AlAhli Takaful Co. - ATC

Activities

Al Ahli Takaful Company (ATC) is a publicly listed company, offering Sharia-compliant insurance products to individuals and groups. The company was listed on the Saudi Stock Exchange on 18th August 2007, whilst it commenced its commercial operations on 4th February 2008. The company operates under license of the Saudi Arabian Monetary Agency (SAMA) (the insurance sector regulator), and in accordance with the cooperative insurance regulations issued by SAMA. ATC's initial capital amounted to SR 100 million. On 12 December 2011, the shareholders agreed to increase the company's capital to SR 167,666,670, bringing the shares issued to a total of 16,666,667 shares. ATC's main products are protection and savings insurance products, provided both to individuals and groups. Individual insurance covers education insurance, marriage insurance, retirement insurance, and also an exclusive 'Al Ahli Protection & savings scheme'. Its group insurance products include group care protection plan and creditor's protection plan, offering smart insurance products to employers, corporate organizations, banks and financial institutions. All of these insurances, investments, and saving plans, are in full compliance with Islamic laws and rigorously vetted by the Sharia Board at ATC. The company was established as a joint venture by some top class financial institutions, namely: The National Commercial Bank, which is a leading regional financial institution based in Saudi Arabia; along with globally leading insurance and technical specialists FWU AG; VHV; the International Financial Corporation (IFC), which is a member of the World Bank Group; and a few more prominent local investors. Headquartered in Jeddah, ATC has more than 100 branches spread across the kingdom, and total assets worth of SR 1.125 Billion.