“Tawuniya” Awarded As Best Takaful Company for 2019

Press release
Published October 10th, 2019 - 10:29 GMT
Tawuniya has many competitive capabilities

The Company for Cooperative Insurance (Tawuniya) has been awarded as “Best Takaful Company for 2019” by Global Islamic Finance Awards (GIFA), which is specialized in classifying Islamic finance and insurance establishments.

Tawuniya won this award as result of its implementing cooperative insurance concept since its foundation in 1986, its success in introducing Takaful insurance products and its investments are complying with “Shariah Rules”, its commitments to Islamic standards in accounting field and its role in enhancing the innovation concept, governance and social responsibility.

On this occasion, Tawuniya’s Senior Vice President - Sales and Marketing Adel Al-Hamoudi, expressed his proud of winning the award. He emphasized that this success reflects Tawuniya’s efforts and commitment in introducing innovative services and products in line with Takaful concept as well as its efforts in adjusting its investments in accordance with Shariah compliant.

Al-Hamoudi also clarified that this award will be added to Tawuniya’s distinctive awards and ranking obtained in the current year, including the awards of the Best Electronic General Insurance Company, Best Innovative Insurance Company, and the Golden Award for Quality & Business Prestige as well as Tawuniya’s rank among top ten brands.

“Tawuniya has several distinctive factors that qualify it to be best Takaful company due to its pioneering position in the Saudi insurance market, first cooperative insurance company in the Kingdom, first Saudi company successfully applied the cooperative insurance concept by sharing the insurance surplus with clients for the first time in 1990,” he added.

He further noted, “Tawuniya has many competitive capabilities, such as its strong financial position, technical experience, insurance portfolio, including 60 types of insurance products in three main operating segments: medical insurance, motor insurance and property and casualty insurance, to meet the need of its clients, from major companies and small and medium enterprisers. Tawuniya also provides a largest network of sales in the Saudi market.”

Tawuniya succeeded in developing its strategy for the next years to focus more on the customer and introduce more innovative insurance services and products to attract new segments of the society and lead the digital transformation by developing the informative infrastructure and using advanced system to improve the work environment with attracting and retaining the human capital, which is considered as the most important asset in the company.

Global Islamic Finance Award is one of prestigious awards in the Islamic finance sector. The award aims to encourage Islamic Finance Excellence by honoring best practice and celebrate with the success of financial organizations that work align with Shariah compliant.    

Background Information

The Company for Cooperative Insurance (Tawuniya)

The Company for Cooperative Insurance (Tawuniya) was founded in 1986 in Riyadh as a Saudi joint stock company and the first licensed national insurance companyin Saudi Arabia offering various insurance products commensurate with the needs of the community of individuals and companies in accordance with the cooperative concept that is islamically accepted.

During the years Tawuniya has established work high value goals that primarily target customers, where it is based on the knowledge of customer insurance requirements and work to meet them by group competent experts in the same field.

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