Watania Explained

National Takaful Company (Watania) PJSC
Type:	Public
Location City:	Al Jazeera Tower Al Muroor Road, Abu Dhabi
Location Country:	United Arab Emirates
Key People:	Ali Saeed Sultan Bin Harmel Al Dhaheri (Chairman) Gautam Datta (CEO)
Industry:	Takaful
Parent:	MB UAE Investments LLC (51.00%)^[1] (wholly owned by MB Holding) Al Madina Insurance Company SAOG (9.53%) (26% owned by MB Holding)

National Takaful Company (Watania) PJSC (Arabic: وطنية للتكافل) is a takaful company based in Abu Dhabi, United Arab Emirates.

The company was created in 2011 by Abu Dhabi National Islamic Finance, Abu Dhabi National Insurance Company, TAQA and Aldar Properties.^[2] These founding investors floated around 55 percent of the company's shares in an initial public offering which was seven times oversubscribed.^{[2] [3]} The company commenced operations shortly after, with the opening of two branches in Abu Dhabi and Dubai over the following two years.^[4]

In 2014, Oman-based conglomerate MB Holding acquired a 60.5 percent stake in the company through two subsidiaries, including Al Madina Takaful.^{[5] [6]}

Watania operates using the wakala model and offers general and health takaful products.^[7]

Notes and References

1. Web site: Major shareholders . Abu Dhabi Securities Exchange . 2015-08-29.
2. News: Watania IPO 7 times oversubscribed . Haider . Haseeb . . 2011-05-03 . 2015-08-29.
3. News: National Takaful Company “Watania” to launch IPO tomorrow . . 2011-04-18 . 2015-08-29.
4. News: Watania’s constituent general meeting approves the official launch of the company . National Takaful Company (Watania) PJSC . 2011-05-23 . 2015-08-29.
5. News: Islamic insurer Watania rises close to 10% on takeover interest . . 2014-08-26 . Al Sayegh . Hadeel . 2015-08-29.
6. News: Al Madina, MB Holding to buy 60.5% stake in UAE takaful firm . . 2014-08-26 . Khan . Gulam Ali . 2015-08-29.
7. Web site: Watania takaful model . National Takaful Company (Watania) PJSC . 2015-08-29.