Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) — Cyborg Score 7/10
Strong
Takaful/Islamic Insurance
Strategic Profile
Al Rajhi Takaful puts Sharia compliance at the center of its business model, supported by an Independent Sharia Supervisory Board that reviews all products, contracts, and operational processes to ensure alignment with Islamic law. The company offers a comprehensive range of Takaful solutions across Medical, Motor, Property and Casualty, and Protection and Savings segments.
Cyborg Score Rationale
Market leader in motor insurance with 20%+ market share and third-largest position by premium volume. Strong brand heritage tied to Al Rajhi Banking Group, Sharia compliance framework, and broad product portfolio across multiple segments. Faces competition from established regional insurers and relies on digital innovation for growth.
Top Insights
Holds more than 20% of Saudi Arabia's motor insurance market, demonstrating dominant competitive positioning
Achieved net profit after zakat of SAR332.34m ($88.58m) in 2024, representing stable profitability
Leverages brand trust from Al Rajhi Group legacy combined with digital innovation in apps and portals for customer experience
Serves both individual and business clients, with particular focus on supporting the SME sector
Named Competitors
Saudi Arabian Cooperative Insurance — Cooperative insurance provider in Saudi Arabia
Bupa Arabia — Health and cooperative insurance provider
Walaa Takaful — Takaful insurance provider
Recent Developments
(2024) Maintained net profits at SAR332.34m, demonstrating stable financial performance despite market competition
(2008) Founded as Saudi joint stock company, establishing foundation for market leadership
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