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what is waqaya?

weqaya
recognized additionally as weqaya takaful coverage and reinsurance agency, is one among the biggest joint inventory businesses in Saudi Arabia, with a paid up capital of sr 200 million. weqaya head offices are located in Riyadh and there are 3 regional places of work in Jeddah and Khobar.
weqaya takaful insurance and reinsurance
وقاية للتأمين و إعادة التأمين التكافلي

headquarters Riyadh, Saudi Arabia
merchandise health insurance, existence coverage, takaful, car insurance, fashionable coverage
overall property say 2 hundred million
weqaya takaful coverage and reinsurance business enterprise become incorporated in 2009 as a saudi joint-stock business enterprise with sr two hundred million in paid-up capital. weqaya is supported with the aid of main reinsurers and underwrites all kinds of dangers in protection, savings, medical health insurance, trendy insurance, and reinsurance and goes the more mile to tailor unique covers and expand revolutionary takaful services and products to meet the unique wishes and expectations of the clients. weqaya is proud to introduce a sharia-compliant and brought-value takaful services and products for each individual and companies.

established order
the idea of founding weqaya takaful insurance and reinsurance employer has been resulted from the convergence of funding and financial visions for some of investment companies specializing in personal investments with the experienced insurance technical vision and approach for some of insurance experts, recognised within the country of Saudi Arabia, in an effort to bridge the facet of the distance within the Saudi coverage market, which is still in the technique of improvement and increase, through placing ahead a package of covered services and products stemming from the desires of the market and combined with an actual and technical marketplace have a look at for the Saudi coverage marketplace, and based on the professional control and technical revel in that could manage the excessive risks in the marketplace of coverage.

therefore; weqaya takaful coverage and reinsurance agency has been mounted based on the council of ministers selection no. (a hundred and eighty), dated 30/6/2008 and the royal decree no. (m/34), dated 1/7/2008, to establish weqaya takaful coverage and reinsurance employer as a Saudi joint-stock business enterprise.

weqaya’s capital is (two hundred,000,000) hundred million saudi riyals. the company has the right to practice the business of takaful insurance in numerous fields consisting of protection, savings, medical insurance, standard coverage and reinsurance, according to the cooperative insurance supervision system, its government policies as well as any in addition amendments that can be brought, and as per the guidelines and policies of the dominion of saudi arabia.

strategies and objectives
weqaya’s main approach is to create a distinct photo and identity, as a specialised takaful coverage employer, with the aid of presenting takaful coverage services and products, to the saudi commercial enterprise sector and all of the other sectors of saudi community, consistent with principals and guidelines of sharia, and by means of specializing in building one of the quality professional teams within the coverage agencies within the kingdom by attracting the maximum qualified professional recognised, further to focus on re-coverage services, with the aid of developing it to be prepared for actual implementation.

weqaya specializes in its approach, to offer a wide variety of progressive products and non-traditional offerings with a view to make contributions to the growth of the saudi coverage market, horizontally in terms of services and products, and vertically in terms of business boom and activities.

suspension by way of cma for percentage trading at tadawul
CMA publicizes that primarily based on the announcement by using the saudi arabian financial enterprise dated 5/eight/1435 h corresponding to 3/6/2014 that protected: “after viewing the primary zone financial statements from the cutting-edge year 2014 submitted through weqaya takaful coverage and reinsurance corporation to the company on 20/6/1435 h corresponding to twenty/04/2014 showing that the corporation’s accumulated losses reached 97% of its proportion capital, the corporation has assigned an outside auditor to study and take a look at the employer’s scenario. the preliminary data that become identified to the outside auditor primarily based at the actuary shows that there can be override dedicated against the organization. as a result, the company has issued some of the resolutions that the corporation need to execute to strive to accurate its economic scenario inside a particular period, with the last resolution despatched to the company on four/8/1435h corresponding to 2/6/2014.”

and because the corporation had acquired during the last period a number of resolutions from the Saudi Arabian monetary business enterprise which it did now not disclose in line with the relevant required policies.

and primarily based on the capital marketplace law and its enforcing regulations, the CMA’s board issued its resolution dated 6/8/1435h similar to 4/6/2014 to droop the buying and selling of weqaya takaful insurance and reinsurance company shares inside the Saudi stock trade (tadawul) starting from Wednesday 6/eight/1435h corresponding to four/6/2014, until the enterprise discloses any cloth trends in accordance with the requirements of the capital marketplace regulation and its implementing guidelines, in mild of the resolutions it had obtained from the agency at some stage in the beyond length to accurate its economic state of affairs. hence, cma will don’t forget whether to preserve the alternate suspension of the organization’s shares or not.

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