Now Reading: Qatar Islamic Insurance gets licence to operate in Gift City India
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Qatar Islamic Insurance gets licence to operate in Gift City India
Qatar Islamic Insurance Group has secured a licence to conduct operations in India after approval from authorities at the International Financial Services Centre in Gift City, Gujarat. The company will function as…
Qatar Islamic Insurance Group has secured a licence to conduct operations in India after approval from authorities at the International Financial Services Centre in Gift City, Gujarat. The company will function as a reinsurance branch from the financial hub.
The Qatar-listed firm's entry adds a Sharia-compliant reinsurer to Gift City's insurance ecosystem. India has been positioning Gift City as a global financial centre to attract foreign investment and expertise in insurance and reinsurance services.
Indian Opinion Analysis
This license was issued under the regulatory framework of the International Financial Services Centres Authority (IFSCA), which since 2020 has overseen financial services in Gift City. Gujarat's Gift City is India's only operational IFSC, designed to compete with global hubs like Dubai and Singapore. The entry of a Qatar-based Islamic reinsurer could broaden options for Indian insurers seeking to comply with Sharia-compliant risk transfer norms, a niche segment with limited domestic capacity. The IFSCA's insurance hub currently hosts over two dozen re/insurers
Source: tradingview.com
This brief was synthesised by AI from the source linked above.
