Qatar Insurance Company (QIC) and QInvest have announced establishment of Qatar-based entity “Epicure Islamic Investment Management LLC”.
Epicure Investment Management LLC (EIM), a wholly-owned subsidiary of QIC and one of the largest regulated investment managers in Qatar manages more than $7bn of investments across asset classes for its clients.
“Having an impeccable track record of investing, it is looking to enhance its footprint in the investment management business.”
Epicure Islamic Investment Management LLC, jointly owned by QIC (51% through Epicure Holdings LLC)) and QInvest (49%), is a Shariah-compliant entity, authorised and regulated by Qatar Financial Centre Regulatory Authority (QFCRA).
The new entity will focus on providing a wide range of Islamic asset management activities ranging from investing to developing and structuring innovative Islamic investment products.
EIM will provide the necessary asset management expertise and capabilities to the joint venture entity. At the same time, QInvest will provide the necessary infrastructure and market reach to the joint venture entity, while capitalising on its track record in developing and structuring innovative Islamic investment products, in addition to its ability to raise capital.
This announcement follows the initial announcement in April, when the two parties agreed to explore a potential strategic alliance “with the aim of creating a Qatar-based national champion in the Islamic Asset Management space.”
Commenting on the announcement, Salem al-Mannai, Group CEO, QIC, said: “This investment is a significant turning point for Epicure Investment Management as it allows providing Shariah-compliant investment products on our platform to our clients in Qatar and Mena. This further enhances our investment management capabilities and offerings - which currently exceed $7bn of investment assets across equities, fixed Income and real estate - in the region and will allow Epicure to penetrate new markets”.
In a joint statement, Hussain Abdulla and Hussein Fakhreddine, Co-CEOs, QInvest, said: “We are delighted to have completed this landmark transaction with QIC. Our primary objective continues to be the provision of innovative investment products for our investors and to help develop the market further.
“This is a testament to our ongoing efforts to continuously optimise our offering for the Qatari landscape, and we look forward to launching a wider suite of Shariah-compliant products that meets our investors’ requirements”.
Epicure Islamic Investment Management LLC will start operations under the joint ownership imminently.
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