The idea of founding Weqaya Takaful Insurance and Reinsurance Company resulted from the convergence of investment and economic visions of a number of prominent investment companies and insurance experts specializing in private insurance investments in the Kingdom of Saudi Arabia. In order to bridge the gap in the Saudi insurance market, which is still in the process of development and growth, we put forward a package of insurance products and services that stems from the needs of the market, is based on a real and technical market study for the Saudi insurance market, and is driven by professional management and technical experience that can manage the high risks in the insurance market.
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 including protection, savings, medical insurance, general insurance, and reinsurance, in accordance with 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.