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| location_country = United Arab Emirates
| location_country = United Arab Emirates
| key_people = {{plainlist |
| key_people = {{plainlist |
* Khaled Abdulla Al Khouri <small>(Chairman)</small>
* Khaled Al Khoori <small>(Chairman)</small>
* Gautam Datta <small>(CEO)</small>
* Mohammed Hamdan <small>(Acting CEO)</small>
}}
}}
| industry = [[Takaful]]
| industry = [[Takaful]]
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| parent = {{plainlist|
| parent = {{plainlist|
* MB UAE Investments LLC (51.00%)<ref name="shareholders">{{cite web |title=Major shareholders |url=https://www.adx.ae/English/Securities/Pages/MajorShareholders.aspx?Symbol=WATANIA |publisher=Abu Dhabi Securities Exchange |access-date=2015-08-29}}</ref> <small>(wholly owned by [[MB Holding]])</small>
* MB UAE Investments LLC (51.00%)<ref name="shareholders">{{cite web |title=Major shareholders |url=https://www.adx.ae/English/Securities/Pages/MajorShareholders.aspx?Symbol=WATANIA |publisher=Abu Dhabi Securities Exchange |access-date=2015-08-29}}</ref> <small>(wholly owned by [[MB Holding]])</small>
* [[Al Madina Takaful|Al Madina Insurance Company SAOG]] (9.53%)<ref name="shareholders"/> <small>(26% owned by MB Holding)</small><ref name="mb">{{cite news |title=Al Madina, MB Holding to buy 60.5% stake in UAE takaful firm |url=http://www.muscatdaily.com/Archive/Business/Al-Madina-MB-Holding-to-buy-60.5-stake-in-UAE-takaful-firm-3emd#ixzz3kCHMciQy |newspaper=[[Muscat Daily]] |date=2014-08-26 |last=Khan |first=Gulam Ali |access-date=2015-08-29}}</ref>
* [[Al Madina Takaful|Al Madina Insurance Company SAOG]] (9.53%)<ref name="shareholders"/> <small>(26% owned by MB Holding)</small><ref name="mb"/>
}}
}}
| homepage = {{url|http://www.watania.ae/}}
| homepage = {{url|http://www.watania.ae/}}
}}
}}


'''National Takaful Company (Watania) PJSC''' ({{lang-ar|وطنية للتكافل}}) is a [[takaful]] company based in [[Abu Dhabi]], [[United Arab Emirates]].
'''National Takaful Company (Watania) PJSC (Arabic: وطنية للتكافل)''' is an initiative taken by Abu Dhabi National Insurance Company (ADNIC) (16%), Abu Dhabi National Islamic Finance (ADNIF) (16%), Abu Dhabi National Energy Company (TAQA) (7%), and Aldar Properties (7%) in 2011. Their objective was to establish a leading takaful operator in the UAE which could meet the demand of the UAE market for Sharia compliant insurance products. Mr. Oussama Kaissi, a [[Lebanese American]] senior executive was the first CEO of Watania.<ref>{{cite web |title=Oussama Abdel Rahman Kaissi the New CEO of ICIEC |url=http://www.iciec.com/node/318}}</ref>


The company was created in 2011 by [[National Bank of Abu Dhabi|Abu Dhabi National Islamic Finance]], [[Abu Dhabi National Insurance Company]], [[TAQA]] and [[Aldar Properties]].<ref name="khaleej">{{cite news |title=Watania IPO 7 times oversubscribed |url=http://www.khaleejtimes.com/article/20110503/ARTICLE/305039904/1036 |last=Haider |first=Haseeb |newspaper=[[Khaleej Times]] |date=2011-05-03 |access-date=2015-08-29}}</ref> These founding investors floated around 55 percent of the company's shares in an [[initial public offering]] which was seven times oversubscribed.<ref name="khaleej"/><ref>{{cite news |title=National Takaful Company “Watania” to launch IPO tomorrow |url=http://www.albawaba.com/national-takaful-company-%E2%80%9Cwatania%E2%80%9D-ipo-tomorrow |publisher=[[National Bank of Abu Dhabi]] |date=2011-04-18 |access-date=2015-08-29}}</ref> The company commenced operations shortly after, with the opening of six branches in Abu Dhabi, [[Dubai]] and [[Sharjah]] over the following two years.<ref>{{cite news |title=Watania’s constituent general meeting approves the official launch of the company |url=http://www.albawaba.com/watania%E2%80%99s-constituent-general-meeting-approves-official-launch-company |publisher=National Takaful Company (Watania) PJSC |date=2011-05-23 |access-date=2015-08-29}}</ref>
Watania was issued a license by the [http://www.ia.gov.ae/en/Pages/default.aspx UAE Insurance Authority] on 12 July 2011 and was listed on the ADX on 14 November 2011.


In 2014, Oman-based conglomerate [[MB Holding]] acquired a 60.5 percent stake in the company through two subsidiaries, including [[Al Madina Takaful]].<ref>{{cite news |title=Islamic insurer Watania rises close to 10% on takeover interest |url=http://www.thenational.ae/business/markets/islamic-insurer-watania-rises-close-to-10-on-takeover-interest |newspaper=[[The National (Abu Dhabi)|The National]] |date=2014-08-26 |last=Al Sayegh |first=Hadeel |access-date=2015-08-29}}</ref><ref name="mb">{{cite news |title=Al Madina, MB Holding to buy 60.5% stake in UAE takaful firm |url=http://www.muscatdaily.com/Archive/Business/Al-Madina-MB-Holding-to-buy-60.5-stake-in-UAE-takaful-firm-3emd#ixzz3kCHMciQy |newspaper=[[Muscat Daily]] |date=2014-08-26 |last=Khan |first=Gulam Ali |access-date=2015-08-29}}</ref>
Watania has a paid-up capital of AED150M and its head office is in Abu Dhabi, United Arab Emirates. Watania floated its stocks for an IPO on 18 April 2011 with issue oversubscribed nearly 7 times. After the allotment process, Ajman Bank (16%) and Qatar First Development Bank (10%) joined the ranks of the founding shareholders. Watania started underwriting risks on 14 November 2011.


Watania operates using the [[wakala]] model and offers general and health takaful products.<ref>{{cite web |title=Watania takaful model |url=http://www.watania.ae/en/watania-takaful-model/watania-takaful-model.aspx |publisher=National Takaful Company (Watania) PJSC |access-date=2015-08-29}}</ref>
In August 2014 there was a major change in the shareholding structure of Watania whereby MB Investment UAE and Madina Takaful Oman acquired a majority 60% stake in the company from existing shareholders. Current major shareholders are MB Investment UAE (51%), ADNIF (15.74%), Madina Takaful, Oman (9.54%) and Bin Harmal (8.37%).


==References==
==References==
{{Reflist}}
{{reflist|2}}


==External links==
==External links==

Revision as of 14:41, 11 July 2017

National Takaful Company (Watania) PJSC
Company typePublic
ADX: WATANIA
IndustryTakaful
Founded12 July 2011; 13 years ago (2011-07-12)
Headquarters
Al Jazeera Tower
Al Muroor Road, Abu Dhabi
,
United Arab Emirates
Key people
  • Khaled Al Khoori (Chairman)
  • Mohammed Hamdan (Acting CEO)
Products
  • General takaful
  • Health takaful
RevenueIncrease AED 191 million (2014)[1]
Decrease -AED 10 million (2014)[1]
Total assetsIncrease AED 343 million (2014)[1]
Total equityDecrease AED 120 million (2014)[1]
Parent
Websitewww.watania.ae

National Takaful Company (Watania) PJSC (Arabic: وطنية للتكافل) is a takaful company based in Abu Dhabi, United Arab Emirates.

The company was created in 2011 by Abu Dhabi National Islamic Finance, Abu Dhabi National Insurance Company, TAQA and Aldar Properties.[4] These founding investors floated around 55 percent of the company's shares in an initial public offering which was seven times oversubscribed.[4][5] The company commenced operations shortly after, with the opening of six branches in Abu Dhabi, Dubai and Sharjah over the following two years.[6]

In 2014, Oman-based conglomerate MB Holding acquired a 60.5 percent stake in the company through two subsidiaries, including Al Madina Takaful.[7][3]

Watania operates using the wakala model and offers general and health takaful products.[8]

References

  1. ^ a b c d Annual Report 2014 (PDF), National Takaful Company (Watania) PJSC, 2014-12-31, retrieved 2015-08-29
  2. ^ a b "Major shareholders". Abu Dhabi Securities Exchange. Retrieved 2015-08-29.
  3. ^ a b Khan, Gulam Ali (2014-08-26). "Al Madina, MB Holding to buy 60.5% stake in UAE takaful firm". Muscat Daily. Retrieved 2015-08-29.
  4. ^ a b Haider, Haseeb (2011-05-03). "Watania IPO 7 times oversubscribed". Khaleej Times. Retrieved 2015-08-29.
  5. ^ "National Takaful Company "Watania" to launch IPO tomorrow". National Bank of Abu Dhabi. 2011-04-18. Retrieved 2015-08-29.
  6. ^ "Watania's constituent general meeting approves the official launch of the company". National Takaful Company (Watania) PJSC. 2011-05-23. Retrieved 2015-08-29.
  7. ^ Al Sayegh, Hadeel (2014-08-26). "Islamic insurer Watania rises close to 10% on takeover interest". The National. Retrieved 2015-08-29.
  8. ^ "Watania takaful model". National Takaful Company (Watania) PJSC. Retrieved 2015-08-29.
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