improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . october 2014 learn how and when to remove this template message some of this article s listed sources may not be reliable . please help this article by looking for better more reliable sources . unreliable citations may be challenged or deleted . october 2014 learn how and when to remove this template message learn how and when to remove this template message weqaya takaful insurance and reinsurance type public industry insurance reinsurance founded 2009 headquarters riyadh saudi arabia products health insurance life insurance takaful car insurance general insurance website www.weqaya.com.sa weqaya takaful insurance and reinsurance company weqaya arabic known also as weqaya takaful insurance and reinsurance company is one of the largest joint stock companies in saudi arabia with a paid up capital of sr 200 million . weqaya head offices are located in riyadh and there are three regional offices in jeddah and khobar . contents 1 history 2 establishment 3 strategies and objectives 4 suspension by cma for share trading at tadawul 5 references 6 external links history edit 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 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 sharia compliant and added value takaful products and services for both individuals and businesses . 1 establishment edit 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 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 . 2 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 . 3 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 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 . strategies and objectives edit 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 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 . 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 . suspension by cma for share trading at tadawul edit 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 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 . 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 . 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 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 . references edit 1 archived february 23 2011 at the wayback machine . 2011 . aleqt.com . retrieved 31 october 2014 . horizontal tab character in title at position 15 help saudi stock exchange tadawul . tadawul.com . retrieved 31 october 2014 . external links edit saudi arabia portal companies portal weqaya takaful insurance and reinsurance company website saudi arabia retrieved from https en.wikipedia.org w index.php title weqaya & oldid 723586631 categories 2009 establishments in saudi arabiacompanies established in 2009companies listed on tadawulcompanies of saudi arabiainsurancehidden categories articles with wayback machine linkscs1 errors invisible charactersarticles needing additional references from october 2014all articles needing additional referencesarticles lacking reliable references from october 2014all articles lacking reliable referencespages using infobox company with unsupported parametersarticles containing arabic language text navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages edit links this page was last modified on 3 june 2016 at 22 38 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view