Watania

National Takaful Company (Watania) PJSC
Public
Traded as ADX: WATANIA
Industry Takaful
Founded 12 July 2011 (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
Revenue Increase AED 191 million (2014)[1]
Decrease -AED 10 million (2014)[1]
Total assets Increase AED 343 million (2014)[1]
Total equity Decrease AED 120 million (2014)[1]
Parent
Website www.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.[3][7]

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

References

  1. 1 2 3 4 Annual Report 2014 (PDF), National Takaful Company (Watania) PJSC, 2014-12-31, retrieved 2015-08-29
  2. 1 2 "Major shareholders". Abu Dhabi Securities Exchange. Retrieved 2015-08-29.
  3. 1 2 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. 1 2 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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