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Qatar Islamic Insurance Group said in a statement published on the Qatar Stock Exchange website that it has secured a license from the authorities of the International Financial Services Centres Authority to establish a branch in Gift City in Gujarat for reinsurance operations. The announcement, which was also carried by Qatar News Agency on August 26, positions the takaful-focused insurer to tap into India’s growing demand for Sharia-compliant risk transfer solutions. The group, listed on the Qatar Exchange since 1999, framed the move as a step to broaden its international presence while maintaining compliance with both Qatari and Indian regulatory standards.
The license specifically authorises the new entity to conduct reinsurance business from within the Gujarat International Finance Tec-City, India’s premier international financial services hub. According to the company’s disclosure, the branch will operate under the IFSC Insurance Office framework, allowing it to underwrite risks in foreign currencies and serve both local and cross-border clients. Qatar Islamic Insurance Group noted that further operational details, including the exact launch timeline, will follow completion of remaining setup requirements.
AM Best affirmed the group’s financial strength rating at A- (Excellent) and its long-term issuer credit rating at a- (Excellent) with a stable outlook in a June 12 assessment, citing very strong balance sheet strength and strong operating performance. The rating agency highlighted QIIG’s risk-adjusted capitalisation at the strongest level under Best’s Capital Adequacy Ratio and a net combined ratio of 73 percent for its life and non-life business in 2025 under accounting standards equivalent to IFRS 17. Such credentials are expected to support the new branch’s credibility among Indian cedents seeking rated reinsurance capacity.
International Financial Services Centres Authority data shows that gross premiums underwritten by insurance offices in Gift City quadrupled to $648.7 million in fiscal 2026 from $162.1 million the prior year, with reinsurance accounting for the overwhelming majority at $608 million. The number of licensed insurance entities operating in the IFSC doubled to 36 by the end of March 2026, comprising 14 direct insurers and 22 reinsurers, reflecting accelerated onboarding of international participants. Premium volumes across the ecosystem have expanded more than eleven-fold since 2020, rising from $102 million to over $1.2 billion by the end of 2025, according to GIFT City authorities.
A separate market assessment by IMARC Group placed India’s overall reinsurance sector at $19.2 billion in 2024 and projected expansion to $41.5 billion by 2033, driven by rising insurance penetration, infrastructure development and regulatory liberalisation. The entry of additional foreign capacity, including several from the GCC, has intensified competition with the traditional market leader GIC Re while expanding available limits for specialty and large commercial risks. Qatar Islamic Insurance Group’s branch will join a growing cohort of MENA-based reinsurers that have activated or received approvals for Gift City operations within the past year.
The development follows similar expansions by other Qatari insurers, including Doha Insurance Group’s earlier establishment of its own reinsurance branch in the same jurisdiction. Qatar Islamic Insurance Group, which operates a hybrid takaful model combining Wakala and Mudarabah fees, maintains a portfolio spanning general, property, motor, health and life cover in compliance with Islamic Sharia principles. Its latest international foray aligns with broader efforts by Qatari financial institutions to diversify beyond the domestic market amid sustained regional economic growth.
