Al- Takaful Insurance Company

What Al- Takaful Insurance Company does

Al-Takaful Insurance Company (Al-Takaful Palestinian Insurance Company / شركة التكافل الفلسطينية للتأمين) is the first Islamic takaful insurance company in Palestine, founded in 2006 and commencing operations in 2008. Listed on the Palestine Stock Exchange under ticker Takaful, the company operates a Sharia-compliant cooperative insurance model in which policyholder premiums are treated as donations (qirrad) used to compensate fellow policyholders, with surplus distributed back to participants. The company is headquartered in Ramallah and serves both individual and institutional customers across all Palestinian cities including Jerusalem through 27 branches and offices, supported by authorized agents and corporate partnerships.

The product portfolio spans 17 takaful insurance categories across core lines — Health, Vehicle, Family (Sharia-compliant alternative to life insurance), Workers', Travel, Marine, Fire/Home, General, Liability, and Engineering Insurance — supplemented by tools such as an online vehicle premium calculator. The technology stack centers on a cooperative takaful underwriting platform overseen by a Sharia Supervisory Board (chaired by Dr. Ali Al-Sartawi), integrated with the Smart Health card system for medical claims management, electronic payment integrations (Malchat, Jawwal Pay), and a stated roadmap for AI-compatible electronic infrastructure for risk analysis. Operations are regulated by the Palestinian Capital Market Authority, and the company follows AAOIFI accounting standards for Islamic financial institutions.

Revenue is generated primarily through takaful insurance premiums (insurance contract revenues of $41.58M for the nine months ending September 30, 2024), supplemented by investment income on the company's substantial cash and investment reserves ($18.37M cash balance, described as the highest in the Palestinian insurance sector). The company distributes a 15% cash dividend to shareholders annually and ranks 2nd in the Palestinian insurance sector by gross premiums and profits. The GTM model combines direct sales through its branch network, bank-assurance and syndicate distribution partnerships (notably Arab Islamic Bank and the Palestinian Engineers Syndicate), and growing digital self-service channels.

Name

Al- Takaful Insurance Company

Legal name

شركة التكافل الفلسطينية للتأمين (Al-Takaful Palestinian Insurance Company)

Website

https://altakaful-ins.ps

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Al-Takaful Insurance Company is Palestine's first Sharia-compliant takaful insurer, offering 17 cooperative insurance product lines to individuals, families, and institutions through 27 branches across Palestine.

Ownership category

akta.pro rank

Product category

Takaful Insurance (Sharia-Compliant Cooperative Insurance)

NAICS

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

SIC

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

akta.pro primary industry

Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM)

akta.pro secondary industries

Employer’s Liability Umbrella / Excess (FSAJANAJ), Product Liability Umbrella / Excess (FSAJANAI), Small Group Health Insurance (2–50/100) (FSAIAFAD)

Keywords

• Sharia-compliant insurance
• Takaful cooperative insurance
• Vehicle insurance coverage
• Group health insurance
• Workers compensation coverage

Headquarters

HQ city

Ramallah

Offices2 records

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: Al-Takaful generates revenue through Sharia-compliant takaful insurance premiums collected from policyholders across multiple insurance categories. The premiums are treated as donations in the cooperative system, with a portion allocated to the policyholders' account for covering indemnities and a portion for company operations and shareholders. The company reported insurance contract revenues of $41.58 million as of September 30, 2024.
2. Investment Income: The company generates investment returns on its assets, including maintaining the highest cash reserves in the Palestinian insurance sector ($18.37 million as of September 2024). The company focuses on diversifying income sources through investment as a financial pillar.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Al-Takaful Insurance Company provides Sharia-compliant cooperative (takaful) insurance products to individuals, families, and corporate clients across Palestine through 17 product categories including health, vehicle, family (life-equivalent), workers, travel, marine, fire, home, general, liability, and engineering insurance. The company operates on a donation-based participatory underwriting system, where policyholders contribute premiums as donations used to compensate claimants and share in underwriting surpluses, with all products reviewed by an internal Sharia Supervisory Board.

Product overview

Al-Takaful Insurance Company offers a comprehensive portfolio of Islamic (takaful) insurance products operating under Sharia-compliant cooperative insurance principles. The product lineup is organized into core insurance lines — Health Insurance, Vehicle Insurance, Family Insurance, Workers Insurance, Travel Insurance, Marine Insurance, Fire Insurance, General Insurance, Liability Insurance, and Engineering Insurance — supplemented by a Home Insurance umbrella product. The company also provides a Vehicle Premium Calculator tool. All products are supervised by a Sharia Supervisory Board and operate on a donation-based cooperative underwriting system where policyholders are partners in their policies' profits.

Differentiator

Problem solved

Functional benefit

Products and services

• Health Insurance (التأمين الصحي) Sharia-compliant group health insurance program providing comprehensive medical coverage through the Smart Health network, including hospitalization, treatment, and preventive care services; offered exclusively to institutions and companies, not to individual consumers.
• Vehicle Insurance (تأمين المركبات) Sharia-compliant vehicle insurance covering mandatory third-party liability and comprehensive body coverage with risk-based pricing based on vehicle type, engine capacity, usage purpose, year of manufacture, accident record, and coverage level, supported by an online vehicle premium calculator.
• Family Insurance (التأمين العائلي) Sharia-compliant family takaful serving as the Islamic alternative to life insurance, providing financial protection for families against total permanent disability or death through fixed contributions for defined coverage periods, including group programs for financing institutions protecting outstanding loan balances.
• Workers Insurance (تأمين العمال) Sharia-compliant workers' compensation insurance covering work-related injuries and occupational hazards in compliance with Palestinian labor law; premiums are calculated as a percentage of total annual salaries of covered employees, with the rate depending on the nature of work and workplace conditions.
• Travel Insurance (تأمين السفر) Sharia-compliant travel insurance covering medical emergencies, trip cancellation, baggage loss, and travel assistance for individuals traveling worldwide, with fixed premiums based on trip duration, destination, age of traveler, and additional coverage options such as COVID-19 medical expenses up to $75,000.
• Marine Insurance (التأمين البحري) Sharia-compliant marine cargo insurance covering goods during transit by sea, air, and land, including risks of collision, sinking, storms, theft, and piracy.
• Fire Insurance (تأمين الحريق) Sharia-compliant fire and perils insurance covering buildings, contents, and liabilities against fire, lightning, explosions, natural disasters, and extended coverage including earthquakes and hurricanes.
• Home Insurance (التأمين المنزلي الشامل) Comprehensive Sharia-compliant home insurance covering the dwelling, contents, third-party liabilities, and personal accident coverage against a wide range of perils including fire, earthquakes, and theft.
• General Insurance (التأمينات العامة) Collection of Sharia-compliant general insurance products including glass facade insurance, cash insurance, personal accident insurance, fidelity guarantee, and comprehensive banking coverage.
• Liability Insurance (تأمين المسؤوليات) Sharia-compliant liability insurance products covering elevator liability, civil liability, professional liability, political violence, medical malpractice, product liability, and employers' liability.
• Engineering Insurance (التأمينات الهندسية) Sharia-compliant engineering insurance covering contractors' all-risks, erection all-risks, electronic equipment, machinery breakdown, and equipment and machinery risks for construction and industrial projects.

Quantifiable outcome

• Insurance contract revenues of $41.58 million and net profit of $1.37 million for the 9-month period ending September 30, 2024, demonstrating financial resilience during wartime conditions
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• Palestinian Stock Exchange (بورصة فلسطين)coreStrategic or Co-development Partner · 29 September 2025A high-level meeting between Al-Takaful Insurance and the Palestinian Stock Exchange, led by the exchange's Chairman Rola Al-Shannar and Director General Nayhad Kamal alongside company GM Riyadh Al-Atrash. The meeting focused on strengthening governance and transparency in listing and trading operations, reviewing Al-Takaful's experience in capital market listing, and exploring future cooperation in financial awareness, investment environment improvement, and listing efficiency to enhance the attractiveness of the Palestinian market for local and international investors.
• Palestinian Engineers Syndicate (نقابة المهندسين)coreChannel Partner/ Reseller/ Distributor · 13 October 2024Health insurance agreement signed between Al-Takaful Insurance (represented by GM Riyadh Al-Atrash) and the Palestinian Engineers Syndicate (represented by Head Nadia Habb). The agreement provides comprehensive health insurance coverage for syndicate members, expanding access to Al-Takaful's health insurance services to the engineering professional community.
• Arab Islamic Bank (البنك الإسلامي العربي)coreChannel Partner/ Reseller/ Distributor · 20 May 2024Strategic agreement enabling customers to pay insurance premiums in installments over 12 months at the same cash price without additional commissions using the bank's 'Hayat Sahla' (Easy Life) card. The partnership facilitates access to Sharia-compliant insurance products with flexible payment options, enhancing financial inclusion and expanding customer reach for Al-Takaful.
• Smart Health (سمارت هيلث)coreTechnology or IntegrationSmart Health manages Al-Takaful's health insurance portfolio and claims processing through a smart card system. Policyholders receive a smart health card enabling access to the largest medical network in Palestine including hospitals, medical centers, pharmacies, labs, and radiology centers. Smart Health provides electronic management of insurance services and claims.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• National Insurance Company (Palestine): National Insurance Company is another leading Palestinian general insurer offering motor, health, fire, engineering and life products through a national branch network. Competes directly with Al-Takaful across virtually all retail and commercial lines in Palestine.
• Trust International Insurance Company (Palestine): Trust International Insurance is a major Palestinian general insurer and the same institutional ecosystem (Trust Insurance has board representation at Al-Takaful). Directly competes in motor, health, fire, and engineering lines across Palestine, with comparable branch footprint.
• Palestine Insurance Company (PIC): Palestine Insurance Company is one of the largest and oldest insurance carriers in the Palestinian market, offering a similar multi-line portfolio (motor, health, fire, marine, life) across West Bank and Gaza. Directly competes with Al-Takaful for the same individual and corporate customer base in Palestine, with overlapping branch networks.
• Al-Ahli Insurance Company (Palestine): Al-Ahli Insurance is a long-established Palestinian general insurer offering conventional motor, health, fire, marine and life products. Shares the same geographic market and customer base as Al-Takaful, with the added dimension that Al-Takaful's GM previously held senior roles there.

Others

• Smart Health (Palestine): Smart Health is Al-Takaful's exclusive health insurance administrator and claims processor, providing access to the largest medical network in Palestine via a smart card system. It is a key technology and operations partner rather than a competitor, but is critical to Al-Takaful's health insurance economics.
• Palestinian Islamic Bank: Palestinian Islamic Bank is a leading Sharia-compliant bank in Palestine and has board representation at Al-Takaful. Acts as a potential bancassurance distribution partner and capital source; comparable in serving the same Sharia-conscious customer base in Palestine with adjacent financial services.
• Arab Islamic Bank (Palestine): Arab Islamic Bank is Al-Takaful's strategic installment-payment partner, enabling 12-month zero-commission premium financing via the 'Hayat Sahla' card. As a Sharia-compliant bank serving the same Palestinian market, it is both a distribution partner and ecosystem peer for Islamic financial services.

Broad incumbents

• Salama Cooperative Insurance Company: Salama is one of the largest cooperative (takaful) insurers in Saudi Arabia listed on Tadawul, offering motor, health, and general takaful products. Operates the same Sharia-compliant cooperative insurance model as Al-Takaful but at materially larger scale, providing a reference point for scaling and product expansion.
• Takaful International Company (Bahrain): Takaful International is a Bahraini cooperative insurer offering family, general, and health takaful products across the GCC. Closely matches Al-Takaful's product mix and Sharia-compliant cooperative model, though at a larger scale and serving GCC markets.

Emerging players

• Islamic Insurance Company (Jordan): Jordan-based takaful insurer offering Sharia-compliant general and family insurance products. Comparable in operating model (cooperative takaful, Sharia Supervisory Board) but serves a different national market; useful as a regional benchmark for takaful economics and product design.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

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Compliance1 record

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 Al- Takaful Insurance Company