Amãna Takaful (Maldives) PLC

What Amãna Takaful (Maldives) PLC does

Amãna Takaful (Maldives) PLC (ATM) is the only fully-fledged Takaful (Islamic insurance) operator in the Republic of Maldives, established in 2003 as the pioneer of Shari'ah-compliant insurance in the country. The company is publicly listed on the Maldives Stock Exchange under ticker ATM since 2011, with Amana Takaful PLC holding a 55.17% controlling stake, and operates from its headquarters in Male' with a headcount in the 11–50 range. ATM serves individuals, SMEs, and corporate clients through two product lines: Personal Solutions (Motor Third Party, Amana Total Drive motor comprehensive, Travel Pal, Expatriate, Personal Accident / Takaful Dhahanaa, Renters, Fire, Marine Hull, My Home, NIVAA Hajj and Umrah) and Business Solutions (Property, Engineering, Marine cargo and P&I, Group Surgical and Hospitalization, Family Takaful, Workmen's Compensation, Guest House, Hotelier, Money, Fidelity, Contractors All Risk, Erection All Risk, Business Interruption, Public Liability, and Bonds). The product portfolio explicitly addresses mandatory coverage requirements such as Motor Third Party for all vehicles and Expatriate medical coverage for the foreign-worker population, which represents more than a third of Maldivian residents.

The business is built on a digital-first technology platform comprising a public website with online policy purchase (takaful.mv), iOS and Android mobile applications, an e-verification service for policy status checks, and an online claims-intimation portal supported by dedicated Claims Servicing Officers. Distribution is omni-channel: direct digital self-serve for individual lines, an agent network covering the greater Male' region and outer islands, corporate/bank partners (Maldives Islamic Bank, Housing Development Finance Corporation PLC, Ooredoo Maldives with M-Faisaa integration), and embedded channels such as the AVAS App. The company is regulated by the Maldives Monetary Authority and the Capital Market Development Authority, and was the first white-listed stock on the Maldives Stock Exchange.

Revenue is generated through Takaful contributions under a Participants Takaful Fund (PTF) structure in which ATM retains a non-refundable management fee of up to 40% of contributions, with investment profits shared 50/50 under Al-Mudharabah principles; surplus from non-claimant participants is returned pro-rata, having reached MVR 2.21 million in 2024 (the tenth consecutive year of distribution). The company has earned regional recognition including the IFFSA 'Takaful Entity of the Decade (2016–2025)' award and four consecutive years on the Corporate Maldives GOLD 100 list, and in 2024 incorporated a wholly-owned Family Takaful subsidiary to formalize its entry into family life Takaful.

Name

Amãna Takaful (Maldives) PLC

Legal name

Amana Takaful (Maldives) PLC

Website

https://takaful.mv

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Amãna Takaful (Maldives) PLC is the only fully-fledged Takaful (Islamic insurance) operator in the Maldives, offering Shari'ah-compliant personal and business coverage across motor, travel, health, marine, and property lines to individuals, SMEs, and corporate clients.

Ownership category

akta.pro rank

Product category

Islamic Insurance (Takaful)

NAICS

Insurance Carriers (5241)

akta.pro primary industry

Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM)

akta.pro secondary industry

International/Expatriate Individual Health Insurance (FSAIAEAH)

Keywords

• Islamic insurance services
• Shariah compliant takaful
• Family takaful coverage
• Motor takaful plans
• General insurance products

Headquarters

HQ city

Male

HQ country

Maldives

HQ region

Asia

Offices1 record

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. Takaful Contributions (General Takaful): Contributions collected from participants under the general takaful business, managed through Participants Takaful Fund (PTF). Company takes up to 40% as management fee. Investment profits shared 50% to PTF and 50% to company on Al-Mudharabah basis. Surplus distributed pro-rata to participants without claims.
2. Family Takaful: Family Support Takaful product providing coverage for families with contributions managed under Shari'ah principles
3. Surplus Distribution: Surplus refunds distributed to policyholders who have not incurred claims. MVR 2.21 million distributed in 2024.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Amãna Takaful (Maldives) PLC is the only fully fledged Takaful (Islamic insurance) operator in the Maldives, providing Shari'ah-compliant general takaful and family takaful products. The company offers personal solutions including motor, travel, expatriate medical, home, fire, marine, and Hajj/Umrah coverage, alongside business solutions spanning property, engineering, group medical, marine cargo, liability, and bonds. Operations are distributed through digital channels (website, mobile apps), an agent network, and corporate partnerships with banks and telcos.

Product overview

Amãna Takaful (Maldives) PLC operates as a comprehensive Islamic insurance (Takaful) provider offering both Personal Solutions and Business Solutions product lines. The Personal Solutions portfolio includes Motor Third Party Takaful (mandatory coverage), Motor Comprehensive Takaful branded as Amana Total Drive, Travel Pal Takaful for travelers, Expatriate Takaful for foreign workers, Personal Accident Takaful (Takaful Dhahanaa), Renters Takaful, Fire Takaful, Marine Hull Takaful, My Home Takaful, and NIVAA Hajj and Umrah Takaful. The Business Solutions portfolio encompasses Property Takaful (including Fire and Burglary coverage), Engineering Takaful (machinery breakdown, electronic equipment, contractors all risks), Marine Takaful (including Takaful Easy Marine cargo insurance and Protection & Indemnity coverage), Medical Takaful (Group Surgical and Hospitalization, SME Medical, Group Life), Family Takaful, Workmen's Compensation Takaful, and specialty covers including Guest House Takaful, Hotelier Takaful, Takaful Business Cover, Money Takaful, Fidelity Takaful, Contractors All Risk Takaful, Erection All Risks Takaful, Business Interruption Takaful, Public Liability Takaful, and Bonds. The company also provides digital services including E-Verification for policy status checks, Claims Intimation portal, and a Mobile App for iOS and Android.

Differentiator

Problem solved

Functional benefit

Brands

• Amana Total Drive: Comprehensive Motor Takaful product offering inclusive coverage for vehicle owners.
• Travel Pal
• Takaful Dhahanaa
• NIVAA
• Takaful Easy Marine
• Family Support Takaful

Products and services

• Motor Third Party Takaful Mandatory motor insurance for all vehicles in Maldives covering third party property damages up to MVR 40,000 and third party bodily injury or death up to MVR 60,000.
• Motor Comprehensive Takaful (Amana Total Drive) Comprehensive motor insurance providing inclusive coverage for vehicles against road accidents, fire, theft, and natural disasters, including personal accident benefits and third party coverage.
• Travel Pal Takaful Travel insurance covering personal accidents, medical expenses, trip cancellation, baggage loss, passport loss, travel delays, and COVID-19 hospitalization for travelers worldwide across multiple schemes.
• Expatriate Takaful Mandatory medical coverage for expatriate employees in Maldives, including out-patient benefits, in-patient hospitalization, pre-existing condition coverage, and repatriation or burial cover.
• Personal Accident Takaful (Takaful Dhahanaa) Accidental death and disablement benefit cover providing annually renewable protection for individuals and their families.
• Renters Takaful Coverage for renters against flooding, fire, and burglary damages to belongings in rented apartments, covering furniture, fittings, and electronics, with tiered pricing by sum insured.
• Fire Takaful Property insurance covering fixtures, fittings, contents, and providing optional coverage against natural disasters, explosions, and malicious damage.
• Marine Hull Takaful Insurance for vessels including hull, engines, and machinery, with comprehensive and total loss cover options protecting against sea perils and maritime risks.
• My Home Takaful Tailor-made home insurance covering lightning, explosions, water damage, falling trees, and plate glass breakage, with free loss of rent and debris removal coverage.
• NIVAA Hajj and Umrah Takaful Specialized takaful cover for Hajj and Umrah pilgrims providing medical expenses up to MVR 500,000, personal accident coverage, trip cancellation, and passport loss benefits.
• Property Takaful Business property insurance covering fire, burglary, guest houses, and commercial properties with basic and optional extended coverage.
• Engineering Takaful Coverage for machinery breakdown, electronic equipment, contractors all risks, and plant all risks for businesses.
• Group Surgical and Hospitalization Takaful Affordable medical scheme for employees offering customizable coverage with extensive healthcare provider networks and dedicated account management, with minimum 5 members required.
• Family Takaful Shari'ah-compliant family protection product launched to provide comprehensive coverage for families.
• Workmen's Compensation Takaful Financial support for employees injured due to work-related accidents or illness, covering personal injury, death, and occupational diseases with risk-based classifications, in compliance with Occupational Safety and Health Act.
• Guest House Takaful Designated cover for guest houses including fire, business interruption, burglary, public liability, and personal accident coverage.
• Hotelier Takaful All-risk coverage for hoteliers including business interruption, plate glass, money, machinery breakdown, electronic equipment, and fidelity guarantee.
• Takaful Business Cover Comprehensive plan for retail businesses including pharmacies, groceries, hardware stores, and shops, covering fire, natural disasters, and shop break-ins.
• Money Takaful Coverage for money in transit, on premises during business hours, and closed premises against loss or theft.
• Fidelity Takaful Protection for employers against financial losses from fraudulent or dishonest operations carried out by employees.
• Contractors All Risk Takaful Full-option insurance for builders covering structures under construction, materials on site, and third-party liability.
• Erection All Risks Takaful Comprehensive cover for machinery during assembly, erection, movement to site, testing, and commissioning.
• Takaful Easy Marine Cargo insurance guaranteeing safe transportation of imports and exports from origin to final destination.
• Protection and Indemnity Takaful Tailor-made protection for ship-owners and charterers against third-party liability claims for loss or damages.
• SME Medical Takaful Comprehensive medical coverage for small to medium enterprises with inpatient limit of MVR 175,000 and outpatient limit of MVR 5,000.
• Group Life Takaful Financial protection for employees and dependents offering natural and accidental death cover, funeral expenses, and critical illness benefits.
• Bonds Guarantee instruments including bid security, performance bonds, and advance payment bonds issued on behalf of participants.
• Public Liability Takaful Protection against legal liabilities to third parties for accidental bodily injury and property damage.
• Business Interruption Takaful Indemnity against losses from temporary shutdown due to fire, lightning, explosion or other covered perils.

Quantifiable outcome

• MVR 2.21 million in surplus distributed to policyholders in 2024
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core, flagship and major.

• Islamic Corporation for the Development of the Private Sector (ICD)coreStrategic or Co-development Partner · 18 May 2023Collaborative partnership agreement signed for development of Islamic finance and Takaful services in Maldives
• AVASflagshipGTM or Marketing PartnerLaunched 'AVAS Insurance' on the AVAS App, enabling AVAS users to access Takaful products through the AVAS platform
• Maldives Islamic BankcoreChannel Partner/ Reseller/ DistributorStrategic partner enabling customers to obtain insurance premium with ease and convenience. Contact: 3325555/3011182
• Housing Development Finance Corporation PLCmajorChannel Partner/ Reseller/ DistributorCorporate partner providing housing financing integrated with Takaful products. Contact: 7787551
• Ooredoo Maldives PLCmajorChannel Partner/ Reseller/ DistributorCorporate partner with M-Faisaa payment integration for premium collection. Contact: 9970099
• Maldives Monetary Authority (MMA)coreOthersRegulator for the insurance industry in Maldives
• Maldives Stock Exchange (MSE)coreOthersListed on Maldives Stock Exchange since 2011 as first white-listed stock
• Capital Market Development Authority (CMDA)coreOthersRegulator for capital markets and securities in Maldives

Scale indicators6 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Amana Takaful Life PLC: Sister company in Sri Lanka focused on Family/life Takaful. Notably relevant as the subject company just incorporated a Family Takaful subsidiary in 2024, mirroring this structure.
• Takaful Malaysia General Berhad: Malaysian general Takaful operator offering motor, fire, marine, engineering, and liability cover — directly comparable to ATM's General Takaful product portfolio including Amana Total Drive, Marine Hull, and Contractors All Risk.
• AIA PUBLIC Takaful Berhad: Malaysian Takaful joint venture offering family and medical Takaful, with comparable group medical and individual health lines targeting similar demographic segments.
• Etiqa Family Takaful Berhad: Malaysian Takaful operator offering Family Takaful and medical takaful plans, including group hospitalization products comparable to ATM's SME Medical Takaful offering.
• Prudential BSN Takaful Berhad: Malaysian Takaful operator with bancassurance (Bank Simpanan Nasional) distribution, similar to ATM's bank-distribution model with Maldives Islamic Bank. Comparable Family Takaful and medical takaful products.
• Syarikat Takaful Malaysia Keluarga Berhad: One of the largest Takaful operators in Malaysia offering both Family and General Takaful. Comparable full-stack Islamic insurance business with similar product diversification across personal and commercial lines.
• Salama Islamic Arab Insurance Company: UAE-listed Takaful operator offering family and general Takaful products across the GCC. Comparable full-stack Islamic insurance structure with surplus distribution to policyholders.
• FWD Takaful Berhad: Malaysian Takaful operator using digital-first distribution. Comparable as ATM is positioning itself as a digital pioneer in Takaful with mobile apps and online policy purchase.
• Amana Takaful PLC: Parent company and Sri Lankan Takaful operator offering both Family and General Takaful products. Directly comparable business model, Shari'ah-compliant structure, and product taxonomy, and owns 55.17% of the subject.

Regional players

• EFU Takaful: Pakistani Takaful operator offering Family Takaful and General Takaful including motor, fire, marine, and health. Comparable product mix in a South Asian Islamic finance market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/AmanaTakaful.mv
• LinkedInlinkedin.com/company/am%C3%A3na-takaful-maldives-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

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 Amãna Takaful (Maldives) PLC