Methaq Takaful Insurance Company

What Methaq Takaful Insurance Company does

Methaq Takaful Insurance Company Public Joint Stock Company is a UAE-domiciled Takaful (Islamic insurance) Public Joint Stock Company listed on the Abu Dhabi Securities Exchange under the ticker METHAQ. The company provides Sharia-compliant personal and corporate insurance products to UAE residents and businesses, organized around motor, medical, home, travel, and personal accident lines for individuals, and group medical, engineering, marine, motor fleet, and property lines for corporates. Medical insurance is offered across tiered plans (Extensive at AED 250K annual limit, Comprehensive, Advance, Primary & Shield) and group medical plans start from 11 employees and scale beyond 151 members, with healthcare claims routed through two Third Party Administrators — NEXtCARE and NAS — and accessed through the LUMI app and standard reimbursement channels.

The underlying technology is a Takaful platform governed by an Internal Sharia Supervisory Committee chaired by Dr. Azzeddine Benzeghiba, supported by members Dr. Mohamed Abdelhakim Zoeir and Dr. Abdulnaser Ahmed Almannaee. Operational technology includes an online claims portal (claim.methaq.ae), a website-based quote-request layer, a 24/7 hotline (600 565 695), and a recently announced partnership with SlashData to adopt the Mulim and Wathiq platforms for data integration and automated insurance document issuance. An AI Innovation Workshop in February 2025 explored predictive insurance solutions but the technology is presently exploratory rather than productionized.

Revenue is generated through recurring Takaful contributions (insurance premiums) across personal and corporate lines, with pricing quote-based on risk profile and coverage needs and billing typically annual. Distribution is multi-channel: a three-office physical footprint (Abu Dhabi headquarters at Liwa Tower, ADNEC Area; Dubai at Mohamed Bin Rashid Charity Building, Al Mamzar; Al Ain at Tadbeer Building, Khalifa Street), website self-serve quote requests, the online claims portal, and the 24/7 hotline, supplemented by industry sponsorships and corporate training events. The company is actively pursuing growth via a March 2025 rights-issue capital increase, GCC-wide industry event participation, and digital transformation initiatives, while operating with geographic restrictions that exclude the USA and Canada.

Name

Methaq Takaful Insurance Company

Legal name

Methaq Takaful Insurance Company Public Joint Stock Company

Website

https://methaq.ae

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Methaq Takaful Insurance Company is a UAE-domiciled, ADX-listed Public Joint Stock Company (ticker METHAQ) offering Sharia-compliant Takaful personal and corporate insurance — motor, medical, home, travel, personal accident, group medical, engineering, marine, motor fleet, and property — across offices in Abu Dhabi, Dubai, and Al Ain.

Ownership category

akta.pro rank

Headquarters

HQ city

Abu Dhabi

HQ country

United Arab Emirates

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premiums (Takaful Contributions): Methaq generates revenue through insurance premiums collected from policyholders under the Takaful model, where contributions are shared among participants to cover mutual assistance needs. Premiums are collected for various coverage types including motor, medical, home, travel, and personal accident insurance for individuals, and engineering, group medical, marine, motor fleet, and property insurance for corporate clients.
2. Corporate Group Medical Insurance: Corporate and SME group medical insurance plans with flexible coverage options starting from 11 employees up to large groups above 151 members, providing recurring premium revenue from business clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Methaq Takaful Insurance Company is a UAE-based Public Joint Stock Company (PJSC) that provides Sharia-compliant Takaful (Islamic) insurance products for both individual and corporate customers. Its portfolio includes personal lines (Motor, Medical, Home, Travel, Personal Accident) and corporate lines (Group Medical, Engineering, Marine, Motor Fleet, Property), underwritten and supervised by an Internal Sharia Supervisory Committee. The company operates across the UAE with offices in Abu Dhabi, Dubai, and Al Ain, and serves customers through direct offices, online quote requests, a 24/7 hotline, a digital claims portal, and the LUMI mobile app.

Product overview

Methaq Takaful Insurance is a Sharia-compliant insurance company offering a comprehensive portfolio of both personal and corporate Takaful (Islamic insurance) products. The personal insurance suite includes Motor, Medical, Home, Personal Accident, and Travel insurance, with medical coverage offered across multiple tiered plans (Extensive, Comprehensive, Advance, and Primary & Shield) catering to individual and family needs. Corporate offerings include Group Medical, Engineering, Marine, Property, and Motor Fleet insurance, with flexible group plans starting from 11 employees. The company operates primarily in the UAE with offices in Abu Dhabi, Dubai, and Al Ain, and provides digital access through the LUMI app for health insurance management.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance Takaful motor insurance covering comprehensive and third-party plans for UAE drivers, including accident assistance, roadside support, and claims processing.
• Medical Insurance Takaful health insurance with multiple plan tiers (Extensive, Comprehensive, Advance, Primary & Shield) offering individual and family coverage across the UAE and internationally.
• Home Insurance Takaful home insurance protecting residential properties and belongings against specified risks.
• Personal Accident Insurance Takaful personal accident insurance providing financial security for medical expenses, disability benefits, and family protection against unforeseen events.
• Travel Insurance Takaful travel insurance providing global protection for medical emergencies, travel disruptions, and 24/7 emergency assistance worldwide (excluding USA and Canada).
• Group Medical Insurance Corporate health insurance solutions for small, medium, and large groups, with flexible plans starting from 11 employees and customizable benefits.
• Engineering Insurance Corporate engineering insurance covering construction and industrial risks for businesses.
• Marine Insurance Corporate marine insurance covering maritime cargo and vessel-related risks.
• Property Insurance Corporate property insurance protecting business assets, buildings, equipment, inventory, and business interruption.
• Motor Fleet Insurance Corporate fleet insurance providing comprehensive coverage for businesses managing multiple vehicles, with 24/7 roadside assistance and efficient claims management.

Quantifiable outcome

• Extensive Plan provides AED 250,000 annual limit with worldwide coverage
• +1 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability4 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• SlashDatacoreTechnology or Integration · 23 March 2025Strategic partnership with SlashData to adopt Mulim and Wathiq platforms for digital transformation. The platforms will enhance data integration, facilitate insurance document issuance, support operational efficiency, reduce manual procedures, and improve operational efficiency.
• AlHuda CIBEminorStrategic or Co-development Partner · 1 January 2025Organizer of Takaful & Re-Takaful Forum 2025 where Methaq participated and was recognized with awards for supporting Islamic insurance principles. Methaq's participation contributed to discussions on innovation, sustainability, and future trends in the Gulf insurance market.
• NEXtCAREcoreOthersHealthcare partner providing 24/7 customer support, quick online reimbursement, extensive provider network access, and digital access through LUMI app for Methaq's medical insurance policyholders.
• NAScoreOthersHealthcare partner providing clinical case management, comprehensive provider network, and specialized care coordination for Methaq's medical insurance customers.
• Braxton GroupminorImplementation/ SI/ Consulting PartnerTraining coordination partner for corporate governance training events organized in compliance with UAE Central Bank regulations, held at InterContinental Dubai Festival City.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Others

• NEXtCARE: Regional third-party healthcare administrator providing claims, provider network and digital services. Already a partner of Methaq; included as an ecosystem comparable for TPA-driven medical insurance delivery.

Regional players

• Takaful International: Bahrain-based Takaful insurer providing family, motor, medical and corporate Takaful. Comparable product set and Sharia model, but operating primarily in Bahrain rather than UAE.
• Walaa Cooperative Insurance: Saudi-listed cooperative insurer offering motor, medical, property and engineering cover. Comparable in cooperative/Sharia-aligned structure but serving the KSA market rather than UAE.
• Saudi Enaya Cooperative Insurance: KSA-based cooperative health insurer providing group and individual medical cover. Comparable to Methaq's medical line focus but in a different national market.
• Al Etihad Cooperative Insurance: Saudi-listed cooperative insurer offering health, motor and general insurance. Shares the cooperative/Sharia-aligned structure and personal/commercial mix but is geographically focused on KSA.

Direct peers

• Salama Cooperative Insurance (Islamic Arab Insurance Co.): UAE-listed cooperative insurer providing Islamic-compliant family, motor, medical and general insurance. Directly comparable in product mix and Sharia-compliant positioning to Methaq.
• Abu Dhabi National Takaful Company (ADNTC): UAE-based Takaful insurer offering personal and commercial Sharia-compliant cover including motor, medical, marine and property lines. Closest direct competitor given its Takaful-only model and Abu Dhabi base.
• Dubai Islamic Insurance & Reinsurance Co. (AMAN): UAE Takaful operator offering family, medical, motor and general Takaful products. Comparable peer across personal and corporate Sharia-compliant lines in the same geography.

Broad incumbents

• Emirates Insurance Company: One of the largest UAE composite insurers covering motor, marine, energy, aviation and medical lines. Overlaps with Methaq in motor, marine and medical but on a much broader, non-Takaful scale.
• Oman Insurance Company (Bupa Arabia-aligned): Large UAE multi-line insurer offering personal and commercial general insurance, including Sharia-compliant options. Comparable in product breadth but at significantly larger scale than Methaq.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/MethaqTakaful
• LinkedInlinkedin.com/company/laboratoires-urgo

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 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 Methaq Takaful Insurance Company