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COMPANY PROFILE
Al-Jazira Takaful Taawuni Company is a Saudi joint stock company under the supervision of the Saudi Central Bank (SAMA), with a capital of 660,000,000 Saudi riyals offers various insurance programs and solutions that are Sharia Compliant. Commercial registration number 4030251980 / 7001791990, aims to contribute to achieving the vision of the Kingdom of Saudi Arabia 2030.
Aljazira Takaful Taawuni Company approved by the Council of Ministers as per the Resolution No 137 dated 27-4-1431H and Royal Decree No M23 issued on 28-4-1431H in compliance with Corporate Law issued under Royal Decree No M6 dated 22-3-1385H and the Cooperative Insurance Companies Control Law issued under Royal Decree No 32 dated 2-6-1424H and its Implementing Rules issued under Council of Ministers Resolution No 1-596 dated 1-3-1425H.
Company started through the Department of Takaful Taawuni, in 2002, where it was initiated as an independent division specialized in Insurance sector under the umbrella of Bank Al Jazira and aims to provide insurance plans in compliance with the provisions of Islamic Sharia as an alternative to traditional Life Insurance plans. Efforts continued to maximize the Insurance portfolio, which has succeeded in attracting a large number of Policyholders and written premiums.
On 21/07/2013 the company was listed in the Capital Market Authority (Tadawul) after a strategy that intended to transfer the project of Takaful Taawuni Division to a listed company specialized in Saving and Protection Insurance with a capital of 350,000,000 Saudi riyals.
The positive financial results actualized by the company based on its balance strategy, encouraged expansion in other lines of Insurance business such as General and Medical as the company trusted such growth will contribute to meet the aspiration of all shareholders.
In 26/06/2019, Al-Jazira Takaful Tawuni Company announced the signing of a non-binding memorandum of understanding with Solidarity Saudi Takaful Company, after which both companies in 23/08/2020 announced their signing of the binding merger agreement, which was voted on with approval by the shareholders of the two companies on 27/01/2021, as a result of which the capital of the Al-Jazira Takaful Taawuni Company increased to 470,664,030 Saudi riyals.
In continuation of the successes and striving towards achieving the business expansion strategy, the company’s Board of Directors decided to recommend to the Extraordinary General Assembly to increase the company’s capital by granting "Bonus Shares". The new capital increased by 16.86% to become 550,000,000 Saudi riyals at the end of November 2021.
We will be the market leader Sharia Compliant Insurance Operator in the Mid-East & North Africa region, offering innovative Insurance solutions to maximize the value added for our customers, shareholders and employees.