPL+) is richer on paper. Against General Takaful, QIIC charges a 30% wakala fee versus 20%, but General Takaful's pool carries QAR 27.2M of accumulated deficits and pays no cash surplus, so QIIC's higher fee still nets policyholders more in practice. Against Doha Takaful, there is no contest on transparency: QIIC names its scholars, publishes its fee and proves its surplus; Doha Takaful publishes none of the three.
vs. Beema (Damaan Islamic Insurance)
Larger by contributions (QAR 605.2M FY2025), fully digital purchase and published product terms, but a shorter history and a surplus record that dipped in FY2025
Richer motor feature ladder and online issuance, but its policyholder fund ran a QAR 29.3M deficit in FY2025 and last paid surplus in 2022
vs. General Takaful
Lowest disclosed wakala fee at 20% and published medical plan prices, but accumulated pool deficits of QAR 27.2M mean no surplus distributions for now
vs. Doha Takaful
Competitive motor service benefits within the A- rated Doha Insurance Group, but no published Shariah board, fees or surplus history
Bottom Line
QIIC is Qatari takaful's gold standard on the dimensions that compound over time: a 30-year unbroken surplus record now at 15%, an AM Best A- balance sheet, the market's widest retail shelf and a binding, named Sharia board. Accept the analog buying experience and unpublished sub-limits; you are being paid for it in surplus.
Products from Qatar Islamic Insurance (QIIC)
Why It's Halal
QIIC has run a hybrid wakala-mudaraba takaful model since 1995, making it Qatar's first Islamic insurer. Policyholder contributions sit in an account segregated from shareholder funds. Shareholders take a wakala fee, cut from 33% to 30% of gross contributions in January 2024 with Sharia Supervisory Board approval, plus a mudaraba share of policyholder investment returns at a rate the board sets each year (the exact percentage is not published). What sets QIIC apart is its surplus record: it has declared a policyholder surplus every single year since inception, starting at 5% in 1995 and now running at 15%, with total declared surplus exceeding its QAR 150M paid-up capital. The three named scholars (Hadi, Al-Qassar, Ahmine) approve the distribution annually. Investments are stated to be usury-free across real estate, equities and associates. Home sits in the general accident segment, which generated QAR 75.6M of net takaful surplus in FY2024, the largest contribution of any segment.
Qatar Islamic Insurance (QIIC)
Home Takaful (Home Standard)
QIIC's Home Standard policy protects buildings, contents, valuables and household belongings for both owners and tenants. Cover spans loss and damage to the insured home, accidental damage to contents and building, fire, theft, earthquake, water damage and other unexpected natural events. Apartments as well as villas qualify, and tenants get liability cover for accidental damage to a rented property, useful for protecting deposits. Claims run through the same 24/7 online and WhatsApp channels as QIIC's other retail lines. It is a single-tier product, so customization happens through sums insured rather than plan levels.
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Qatar Islamic Insurance (QIIC)
Balsam Medical Takaful (General, Bronze, Silver, Gold + Visitors Plan)
QIIC's Balsam range covers individuals and families across four tiers plus the mandatory visitor plan. Balsam General handles most inpatient and outpatient services including diagnosis, treatment and medicines. Bronze is the budget tier with optional routine dental. Silver adds comprehensive inpatient and outpatient cover with optional routine and major dental plus vision. Gold is the top tier for members who will not compromise on benefits. Core covers include emergency medical assistance, hospitalization, cancer and kidney dialysis treatment, pre and post hospitalization, home nursing, GP consultations, prescribed medicines, check-ups and vaccinations. In-network treatment is cashless via direct billing; out-of-network claims are reimbursed to your bank account.
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Qatar Islamic Insurance (QIIC)
Life Takaful Aman (Individual Life + Individual Credit Life)
Aman is QIIC's individual family takaful line, one of the first Shariah-compliant life products in the Gulf. Individual Life Aman pays out on death from any cause and on total permanent disability from accident or sickness, with optional riders for critical illness and disability. Individual Credit Life clears outstanding loan obligations if the borrower dies or is disabled, protecting family members from inherited debt. Contributions start from QAR 120 per year. Standard exclusions apply: active war, pre-existing serious conditions, hazardous sports and racing. Death claims are handled online or by phone with a claim reference issued within days.
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Qatar Islamic Insurance (QIIC)
Motor Takaful (Gold Comprehensive, Standard Comprehensive, Third Party)
Three-tier car takaful from Qatar's oldest Islamic insurer. Gold Comprehensive covers own damage, third party liability, personal injuries, fire and theft, windscreen replacement, and agency repairs for up to 3 years plus add-on covers. Standard Comprehensive gives basic own-damage cover with third party property liability at a lower contribution. Third Party is the mandatory minimum that covers damage you cause to others. All tiers carry 24/7 roadside assistance (dial 800 8080) including battery boost, flat tire, lock-out and emergency fuel, plus a free car registration renewal service. Claims run online or via WhatsApp (4465 8899) with an SMS claim reference within a day.
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Qatar Islamic Insurance (QIIC)
Travel Takaful (Schengen, MENA, Worldwide, Worldwide Plus + Visitors)
Five travel plans: Schengen (visa-compliant cover for Schengen states), MENA (Middle East and Africa), Worldwide excluding USA and Canada, Worldwide Plus (full global cover including USA and Canada) and the Mandatory Visitors Health Insurance for inbound travellers to Qatar, purchasable before departure from any country. Core benefits include overseas emergency medical expenses and hospitalization, emergency evacuation and repatriation, baggage and passport loss, baggage and departure delay, personal liability and 24-hour emergency assistance. Extended covers include emergency dental care, repatriation of mortal remains, travel of a family member and emergency return home after a close family death.
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Qatar Islamic Insurance (QIIC)
Aman Investment & Savings Program
QIIC's family takaful savings plan, combining term life protection with a Shariah compliant investment account in one contract. Each contribution splits between a protection portion funding the Aman life cover and an investment portion managed by QIIC. In the company's published worked example, a 36-year-old paying QAR 1,000 monthly over a 10-year term allocates QAR 53 to protection and QAR 947 to investment; at maturity he receives his accumulated QAR 113,640 plus expected profit of QAR 43,524 (illustrated at a 7% average return net of QIIC's share). On death or total permanent disability, QIIC pays the unpaid portion of the sum insured plus all contributions made and investment profits to date. This is Qatar's closest published equivalent to a voluntary pension savings product from a takaful operator.
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Where Available
Qatar Islamic Insurance (QIIC) serves customers across Qatar. Specific products may have their own eligibility requirements, so always verify current availability directly with Qatar Islamic Insurance (QIIC).
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and eligibility conditions.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • Learn more about our methodology.
Quick Answer
Qatar Islamic Insurance (QIIC) offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available across Qatar and include Insurance, Retirement options.
Key Takeaways
- Qatar Islamic Insurance (QIIC) offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available across Qatar.
- Product categories include Insurance, Retirement.
- Always verify compliance directly with Qatar Islamic Insurance (QIIC) and consult qualified Islamic finance advisors when needed.
- Compare Qatar Islamic Insurance (QIIC)'s products with other providers to find the best fit for your needs.
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
How to cite this page
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For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Frequently Asked Questions
What types of halal products does Qatar Islamic Insurance (QIIC) offer?
Qatar Islamic Insurance (QIIC) offers 6 products across 2 categories. Qatar Islamic Insurance (QIIC) is best for [object Object],[object Object],[object Object]. Review the products listed above or contact Qatar Islamic Insurance (QIIC) directly for current offerings.
How does Qatar Islamic Insurance (QIIC) ensure Shariah compliance?
Sharia Supervisory Board: Sheikh Dr. Waleed Mohammed Hadi (chairman), Sheikh Dr. Abdulaziz Khalifa Al-Qassar, Sheikh Dr. Mohamed Ahmine; appointed by the general assembly, binding authority, QAR 360,000 disclosed remuneration (governance report, verified 2026-08-04) Wakala fee 30% of gross contributions effective January 2024, reduced from 33% with board and Sharia board approval (FY2024 consolidated financial statements, verified 2026-08-04) Policyholder surplus declared every year since 1995, from 5% initially to 15% currently, cumulative declared surplus exceeding QAR 150M paid-up capital (company facts page, verified 2026-08-04) Financial statements prepared under AAOIFI Financial Accounting Standards with segregated policyholder and shareholder reporting; qard hasan commitment if the takaful fund runs deficits (FY2024 FS, verified 2026-08-04)
How does Qatar Islamic Insurance (QIIC) work?
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Is Qatar Islamic Insurance (QIIC) available where I live in Qatar?
Qatar Islamic Insurance (QIIC) serves customers across Qatar. Specific products may have their own eligibility requirements. Always verify current availability directly with Qatar Islamic Insurance (QIIC).
What are alternatives to Qatar Islamic Insurance (QIIC)?
Against Beema, QIIC trades digital convenience for track record: Beema issues policies online and publishes clearer product terms, but its surplus history dates to 2009 while QIIC's dates to 1995 and currently runs at 15%. Against Alkhaleej Takaful, QIIC's policyholder fund is healthier, Alkhaleej posted a QAR 29.3M policyholder deficit in FY2025 and has not paid meaningful surplus since 2022, though Alkhaleej's motor feature set (5-year agency repair, TPL+) is richer on paper. Against General Takaful, QIIC charges a 30% wakala fee versus 20%, but General Takaful's pool carries QAR 27.2M of accumulated deficits and pays no cash surplus, so QIIC's higher fee still nets policyholders more in practice. Against Doha Takaful, there is no contest on transparency: QIIC names its scholars, publishes its fee and proves its surplus; Doha Takaful publishes none of the three. Beema (Damaan Islamic Insurance): Larger by contributions (QAR 605.2M FY2025), fully digital purchase and published product terms, but a shorter history and a surplus record that dipped in FY2025 Alkhaleej Takaful: Richer motor feature ladder and online issuance, but its policyholder fund ran a QAR 29.3M deficit in FY2025 and last paid surplus in 2022 General Takaful: Lowest disclosed wakala fee at 20% and published medical plan prices, but accumulated pool deficits of QAR 27.2M mean no surplus distributions for now Doha Takaful: Competitive motor service benefits within the A- rated Doha Insurance Group, but no published Shariah board, fees or surplus history
Are Qatar Islamic Insurance (QIIC)'s products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact Qatar Islamic Insurance (QIIC)?
Contact information for Qatar Islamic Insurance (QIIC) should be available through their website or the product listings above. Use the action links provided with each product to visit Qatar Islamic Insurance (QIIC)'s website or contact them directly for more information.
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