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20/6/1435 H corresponding to 20/04/2014 showing that the company's accumulated losses reached 97% of its share capital, the Agency has assigned an external auditor to study and examine the company's situation. The preliminary information that was identified to the external auditor based on the actuary indicates that there may be override committed against the company. As a result, the Agency has issued a number of resolutions that the company must execute to strive to correct its financial situation within a specified period, with the last resolution sent to the company on 4/8/1435H corresponding to 2/6/2014."
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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.
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6/8/1435H corresponding to 4/6/2014, until the company discloses any material developments in accordance with the requirements of the
Capital Market Law and its implementing regulations, in light of the resolutions it had received from the Agency during the past period to correct its financial situation. Accordingly, CMA will consider whether to continue the trade suspension of the company's shares or not.
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CMA announces that based on the announcement by the Saudi
Arabian Monetary Agency dated 5/8/1435 H corresponding to 3/6/2014 that included: "after viewing the first quarter financial statements from the current year 2014 submitted by Weqaya Takaful Insurance and Reinsurance Company to the Agency on
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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
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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
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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
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And based on the
Capital Market Law and its implementing regulations, the CMA's Board issued its resolution dated 6/8/1435H corresponding to 4/6/2014 to suspend the trading of Weqaya Takaful Insurance and Reinsurance Company shares in the Saudi Stock Exchange (Tadawul) starting from Wednesday
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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.
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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
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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.
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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.
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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
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And since the company had received during the last period a number of resolutions from the Saudi Arabian Monetary Agency which it did not disclose according to the applicable required regulations.
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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.
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of the topic and provide significant coverage of it beyond a mere trivial mention. If notability cannot be shown, the article is likely to be
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Please help improve this article by looking for better, more reliable sources. Unreliable citations may be challenged and removed.
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804:"الاقتصادية : "وقاية" تطلق خطة رباعية لمواجهة نمو سوق التأمين في 2011"
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Weqaya Takaful Insurance and Reinsurance Company website (Saudi Arabia)
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products and services for both individuals and businesses.
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notability guidelines for companies and organizations
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901:Financial services companies established in 2009
562:200 Million. Weqaya Head Offices are located in
556:Weqaya Takaful Insurance and Reinsurance Company
691:Suspension by CMA for share trading at Tadawul
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729:. Unsourced material may be challenged and
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566:and there are three Regional Offices in
402:Weqaya Takaful Insurance and Reinsurance
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404:وقاية للتأمين و إعادة التأمين التكافلي
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727:adding citations to reliable sources
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505:301,758,000 Saudi riyal (2013)
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916:Insurance companies of Saudi Arabia
896:2009 establishments in Saudi Arabia
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16:Saudi Arabian joint stock company
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826:"Saudi Stock Exchange (Tadawul)"
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42:or discuss these issues on the
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790:February 23, 2011, at the
239:reliable secondary sources
228:The topic of this article
911:Companies based in Riyadh
612:Strategies and objectives
230:may not meet Knowledge's
348:, as no other articles
175:Some of this article's
723:improve this section
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84:improve this article
859:Saudi Arabia portal
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806:. Aleqt.com
527:200 Million
444:Reinsurance
243:independent
180:may not be
890:Categories
832:31 October
810:31 October
773:References
363:; try the
350:link to it
277:newspapers
251:redirected
110:newspapers
39:improve it
710:does not
631:does not
440:Insurance
353:. Please
241:that are
45:talk page
788:Archived
472:Products
436:Industry
372:May 2024
266:"Weqaya"
182:reliable
99:"Weqaya"
731:removed
716:sources
652:removed
637:sources
589:Takaful
578:History
532:Website
502:Revenue
486:Takaful
450:Founded
291:scholar
255:deleted
124:scholar
585:Sharia
572:Khobar
568:Jeddah
564:Riyadh
548:Arabic
544:Weqaya
462:Riyadh
413:Public
346:orphan
344:is an
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552:وقاية
298:JSTOR
284:books
253:, or
131:JSTOR
117:books
834:2014
812:2014
714:any
712:cite
635:any
633:cite
570:and
453:2009
420:ISIN
270:news
103:news
725:by
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525:SAR
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560:SR
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