Eversheds Sutherland has provided legal advice to Damaan Islamic Insurance Company (“Beema”) on the direct listing of 100% of its shares on the Main Market of the Qatar Stock Exchange. Beema’s share have been admitted for trade as of 16 January 2023.
Beema is the first company to be listed through direct listing on the Qatar Stock Exchange, making this is a major achievement for Qatari capital markets and the Qatar Stock Exchange in particular. The listing is made possible by the new Offering and Listing of Securities Rulebook brought into effect by the Qatar Financial Markets Authority in early 2021.
Established in 2009, Beema, is focused on providing corporate and retail customers with Islamic insurance products (Takaful) in the motor, general accident, and medical insurance segments of the Qatari insurance market. The company also offers re-Takaful services within the Qatari insurance market and is one of the mainTakaful insurance providers in the Qatari domestic market based on gross contributions.
Eversheds Sutherland acted as international legal counsel for Beema with local counsel support from Sharq Law Firm, and Maroon Capital Advisory acted as the Listing Advisor for Beema.
The Eversheds Sutherland team was led by partner Samer Sarkis (pictured), with support from senior associates Benjamin Clark, Rhydian Wyn and Julie Menhem, associates Cristina Craciun, Karim Kobaissy and Mostafa Gharib, and trainee lawyers Gaith Aljundi and Marwah Rawashdeh.