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Watania

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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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