National Takaful Insurance Co.: An Overview

Overview of National Takaful Insurance Co.

National Takaful Insurance Co. is based in the United Arab Emirates (UAE). The company was established in 2003 with a paid-up capital of KWD 10,000,000/- and is licensed to render as a Takaful Insurance Company in Kuwait (Islamic Sharia Compliance). The company’s general policy is drawn and managed by leading business groups.

History and Background

National Takaful Insurance Co. was established in 2003 to provide Takaful insurance solutions for the regional market. The company has its headquarters in Abu Dhabi, with offices in Al Ain and Dubai. The business has an ADX listing on the Abu Dhabi Securities Exchange—a stock symbol of TKFL.

Vision and Mission

National Takaful Insurance Co. has a vision to be the leading Takaful insurance provider in the UAE, offering innovative and comprehensive insurance solutions to meet the needs of its customers. The company’s mission is to provide its customers with the highest quality of service while adhering to the principles of Sharia.

Some key points to note about National Takaful Insurance Co. are:

• The company provides Takaful insurance solutions for the regional market.
• The Abu Dhabi Securities Exchange (ADX) lists the company with TKFL as its stock symbol.
• The company’s headquarters is in Abu Dhabi, with offices in Al Ain and Dubai.
• The company is licensed to render as a Takaful Insurance Company in Kuwait (Islamic Sharia Compliance).
• The company aims to be the leading Takaful insurance provider in the UAE, offering innovative and complete insurance options that satisfy the requirements of its customers.
• The company’s mission is to provide its customers with the highest quality of service while adhering to the principles of Sharia.

Products and Services

Takaful Insurance Solutions

National Takaful Insurance Co. offers a wide range of takaful insurance solutions designed to cater to the diverse needs of individuals and businesses. The company’s takaful insurance solutions include:

• Motor Takaful: This insurance policy covers the harm or loss to the insured car brought on by an incident, theft, or fire.
• Engineering Takaful: This insurance policy covers construction and engineering projects, including machinery breakdown, construction risks, and contractors’ risks.
• Marine Takaful: This insurance policy covers the loss or damage to the insured vessel, cargo, and liability arising from marine-related activities.
• Cargo Takaful: This insurance policy covers the loss or damage to the insured cargo during transit.
• General Accidents Takaful: This insurance policy covers the loss or harm brought on by an incident, such as personal accident, workmen’s compensation, and public liability.
• Medical Takaful: This insurance policy covers medical expenses incurred due to illness or injury.

Family Takaful

National Takaful Insurance Co. offers a range of family takaful products designed to provide financial protection to the insured and their loved ones. The company’s family takaful products include:

• Fire Takaful: This insurance policy covers the covered property’s loss or damage due to fire and allied perils.
• Hull Takaful: This insurance policy covers the loss or damage to the insured vessel due to accidental means.
• Aviation Takaful: This insurance policy covers the loss or damage to the insured aircraft, including liability arising from aviation-related activities.

General Takaful

National Takaful Insurance Co. also offers a range of general takaful products designed to cater to the diverse needs of individuals and businesses. The company’s general takaful products include:

• Personal Accident Takaful: This insurance policy covers accidental mortality, long-term impairment, and medical costs due to an accident.
• Workmen’s Compensation Takaful: This insurance policy covers the employer’s liability for work-related injuries or illnesses.
• Property Takaful: This insurance policy covers the destruction or loss of the insured property due to various perils, including fire, theft, and natural disasters.
• Liability Takaful: This insurance policy covers the insured’s liability arising from various activities, including public liability, product liability, and professional indemnity.

National Takaful Insurance Co. is committed to providing its customers with innovative and comprehensive takaful insurance solutions. Focusing on customer satisfaction and excellence, the company has established itself as a leading takaful insurance provider in the United Arab Emirates.

Financial Performance

Financial Strength Rating

National Takaful Insurance Co. has been assigned an Insurer Financial Strength (IFS) rating of ‘A-‘ by Fitch Ratings, indicating a solid financial position. The company’s business risk profile and diversification have been evaluated to be positive, and it reported insurance revenue of AED 675 million in 2023. National Takaful Insurance Co. complies with all Abu Dhabi Stock Exchange (ADX), UAE Insurance Authority (IA), and UAE Securities and Commodities Authority disclosure regulations.

Issuer Credit Rating

National Takaful Insurance Co. has been assigned an Issuer Credit Rating (ICR) of ‘A-‘ by Fitch Ratings, indicating a solid credit profile. The company’s financial performance and liquidity have been evaluated to be positive, and it has a stable outlook. National Takaful Insurance Co. is one of the leading takaful insurers in the UAE, writing a mix of personal and commercial lines of takaful property and casualty business.

• The company has a solid financial position with an ‘A-‘ IFS rating by Fitch Ratings.
• National Takaful Insurance Co. complies with all Abu Dhabi Stock Exchange (ADX), UAE Insurance Authority (IA), and UAE Securities and Commodities Authority disclosure regulations.
• Fitch Ratings assigned The company an ‘A-‘ ICR, indicating a solid credit profile.
• National Takaful Insurance Co. is one of the leading takaful insurers in the UAE, writing a mix of personal and commercial lines of takaful property and casualty business.

Corporate Presence

Head Office

National Takaful Insurance Co. has its head office in Marina Square, Al Reem Island, Abu Dhabi. The company obtained its commercial license on July 23, 2008, and commenced operations on September 1, 2008. The head office is the central hub of the company’s operations and houses most of its administrative and management functions.

Regional Offices

Apart from the head office, National Takaful Insurance Co. also has regional offices located across the Middle East. These offices are strategically located to cater to customers’ needs in different regions. Here are some essential points to note about the company’s regional offices:

• The company has a strong presence in the Middle East, with offices in several countries, including Bahrain, Oman, and Kuwait.
• The regional offices provide customer service, underwriting, and claims management services to customers in their respective regions.
• National Takaful Insurance Co. has a team of experienced professionals working in its regional offices to ensure customers receive the best possible service.
• The company’s regional offices have state-of-the-art technology and infrastructure to provide customers with efficient and effective services.

In summary, National Takaful Insurance Co. has a strong corporate presence in the Middle East, with its head office in Marina Square, Al Reem Island, Abu Dhabi. The company also has regional offices across the Middle East to cater to the needs of its clients. Using state-of-the-art technology and a team of experienced experts, the business is dedicated to giving its clients the best possible service.

Market and Trading

National Takaful Insurance Co. is a Sharia-compliant insurance company traded on the Abu Dhabi Securities Exchange (ADX). The company’s stock symbol is TKFL. Here are some key points about the company’s market and trading:

Abu Dhabi Securities Exchange

The Abu Dhabi Securities Exchange (ADX) is a regional market that provides a platform for trading stocks, bonds, and other securities. It is one of the leading Middle East and North Africa (MENA) exchanges. National Takaful Insurance Co. is one of the companies listed on the ADX.

Stock Symbol TKFL

National Takaful Insurance Co.’s stock symbol on the ADX is TKFL. The company’s shares are traded under this symbol, and investors can purchase and sell them via their brokers. Here are some additional facts about the company’s stock:

• National Takaful Insurance Co.’s market capitalization is AED 1.2 billion as of March 19, 2024.
• The company’s shares have a par value of AED 1 each.
• National Takaful Insurance Co.’s shares have traded on the ADX since 2005.

In summary, National Takaful Insurance Co. is a Sharia-compliant insurance company traded on the Abu Dhabi Securities Exchange (ADX) under the stock symbol TKFL. The company’s shares have been listed on the ADX since 2005, and its market capitalization is AED 1.2 billion as of March 19, 2024.

Corporate Governance

National Takaful Insurance Co. is committed to maintaining high standards of corporate governance. The company believes good governance is the foundation for long-term success and sustainable growth.

Here are some key points to know about National Takaful Insurance Co.’s corporate governance:

• The company is a Public Shareholding Company (PSC), which means it is subject to the regulations and requirements of the relevant authorities.
• The Board of Directors is in charge of determining the strategic direction and managing the organization’s operations. The Board is comprised of experienced professionals from various fields who bring a diverse range of skills and expertise to the company.
• National Takaful Insurance Co. has established precise internal controls, risk management, and compliance policies and procedures. The business regularly maintains and examines these policies to ensure they remain practical and relevant.
• The company is committed to transparency and disclosure. It regularly updates shareholders and other stakeholders on its financial performance, corporate governance practices, and other relevant matters.
• National Takaful Insurance Co. is committed to ethical behavior and social responsibility. The company’s Code of Conduct sets clear standards of behavior for all employees, and The business backs several community service and humanitarian endeavors.

In summary, National Takaful Insurance Co. prioritizes corporate governance and has established robust policies and procedures to ensure that it operates responsibly and sustainably.

Online Presence and Resources

National Takaful Insurance Co. has a solid online presence, providing customers easy access to information and resources. Here are some of the ways customers can interact with the company online:

• Website: The National Takaful Insurance Co. website (takaful. ae) is an excellent customer resource. It provides information about the company, its products and services, and how to contact a representative. The website features a user-friendly interface and search feature to aid clients in finding what they want.
• Online Quotes: Customers can get a quote for National Takaful Insurance Co. products and services online. The procedure is simple and quick; clients can estimate their premiums before committing to a policy.
• Online Account Management: Customers can manage their National Takaful Insurance Co. policies online. This includes making payments, updating personal information, and filing claims. The online portal is secure and easy to use.
• Social Media: National Takaful Insurance Co. is on social media platforms like Facebook and Twitter. Customers can follow the company to stay up-to-date on news and promotions.
• Mobile App: National Takaful Insurance Co. provides clients a mobile app to handle their policies while on the go. Android and iOS devices can utilize the software, allowing customers to make payments, file claims, and more.

Overall, National Takaful Insurance Co. has made it easy for customers to interact with the company online. The website is an excellent resource for information, and the online portal and mobile app make it easy to manage policies.

Customer Service and Support

National Takaful Insurance Co. is dedicated to providing outstanding customer service and support to its clients. The company offers various services to ensure its customers have a hassle-free experience when dealing with their insurance needs.

Some of the ways National Takaful Insurance Co. provides customer service and support include:

• 24/7 Customer Support: The business has a committed group of customer care agents available 24 hours daily to help clients with questions or concerns.
• Online Services: National Takaful Insurance Co. provides various online services to make it easier for clients to manage their policies. These include online policy renewal, claims submission, and premium payment.
• Dedicated Claims Team: The company has a dedicated claims team that ensures that all claims are processed quickly and efficiently. The team can assist customers with the claims process and answer any questions.
• Customer Feedback: National Takaful Insurance Co. values consumer input and continuously applies it to enhance its offerings. The company encourages customers to provide feedback through various email, phone, and social media channels.
• Transparency: National Takaful Insurance Co. is committed to transparency in all its customer dealings. The company provides clear and concise information about its policies, premiums, and claims process to ensure that customers are fully informed.

National Takaful Insurance Co. understands its customers are its most valuable asset and is committed to providing the best possible service and support.

Frequently Asked Questions

What types of insurance products does the National Takaful Insurance Company offer?

• National Takaful Insurance Company offers a wide range of insurance products, including motor, marine, property, engineering, and liability insurance.
• The company also provides health and medical insurance, travel insurance, and other coverage options to meet the needs of its customers.

How can customers submit a claim with the National Takaful Insurance Company?

• Customers can submit a claim by calling the company’s customer service hotline or visiting one of its full-service business centers.
• Customers can access the company’s services and manage claims anytime through its website.

What distinguishes takaful insurance from conventional insurance?

• Takaful insurance is based on mutual cooperation, shared responsibility, and risk-sharing principles.
• In contrast, conventional insurance is based on risk transfer and risk pooling principles.
• Takaful insurance is designed to comply with Islamic Shariah law, which prohibits interest-based transactions and promotes ethical and socially responsible business practices.

What are the customer service contact options for National Takaful Insurance Company?

• Customers can contact National Takaful Insurance Company by phone or email or by visiting one of its full-service business centers.
• The company’s customer service hotline is accessible around the clock to help clients with queries or issues.

How does the takaful contribution system work?

• Takaful insurance operates based on a contribution system, where participants pool their funds to cover potential losses incurred by fellow members.
• Participants contribute a certain amount of money into a pool, which the takaful operator manages.
• The operator invests the funds in Shariah-compliant investments and uses the profits to cover claims and expenses.

What steps are involved in applying for coverage with the National Takaful Insurance Company?

• Customers can apply for coverage by visiting a company’s full-service business center or accessing its services online.
• Customers will need to provide personal and contact information and details about the type of coverage they require.
• The company will then provide a quote and guide the customer through the application process.