Wethaq Takaful Insurance Company - Egypt

What Wethaq Takaful Insurance Company - Egypt does

Wethaq Takaful Insurance Company - Egypt is a privately held Egyptian joint-stock takaful (Islamic cooperative) insurer founded in 2008 and headquartered in the Fifth Settlement, New Cairo, operating under Financial Regulatory Authority license No. 23. The company is structured around the takaful model in which policyholders are participants in a collective risk fund, entitled to a minimum 50% share of underwriting surplus, with shareholders providing a Qard Hasan (interest-free) loan to cover any deficit — all activities overseen by a permanent Sharia Supervisory Committee.

The company underwrites a full multi-line general insurance book covering motor, marine cargo, property (fire and perils), group medical (EGP 25,000-150,000 per person annually), engineering (contractors all-risks, erection, machinery breakdown), miscellaneous accidents and liability, and facultative/treaty reinsurance. It complements underwriting with the Wethaq Box cash investment fund, which offers daily cumulative returns and periodic distributions to participants. Operational infrastructure comprises a 10+ branch nationwide network across Cairo, Alexandria, the Delta (Mansoura, Zagazik, Damietta) and the Suez Canal zone (Port Said, Ismailia), supported by hotline 19685, WhatsApp, an online payment portal, online quote and accident notification systems, and ISO 27001 / WCAG 2.1 AA-aligned digital practices.

Wethaq generates revenue through three streams: recurring takaful contributions (premiums) from individuals, SMEs, and corporate/institutional clients; administrative/management fees deducted from the participants' fund before surplus distribution; and asset-management fees from the Wethaq Box investment fund. Pricing is risk-based and quote-driven across all lines, with group medical and engineering representing the largest-ticket corporate revenue. Capital structure has scaled from 30M EGP paid-in at founding to 400M EGP paid-in (1B EGP authorized) as of 2024, with Kuwaiti strategic investor Adim Investment holding 33%. The company targets retail individuals/families as its primary segment, alongside SMEs and corporate/institutional clients seeking Sharia-compliant risk coverage.

Name

Wethaq Takaful Insurance Company - Egypt

Legal name

Wethaq Takaful Insurance Company - Egypt (شركة وثاق للتأمين التكافلي - مصر)

Website

https://wethaq-egypt.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

Wethaq Takaful Insurance Company - Egypt is a privately held Sharia-compliant takaful insurer, founded 2008 and FRA-licensed, underwriting motor, property, marine, medical, engineering, and accident coverage for retail individuals, SMEs, and corporate clients across Egypt via a 10+ branch network and digital channels.

Ownership category

akta.pro rank

Headquarters

HQ city

New Cairo (Al-Rehab City / Fifth Settlement)

HQ country

Egypt

HQ region

Africa

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Takaful Insurance Premiums: Wethaq collects contributions (premiums) from policyholders (participants/members) into a collective risk pool (Takaful fund). The company acts as a manager of the fund, bearing operational costs through a management fee. In case of a deficit, the company provides an interest-free loan (Qard Hasan) from shareholders' capital, recoverable from future surpluses. Surplus from insurance operations is distributed between the company and participants.
2. Administrative Fee / Management Charge: The company deducts administrative expenses and reserves from the collected contributions before surplus distribution, constituting its operational revenue.
3. Investment Fund Management (Wethaq Box): The company manages a cash investment fund (Wethaq Box) with daily cumulative returns and periodic distributions, generating management income.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Wethaq Takaful Insurance Company - Egypt provides Sharia-compliant cooperative (Takaful) insurance across motor, marine, property, medical, engineering, and miscellaneous accident and liability lines, operating as Egypt's only takaful insurer under permanent Sharia Supervisory Committee oversight. The company also offers a Sharia-compliant cash investment fund (Wethaq Box) with daily cumulative returns and facultative/treaty reinsurance services. Policyholders participate as partners in the takaful fund and receive surplus distributions from favorable loss experience.

Product overview

Wethaq Takaful Insurance Company - Egypt operates as a Sharia-compliant Takaful (Islamic mutual insurance) company offering a comprehensive portfolio of insurance products and financial services. The core product portfolio includes Motor Insurance, Marine Insurance, Property Insurance, Medical Insurance, Engineering Insurance, and Miscellaneous Accidents & Liability Insurance. These are complemented by the Ibn Masr (ابن مصر) comprehensive personal accident insurance, the Wethaq Investment Fund (cash investment fund with daily returns), and Reinsurance services. The company distributes surplus from insurance operations to policyholders under Islamic law principles, with a Sharia Supervisory Board overseeing all activities.

Differentiator

Problem solved

Functional benefit

Brands

• Wethaq Box (صندوق وثاق): Cash investment fund with daily cumulative returns and periodic distribution, managed by Wethaq Takaful Insurance Company.

Products and services

• Motor Insurance (تأمينات السيارات) Comprehensive motor vehicle insurance covering private cars, commercial vehicles, and commercial plates against accidents, collision, theft, overturning, fire, and explosion, with additional coverage options. Targeted at both individual vehicle owners and corporate fleet operators.
• Marine Insurance (تأمينات النقل البحري) Marine cargo insurance covering goods transported by sea, air, and land against general average, jettison, fire, explosion, collision, and carrier liability. Targeted at importers, exporters, and logistics companies.
• Property Insurance (تأمينات الممتلكات) Property insurance covering fire, lightning, self-ignition, explosion, burglary, riots, earthquakes, storms, floods, and political violence for various property types. Includes 'Aman Mashrouak' (Your Project is Safe) policy for small projects. Targeted at homeowners, SMEs, and commercial property owners.
• Medical Insurance (التأمين الطبي) Group medical insurance providing annual medical coverage from EGP 25,000 to EGP 150,000 per individual, with multiple plan options. Targeted at corporate groups and institutions providing employee health benefits.
• Engineering Insurance (تأمينات الأخطار الهندسية) Engineering insurance covering contractors all risks, erection all risks, machinery breakdown, electronic equipment, and cold storage stock deterioration. Targeted at construction firms, contractors, and industrial operators.
• Miscellaneous Accidents & Liability Insurance (تأمين الحوادث المتنوعة والمسؤوليات) Comprehensive accident and liability insurance including personal accident, fidelity guarantee, family protection, professional liability for doctors, engineers, and insurance brokers, and mandatory elevator liability. Targeted at individuals, families, and professionals.
• Ibn Masr - Comprehensive Personal Accident (ابن مصر) Comprehensive personal accident insurance covering death, permanent total/partial disability, temporary total disability, medical expenses, school fees for children, transportation of remains, rent payment, and utility bills. Targeted at individual policyholders and families.
• Wethaq Investment Fund (صندوق إستثمار وثاق) Sharia-compliant cash investment fund with daily cumulative returns and periodic distribution, managed by Wethaq Takaful Insurance Company. Targeted at individual and institutional investors seeking Sharia-compliant short-term cash management.
• Reinsurance Services (إعادة التأمين) Reinsurance services providing facultative and treaty reinsurance through relationships with regional and global reinsurance companies. Targeted at large or complex risks requiring reinsurance capacity.

Quantifiable outcome

• Medical insurance annual coverage ranging from EGP 25,000 to EGP 150,000 per individual for group programs.
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Various Reinsurance Companies (Regional and Global)coreOthersWethaq has developed professional relationships with a distinguished group of reinsurance companies regionally and globally for facultative reinsurance. The company leverages its technical expertise and professional relationships to secure reinsurance support from leading international and regional reinsurers to manage large or complex risks.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Regional players

• Walaa Cooperative Insurance: Saudi-listed cooperative insurer offering motor, medical, property, and engineering coverage under Sharia principles. Closely comparable takaful operating model and product mix, but serves the Saudi market rather than Egypt.
• Al Etihad Cooperative Insurance: Saudi cooperative insurer offering health, motor, and general insurance under Sharia-compliant principles. Comparable cooperative takaful business model but serves Saudi rather than Egyptian customers.
• Salama Cooperative Insurance: Saudi-listed cooperative (takaful) insurer offering family, motor, medical, and general insurance. Highly comparable as a Sharia-compliant cooperative operator with multi-line portfolio, but operates primarily in Saudi Arabia rather than Egypt.
• Buruj Cooperative Insurance: Saudi-listed cooperative insurer offering medical, motor, and general takaful products. Operates a comparable Sharia-compliant multi-line model but in the Saudi market rather than Egypt.
• QLM Life & Medical Insurance: Qatar-listed takaful operator specializing in life and medical insurance. Comparable Sharia-compliant insurance operator with regional MENA focus, but serves the Qatari market rather than Egypt.

Direct peers

• Allianz Egypt: Subsidiary of global insurer Allianz, operating in Egypt with P&C, motor, and personal lines. Directly competes with Wethaq for retail and SME insurance customers in Egypt.
• Misr Insurance Company: Egypt's largest and oldest insurance company, state-owned, offering multi-line P&C, life, and medical coverage. Directly competes with Wethaq across all major lines including motor, marine, property, and medical in the same Egyptian market.
• National Insurance Company (Egypt): One of Egypt's state-owned insurance carriers offering broad P&C, life, and medical coverage. Competes head-to-head with Wethaq across multiple lines in the Egyptian domestic market.
• GIG Egypt (Gulf Insurance Group): Major P&C insurer in Egypt (formerly AIG Egypt), now part of Kuwait-based Gulf Insurance Group. Competes with Wethaq across motor, property, marine, and engineering lines in the Egyptian market.
• AXA Egypt: Major international P&C and health insurer operating across Egypt with motor, property, medical, and personal accident products. Competes directly with Wethaq for retail and corporate customers in Egypt's mainstream insurance market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@wethaq-egypt
• Facebookfacebook.com/wethaq
• LinkedInlinkedin.com/company/wethaq-takaful-insurance-company---egypt
• Instagraminstagram.com/wethaqegypt

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 Wethaq Takaful Insurance Company - Egypt