Damaan Islamic Insurance Company (Beema) has received a “a-” (Excellent) Long-Term Issuer Credit Rating and a “A-” (Excellent) Financial Strength Rating from AM Best.
These credit ratings have a stable outlook assigned to them and they take into account Beema’s highly solid balance sheet, strong operating performance, constrained business profile, and effective enterprise risk management.
In terms of gross written contributions (GWC), Beema, the second-largest takaful player, enjoys a dominant position in the domestic insurance industry. The company offers a variety of Sharia-compliant insurance products, showing good line-of-business diversity. A GWC of QAR 393 million (USD 108.5 million) was written by Beema in 2022. The company’s local concentration and modest size by worldwide standards place restrictions on the evaluation of the business profile.