Weqaya , , known also as (Weqaya Takaful Insurance and Reinsurance Company), is one of the largest joint stock companies in Saudi Arabia, with a paid up capital of SR

Saudi riyal

The Riyal is the currency of Saudi Arabia. It is abbreviated as ر.س or SR . It is subdivided into 100 Halalas . The Saudi Ghirsh is 5 Halalas.-History:...

 200 Million. Weqaya Head Offices are located in Riyadh

Riyadh

Riyadh is the capital and largest city of Saudi Arabia. It is also the capital of Riyadh Province, and belongs to the historical regions of Najd and Al-Yamama. It is situated in the center of the Arabian Peninsula on a large plateau, and is home to 5,254,560 people, and the urban center of a...

 and there are three Regional Offices in Jeddah

Jeddah

Jeddah, Jiddah, Jidda, or Jedda is a city located on the coast of the Red Sea and is the major urban center of western Saudi Arabia. It is the largest city in Makkah Province, the largest sea port on the Red Sea, and the second largest city in Saudi Arabia after the capital city, Riyadh. The...

 and Khobar

Khobar

Khobar is a large city located in the Eastern Province of the Kingdom of Saudi Arabia on the Persian Gulf. It has a population of 360,000 and forms part of the greater Dammam metropolitan area along with Dhahran, which together have a combined population of over two million...

.

History

Weqaya Takaful Insurance and Reinsurance company was incorporated in 2009 as a Saudi joint-stock company with SR 200 million in paid-up capital. Weqaya is supported by leading Reinsurers and underwrites all types of risks in protection, savings, medical insurance, general insurance and reinsurance and goes the extra mile to tailor special covers and develop innovative Takaful products and services to satisfy the specific needs and expectations of the customers.
Weqaya is proud to introduce a Sharia

Sharia

Sharia law, is the moral code and religious law of Islam. Sharia is derived from two primary sources of Islamic law: the precepts set forth in the Quran, and the example set by the Islamic prophet Muhammad in the Sunnah. Fiqh jurisprudence interprets and extends the application of sharia to...

-compliant and added-value Takaful

Takaful

Takaful is an Islamic insurance concept which is grounded in Islamic muamalat , observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years...

products and services for both individuals and businesses.

Establishment

The idea of founding Weqaya Takaful Insurance and Reinsurance company has been resulted from the convergence of investment and economic visions for a number of investment companies specializing in private investments with the experienced insurance technical vision and strategy for a number of insurance experts, known in the Kingdom of Saudi Arabia, in order to bridge the side of the gap in the Saudi insurance market, which is still in the process of development and growth, by putting forward a package of insurance products and services stemming from the needs of the market and combined with a real and technical market study for the Saudi insurance market, and based on the professional management and technical experience that can manage the high risks in the market of insurance.

Therefore; Weqaya Takaful Insurance and Reinsurance Company has been established based on the Council of Ministers decision No. (180), dated 30/6/2008 and the Royal Decree No. (M/34), dated 1/7/2008, to establish Weqaya Takaful insurance and reinsurance company as a Saudi joint-stock company.

Weqaya’s Capital is (200,000,000) two hundred million Saudi riyals. The company has the right to practice the business of Takaful insurance in several fields such as protection, savings, medical insurance, general insurance and reinsurance, in accordance to the cooperative insurance supervision system, its executive regulations as well as any further amendments that may be introduced, and as per the rules and regulations of the Kingdom of Saudi Arabia.

Strategies and Objectives

Weqaya’s main strategy is to create a distinct image and identity, as a specialized Takaful insurance company, by offering Takaful insurance services and products, to the Saudi business sector and all the other sectors of Saudi community, in line with principals and regulations of Sharia, and by focusing on building one of the best professional teams in the insurance companies in the Kingdom by attracting the most qualified professional known, in addition to focus on e-insurance services, by developing it to be ready for actual implementation.

Weqaya focuses on its strategy, to offer wide range of innovative products and non-traditional services that will contribute to the expansion of the Saudi insurance market, horizontally in terms of services and products, and vertically in terms of business growth and activities.

External links

• Weqaya Takaful Insurance and Reinsurance Company website (Saudi Arabia)