Revenue 191 million AED (2014) Total assets 343 million AED (2014) | Traded as ADX: WATANIA Net income -AED 10 million (2014) Founded 12 July 2011 Total equity 120 million AED (2014) | |
Key people Khaled Abdulla Al Khouri (Chairman)Gautam Datta (CEO) Parent organizations Al Madina Takaful, MB Holding | ||
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National Takaful Company (Watania) PJSC (Arabic: وطنية للتكافل) is a takaful company that was founded in 2011 by Oussama Kaissi, a Lebanese American senior executive.
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Watania was issued a license by the UAE Insurance Authority on 12 July 2011 and was listed on the ADX on 14 November 2011.
Watania has a paid-up capital of AED150M and its head office is in Abu Dhabi, United Arab Emirates. Watania is an initiative taken by Abu Dhabi National Insurance Company (ADNIC) (16%), Abu Dhabi National Islamic Finance (ADNIF) (16%), Abu Dhabi National Energy Company (TAQA) (7%), and Aldar Properties (7%). Their objective was to establish a leading takaful operator in the UAE which could meet the demand of the UAE market for Sharia compliant insurance products. Watania floated its stocks for an IPO on 18 April 2011 with issue oversubscribed nearly 7 times. After the allotment process, Ajman Bank (16%) and Qatar First Development Bank (10%) joined the ranks of the founding shareholders. Watania started underwriting risks on 14 November 2011.
In August 2014 there was a major change in the shareholding structure of Watania whereby MB Investment UAE and Madina Takaful Oman acquired a majority 60% stake in the company from existing shareholders. Current major shareholders are MB Investment UAE (51%), ADNIF (15.74%), Madina Takaful, Oman (9.54%) and Bin Harmal (8.37%).