Solidarity Saudi Takaful Company Overview
Pro stress-test →Solidarity Saudi Takaful Company offers insurance coverage that complies with Islamic law. The company was established with a fully paid-up capital of SR.250 million, with headquarters in Riyadh. However, the company was acquired by AlJazira Takaful Taawuni on January 28, 2021, and is no longer independently traded.
Strategic Profile
Pro stress-test →The company offered coverage for major lines of business including Medical, Motor Vehicle, Property, Marine, Engineering, General Accident, Liability and Group Life Insurance. As a Shariah-compliant insurance provider in Saudi Arabia, Solidarity competed in the regional takaful market but has since been consolidated into the larger AJT organization.
Competitive Landscape
Pro stress-test →Solidarity operated in the multi-line insurance sector, competing with other takaful providers in Saudi Arabia. The acquisition by AlJazira Takaful indicates market consolidation among regional Islamic insurance players.
Industry Context
Solidarity Saudi Takaful Company operates in Takaful (Islamic cooperative insurance).
Key facts
Founded: 2010 · Headquarters: Riyadh, Saudi Arabia · Employees: 81