Takaful News - Saudi Arabia: Weqaya Takaful losses wipe out capital
Source: Middle East Insurance Review | May 2016
Weqaya Takaful insurance and Reinsurance Co is set to be suspended from the Tadawul as its losses have exceeded 50% of its capital, in line with rules relating to listed companies.
The move follows the announcement of Weqaya Takaful’s accumulated losses reaching 149% of its capital.
Weqaya’s net losses for 2016 reached SAR26,969,000 (US$7 million).
SAR1 = US$0.27