Time: October 17, 2019
The Company for Cooperative Insurance (Tawuniya) has been recognized as “Best Takaful Company for 2019” by Global Islamic Finance Awards (GIFA), which specializes in classifying Islamic finance and insurance establishments.
Tawuniya won this award as a result of its implementation of the cooperative insurance concept since its foundation in 1986, its success in introducing Shariah-compliant Takaful insurance products and its investments, its commitment to Islamic standards in the accounting field, and its role in enhancing the innovation concept, governance and social responsibility.
Adel Al-Hamoudi, Tawuniya’s senior vice president (sales and marketing), said this success reflects Tawuniya’s efforts and commitment in introducing innovative services and products as well as its efforts to adjust its investments so that they are Shariah-compliant.
Adel Al-Hamoudi, Tawuniya’s senior vice president for sales and marketing.
Al-Hamoudi added that that this award will be an addition to distinctive awards and rankings Tawuniya obtained this year — the awards for the best electronic general insurance company, best innovative insurance company, and the golden award for quality and business prestige, as well as Tawuniya’s rank among top 10 brands.
He said that Tawuniya has several factors that qualify it to be the best Takaful company — its pioneering position in the Saudi insurance market; it is the first cooperative insurance company in the Kingdom and first Saudi company that applied the cooperative insurance concept by sharing the insurance surplus with clients for the first time in 1990.
He said Tawuniya has many competitive capabilities, such as its strong financial position, technical experience, insurance portfolio, including 60 types of insurance products in three main operating segments — medical insurance, motor insurance and property and casualty insurance, to meet the need of its clients, from major companies and small and medium enterprisers. Tawuniya also provides the largest network of sales in the Saudi market. Tawuniya developed its strategy for the future focusing more on the customer and has introduced more innovative insurance services and products.
The Global Islamic Finance Award is prestigious in the Islamic finance sector. It aims at encouraging Islamic finance excellence by honoring best practices.