Al-Rajhi Company for Cooperative Insurance is a Saudi joint-stock company listed on the Saudi Stock Exchange 'Saudi Tadawul'. Established in 2008, it provides insurance solutions compliant with Islamic Shariah. The company holds an A3 financial strength rating and is subject to the supervision and regulation of the Insurance Authority. Its headquarters are in the capital, Riyadh.
It was listed on the Saudi Tadawul on July 13, 2009. Its shares are traded on the main market within the insurance sector under the name 'Al-Rajhi Takaful' with the symbol '8230' and International Securities Identification Number (ISIN) (SA12A0540J14). The company's capital amounts to SAR1 billion.
Establishment of al-Rajhi Company for Cooperative Insurance
The company was established by the Council of Ministers Resolution No. 181 issued in 2008, in accordance with Royal Decree No. M/35 issued in 2008, and commercial registration No. 1010270371 dated June 28, 2009. It is licensed to engage in insurance activities under license No. T N M/22/200911 dated November 17, 2009.
The Shariah Department of al-Rajhi Company for Cooperative Insurance
The Shariah department of the company consists of a technical and administrative body that supports the Shariah Board in achieving its goals and performing its duties. It has the authority to fully access records, transactions, contracts, agreements, and information, and to consult with professional advisors and relevant company employees. The department is administratively and financially under the chief executive officer (CEO) of the company while having a direct technical connection to the Sharia Board. The Shariah department includes two departments: the Secretariat of the Shariah Board and Shariah Auditing.
Products of al-Rajhi Company for Cooperative Insurance
The company offers its products to two categories: businesses and individuals. Business products include public liability insurance, property all risks insurance, health insurance, public liability insurance, marine insurance, contractor plant and machinery insurance, workmen’s compensation and employers liability insurance, trade credit insurance, and fidelity guarantee insurance.
Individual products include motor insurance, travel insurance, visa extension insurance, domestic helper health insurance, medical malpractice insurance, protection and savings programs, personal accident insurance, and home insurance.
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