It will be joining other leading players Abu Dhabi National Insurance Company, Doha Insurance Group and Kuwait Reinsurance Company, from the gulf region to open offices in GIFT IFSC.
Mumbai:Qatar Islamic Insurance Group (QIIG), a leading Sharia-compliant insurance provider based in Qatar that offers Islamic insurance, known as Takaful, has received a license from the International Financial Services Authority(IFSCA) in India’s sole international financial services centre- GIFT City, to conduct reinsurance business.
Established in 1995 and regulated by the Qatar Central Bank, the group provides protection for individuals, businesses, and government entities.
QIIG will be 25th international player, which is setting up its operations in the GIFT City, to do business with Indian reinsurance business.
It will be joining other leading players like Abu Dhabi National Insurance Company, Doha Insurance Group and Kuwait Reinsurance Company, from the gulf region to open offices in GIFT IFSC.
The company has been dealing with Indian reinsurance business as one of cross boarder reinsurers(CBRs).
It will operate as one of the category 3 IFSC Insurance Offices(IIO) which effectively allows the reinsurer to invest the entire premium generated through its GIFT City branch to be invested outside India.
Category 2 IIOs have to mandatorily invest 50 per cent per cent of their Indian premium in Indian markets.
Before QIIG, MS First capital had received IFSCA approval to open its branch in GIFT City, India.
The company enjoys a Financial Strength Rating of A+ from AM Best and, as part of the MS&AD Insurance Group, operates in 48 countries and regions, offering a comprehensive portfolio of insurance products and reinsurance solutions.
Showing momentum after more players setting up their operations in the GIFT-IFSC, gross reinsurance premiums underwritten by the IIOs quadrupled to $648.68 million in FY26) from $162.10 million in FY 25. Premiums underwritten by direct insurers increased to $40.72 million from $14.96 million during the period.