Islamic Insurance Company

What Islamic Insurance Company does

Islamic Insurance Company (شركة التأمين الإسلامية), founded in 1996, is the first and largest Takaful (Islamic cooperative insurance) operator in Jordan, regulated by the Central Bank of Jordan as a public shareholding company. It operates a Wakalah (agency) model with a known wage under continuous oversight of a dedicated Sharia Supervisory Board, holding an A+ Takaful Financial Strength rating from the Islamic International Rating Agency (IIRA) and ISO 9001:2015 certification. Jordan Islamic Bank—part of the Al Baraka Banking Group—is both the largest shareholder at 41.67% and the core bancatakaful distribution partner.

The company underwrites a comprehensive portfolio across motor (mandatory and comprehensive), medical, marine, travel, fire and additional perils, life takaful, household, personal accident, liability, workers compensation, fidelity guarantee, professional liability, money, machinery breakdown, engineering, electronic equipment, banker's blanket bond, and plate glass lines. Underwriting is supported by a medical network of 3,000+ approved providers across eight categories covering all Jordanian governorates, integrated through the Nat Health medical services management platform for electronic claims processing. Distribution is multi-channel: dedicated enterprise field sales, an agent and broker network, embedded bancatakaful desks at four Jordan Islamic Bank branches, and direct-to-consumer sales for travel, motor, and personal accident products with 24/7 medical approvals and same-day claims settlement for completed documentation.

Financially, the company operates with paid-up capital of 16.5 million JOD (raised from 15 million JOD via a 10% free share distribution approved in June 2024), shareholders' equity of 25.5 million JOD (155% of capital as of Q3 2025), total assets of 63 million JOD (+16% YoY), and a solvency ratio of 294% in 2023—nearly double the 150% regulatory minimum. Written premiums reached ~37.5 million JOD in FY2024 (+8% YoY) and ~35.1 million JOD through Q3 2025 (+14.3% YoY), with pre-tax profit of 5.8 million JOD announced for FY2025 (+48% YoY). The company distributes via Jordan and has historical ties to takaful entity establishments in Yemen, Lebanon, Saudi Arabia, and Tunisia, and is currently engaging with the Iraqi insurance market on knowledge exchange.

Name

Islamic Insurance Company

Legal name

The Islamic Insurance Company (التأمين الإسلامية)

Website

https://islamicinsurance.jo

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

51–100 employees

Short description

Islamic Insurance Company is Jordan's first and largest Takaful (Sharia-compliant cooperative) insurer, underwriting motor, medical, marine, travel, fire, and life insurance for individuals, corporates, and Islamic financial institutions through a Wakalah model, distributed via bancatakaful, brokers, and direct sales.

Ownership category

akta.pro rank

Product category

Takaful (Islamic Cooperative) Insurance

NAICS

Insurance Carriers (5241), Direct Property and Casualty Insurance Carriers (524126), Direct Life, Health, and Medical Insurance Carriers (52411), Insurance Carriers and Related Activities (524)

SIC

Insurance Carriers, Nec (6399), Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321), Life Insurance (6311)

akta.pro primary industry

Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM)

Keywords

• Takaful insurance
• Sharia-compliant insurance
• Motor insurance
• Medical insurance
• Marine insurance

Headquarters

HQ city

Amman

HQ country

Jordan

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Takaful Insurance Premiums: Collection of insurance premiums from Sharia-compliant Takaful products including motor, medical, life, marine, travel, fire, personal accident, workers compensation, liability, and household insurance. Operates on Wakalah model where the company acts as an agent with a known wage.
2. Written Premiums (Net Premiums): Total premiums written across all insurance segments. As of Q3 2025, written premiums reached approximately 35.1 million JOD, up 14.3% year-over-year.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Islamic Insurance Company is the first and largest Takaful (Islamic cooperative) insurance company in Jordan, founded in 1996. It sells Sharia-compliant general and life insurance products under the Wakalah (agency) model, including motor, medical, marine, travel, fire, life takaful, household, personal accident, workers compensation, liability, and various specialized commercial lines (fidelity, professional liability, machinery breakdown, engineering, banker's blanket bond, etc.). Distribution is via direct enterprise sales, a broker/agent network, bancatakaful desks inside Jordan Islamic Bank branches, and direct-to-consumer channels.

Product overview

Islamic Insurance Company is the first Takaful (Islamic insurance) company in Jordan, established in 1996. The company offers a comprehensive portfolio of Sharia-compliant insurance products through a platform-plus-modules architecture. The core offering includes Motor Insurance, Medical Insurance, Marine Insurance, Travel Insurance, Fire and Additional Perils Insurance, and Social Takaful Life Insurance. Additional specialized products include Comprehensive Householder Insurance, Personal Accident Insurance, Liability Insurance, Workers Compensation Insurance, Fidelity Guarantee Insurance, Professional Liability Insurance, Money Insurance, Machinery Breakdown Insurance, Engineering Insurances, Contractor's Plant and Machinery Insurance, Electronic Equipment Insurance, Banker's Blanket Bond, and Plate Glass Insurance. The company operates through a network of over 3,000 medical providers across Jordan and distributes products via branches, the Islamic Jordan Bank network, and insurance intermediaries. All products comply with Islamic Sharia principles under supervision of a Sharia Supervisory Board.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance

Quantifiable outcome

• Profit growth of 77% YoY (Q3 2025), 48% YoY (full year 2025), 13% YoY (2024), and 70% growth in H1 2025
• +5 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Nat Health (نات هيلث) – National Health Insurance Management CompanycoreTechnology or Integration · 15 January 2026Medical services management agreement providing Islamic Insurance Company with an integrated medical services ecosystem including a wide provider network and electronic claims processing and approval systems to enhance healthcare service delivery quality and speed.
• Military Credit Fund (صندوق الائتمان العسكري)coreGTM or Marketing Partner · 6 January 2026Exclusive discount partnership under the Royal Rifaq Al-Silah initiative, providing special pricing on all Takaful insurance products for serving and retired Armed Forces personnel and security services members.
• Iraqi Insurance Market (سوق التأمين العراقي)minorOthers · 9 October 2025Cooperation and knowledge exchange between the Jordanian and Iraqi insurance markets. Iraqi delegation visited Islamic Insurance Company to learn about Takaful insurance principles and the company's pioneering experience in Islamic insurance.
• Jordan Islamic Bank (البنك الإسلامي الأردني)coreChannel Partner/ Reseller/ Distributor · 1 October 2025Strategic bancatakaful partnership allowing Islamic Insurance Company to place dedicated sales staff inside Jordan Islamic Bank branches (Shamistani, Hurriyah Street in Amman, Hashemi Street in Irbid, and Free Zone in Zarqa) to offer motor, marine, fire, engineering, life, and medical insurance products directly to bank customers.
• King Hussein Cancer Center Foundation (مؤسسة الحسين للسرطان)coreStrategic or Co-development Partner · 20 May 2025Cancer care insurance partnership providing Islamic Insurance Company clients with dedicated coverage for cancer treatment at King Hussein Cancer Center, ensuring immediate treatment access, streamlined approvals, and comprehensive financial protection.
• Islamic Insurance Company (Yemen)minorOthers · 1 January 1996Islamic Insurance Company participated in establishing Islamic Insurance Company in Yemen as part of its regional expansion strategy to promote Takaful insurance across the Middle East.
• Al-Aman Takaful Insurance Company (A.T.I) – LebanonminorOthers · 1 January 1996Islamic Insurance Company participated in establishing Al-Aman Takaful Insurance Company in Lebanon as part of its regional expansion strategy.
• Saudi Reinsurance Company (Saudi Re) – Riyadh, Saudi ArabiaminorOthers · 1 January 1996Islamic Insurance Company participated in establishing Saudi Reinsurance Company in Riyadh, Kingdom of Saudi Arabia.
• At-Takafulia Assurances – TunisminorOthers · 1 January 1996Islamic Insurance Company participated in establishing At-Takafulia Assurances in Tunis as part of its regional expansion strategy for Takaful insurance.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Nat Health (National Health Insurance Management Company): Jordanian healthcare administration and insurance management partner of Islamic Insurance Company, providing electronic claims processing and provider network access. Comparable as a healthcare-focused ecosystem partner with overlapping medical insurance operations.
• Saudi Enaya Cooperative Insurance Company: Saudi cooperative health insurance carrier focusing on medical and protection lines. Comparable as a regional cooperative insurer with a narrower medical-focused product set but similar Sharia-compliance positioning in the GCC.

Direct peers

• Salama Cooperative Insurance Company: A leading Saudi Arabian cooperative (Takaful) insurance company offering family and general takaful products across motor, medical, and general lines. Directly comparable as a publicly listed regional Takaful carrier competing for similar Sharia-compliant customer segments and bancassurance distribution.
• Al Etihad Cooperative Insurance Company: Saudi publicly-listed cooperative insurance company offering motor, medical, property, and engineering lines. Comparable as a regional MENA cooperative insurer with a multi-line product portfolio similar to Islamic Insurance Company.
• Solidarity Bahrain: Bahrain-based Takaful and cooperative insurance operator providing family and general takaful products across MENA. Directly comparable as a publicly listed regional Takaful insurer with similar product mix and bancassurance-style distribution partnerships.
• Middle East Insurance Company (MEICO): One of the largest public insurance companies in Jordan offering motor, marine, fire, medical, and life insurance. Comparable as a Jordanian incumbent competitor operating in the same domestic market with overlapping general insurance product lines.
• Walaa Cooperative Insurance Company: Saudi-listed cooperative insurance company offering motor, medical, property and engineering coverage under cooperative/Takaful models. Comparable as a publicly traded MENA cooperative insurer with overlapping product portfolio and bancassurance distribution.
• Jordan Insurance Company (JIC): Leading public-shareholding insurance company in Jordan providing general and life insurance products. Comparable as a domestic Jordanian incumbent competitor with similar full-line insurance offerings and regulatory environment.

Regional players

• Jordan Enaya Insurance Company: Jordanian insurance provider offering health and general insurance lines. Comparable as a regional player in the Jordanian insurance market with overlapping medical and general insurance products.
• Al-Ahlia Insurance Group: Regional insurance group operating across MENA offering general and life insurance. Comparable as a regional incumbent offering multi-line insurance in adjacent geographies to Jordan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights8 records

Customer concentration

• Xx.com/islamicinsuranc
• Facebookfacebook.com/islamicinsurance.jo
• LinkedInlinkedin.com/company/islamicinsurancejo/?viewAsMember=true
• Instagraminstagram.com/islamicinsurancejo

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Islamic Insurance Company