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. 

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 establishWeqaya Takaful insurance and reinsurance company as a Saudi joint-stock company.

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.