Taawniya Insurance Co

What Taawniya Insurance Co does

Taawniya Insurance Co (legally Islamic Insurance Company Limited; DBA: Islamic Insurance Company, شركة التأمين الإسلامية) is a Sudanese private, Sharia-compliant general insurance and takaful company founded in 1979 as the first Islamic insurance company in the world. Headquartered at the Islamic Insurance Tower on Ali Abd Elatif Street in Khartoum (Al-Muqarnas), the company distributes a portfolio of 12 core product lines — Motor, Fire & Burglary, Marine, Energy, Takaful, Medical, Travel, Engineering, Microfinance, Financing Protection, Livestock, and Multifarious Accident insurance — through 39 branch offices, 20 agent offices, and 25 automatic vehicle inspection centers across all major Sudanese states, supported by 12 owned commercial towers.

The company operates a modern insurance management system certified to ISO 9001:2015 (audited annually by BSI), with Sharia compliance certified by a dedicated Sharia Supervisory Board across the entire product suite. A network of over 970 integrated medical facilities (hospitals, clinics, pharmacies, laboratories, optical and physiotherapy centers) enables direct billing for group medical Takaful. The company maintains treaty reinsurance partnerships with 9-10 international and regional reinsurers, including Africa-Re, Kenya Re, TunisRe, PTA Re/Zep-Re, Continental Re, Ghana Re, CCRDZ (Algeria), Tan-Re (Tanzania), NR Insurance Services, and Alsford Page & Gems.

The business model combines recurring insurance premiums (priced on risk profile, sum insured, coverage scope, and asset market value), reinsurance ceded commissions, and Sharia-compliant investment income from the Takaful fund via Mudarabah. Customers include individual consumers (served via the branch and agent network), group medical clients, microfinance institutions, Islamic banks (including Al-Faisal Islamic Bank), and government entities (notably the Supreme Council for Hajj and Umrah for pilgrim Takaful). In 2021, the company reported an insurance surplus of 608.7M SDG (+118% YoY), distributable surplus of 342.6M SDG, underwriting growth of 181% vs 2020, and an improved claims ratio of 41%.

Name

Taawniya Insurance Co

Legal name

Islamic Insurance Company Limited

Website

https://islamicinsur.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Taawniya Insurance Co is a Sudanese private insurer, founded in 1979 as the world's first Islamic insurance company, offering Sharia-compliant general insurance and takaful across 12 product lines (motor, fire, marine, energy, medical, Takaful, and more) to individual, corporate, and government customers across Sudan via 39 branches and a 970-facility medical network.

Ownership category

akta.pro rank

Product category

Sharia-Compliant General Insurance and Takaful

NAICS

Insurance Carriers and Related Activities (524), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Life, Health, and Medical Insurance Carriers (52411), Direct Property and Casualty Insurance Carriers (524126), Direct Health and Medical Insurance Carriers (524114)

SIC

Insurance Carriers, Nec (6399), Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321), Life Insurance (6311), Hospital & Medical Service Plans (6324)

akta.pro primary industry

Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM)

Keywords

• Sharia-compliant insurance
• Takaful insurance products
• General insurance services
• Group medical insurance
• Microfinance insurance coverage

Headquarters

HQ city

Khartoum

HQ country

Sudan

HQ region

Africa

Offices15 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premium Income: The company generates revenue primarily through insurance premiums collected from policyholders across its 17 product lines, including motor, fire, marine, energy, medical, travel, engineering, livestock, microfinance, credit protection, and Takaful insurance. Premiums are calculated based on risk assessment, coverage scope, sum insured, policy period, and market value of the insured asset.
2. Reinsurance Ceded Commissions: Income generated from reinsurance arrangements with 10 international and regional reinsurers, including commissions received for ceding portions of risk. The company maintains treaty reinsurance partnerships with African Re, Kenya Re, TunisRe, and others.
3. Investment Income (Sharia-Compliant): The company invests surplus funds from the Takaful pool in Sharia-compliant instruments under the Mudarabah framework, generating investment returns that contribute to the Takaful surplus distributed to policyholders, participants, and the company.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Islamic Insurance Company Limited is a Sharia-compliant general insurance and takaful provider offering 17 product lines — Motor, Fire & Burglary, Marine, Energy, Engineering, Medical, Travel, Microfinance, Financing Protection, Livestock, Multifarious Accident, and Takaful (individual, family, group, mortgage protection, driver). The company distributes through 39 branch offices, 20 agent offices, and 25 automatic vehicle inspection center locations across Sudan. It offers direct medical billing through an integrated network of over 970 healthcare facilities and reinsures risk with 10 international and African reinsurance partners.

Product overview

Taawniya Insurance Co (شركة التأمين الإسلامية), established as the world's first Islamic insurance company, operates a diversified portfolio of 12 core insurance products organized under general insurance and Takaful (Islamic cooperative insurance) categories. The general insurance offerings include Motor, Fire & Burglary, Marine, Energy, Engineering, Medical, Travel, Microfinance Insurance, Financing Protection, Livestock, and Multifarious Accident insurance. The Takaful division provides Islamic-compliant alternatives including individual Takaful, family Takaful, group Takaful, mortgage protection Takaful, and driver Takaful. The company distributes products through branches, automatic vehicle inspection centers, and insurance agents across Sudan.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance (تأمين السيارات) Vehicle insurance covering damages to the insured vehicle or third parties, including comprehensive coverage (collision, fire, theft, and third-party actions) and mandatory third-party liability coverage. For individual vehicle owners and corporate fleets in Sudan.
• Fire & Burglary Insurance (التأمين ضد الحريق والسطو) Property insurance protecting movable and immovable assets against losses from fire and theft, including natural disasters, social risks, and chemical hazards. Policies offered as standard, open cover, floating, valued, or replacement value. For commercial property owners and individuals with insurable assets.
• Marine Insurance (التأمين البحري) Insurance for goods in transit and vessels covering losses from insured perils. Includes cargo insurance (Institute Clauses A, B, C), inland transit, and hull/vessel insurance. For importers, exporters, shippers, and vessel owners.
• Energy Insurance (تأمين الطاقة) Specialized insurance for oil and energy facilities covering physical damage, corrosion, pollution, civil liability, and consequential losses for onshore and offshore risks. For operators of upstream, midstream, and downstream energy assets.
• Takaful Insurance (التكافل) Cooperative Islamic insurance providing death or disability benefits through a mutual-assistance system, including individual, family, group, mortgage protection, and driver Takaful policies. Surplus is distributed to participants under Sharia principles (typically 65% to policyholders, 25% to staff, 10% to business development). For individuals, families, mortgage holders, and employer groups requiring Sharia-compliant life and family protection.
• Medical Insurance (التأمين الطبي) Group Medical Takaful Insurance offering unlimited outpatient costs, no fixed cap per category, inpatient room and board without maximum limit, and 280-day waiting period for pre-existing chronic conditions. Maternity is optional. Direct billing integrated with over 970 medical facilities across Sudan. For employer groups and corporate employees.
• Travel Insurance (تأمين السفر) Travel protection covering medical expenses up to EUR 30,000, emergency dental up to EUR 450, legal expenses up to EUR 2,100, medical evacuation, repatriation, and luggage loss. Two destination zones — Zone I excludes Sudan, USA, Australia, Canada, Japan; Zone II excludes Sudan only. For individual travelers and corporate traveling staff.
• Engineering Insurance (التأمين الهندسي) All-risk coverage for construction and infrastructure projects, including contractors' all risks, installation risks, contractors' equipment, machinery breakdown, electronic equipment, boiler explosion, and stock corruption. For construction contractors, project owners, and infrastructure operators.
• Microfinance Insurance (تأمين التمويل الأصغر) Insurance protecting microfinance operations against borrower default, refusal of goods receipt, or inability to pay, providing real guarantees for financing institutions. For Islamic microfinance institutions and their borrowers (notably in Gedarif State and at the Microfinance Development Forum).
• Financing Protection Insurance (تأمين حماية التمويل) Credit financing protection covering borrower insolvency, permanent disability, or death during the coverage period, with surplus distributed according to Sharia board decisions. For Islamic banks and Sharia-compliant financing institutions (e.g., Al-Faisal Islamic Bank).
• Livestock Insurance (تأمين الثروة الحيوانية) Single-premium insurance covering death of insured animals due to disease, injury, or accident during the policy period, plus 30 days post-expiry for disease-related deaths. Conditions include vaccination and veterinary certification. For livestock owners, herders, and agricultural enterprises.
• Multifarious Accident Insurance (تأمين الحوادث المتنوعة) Miscellaneous accident coverage including cash insurance (vault, in-transit, counter, ATM), fidelity guarantee, personal accidents, workers' compensation, and civil liability policies. For businesses handling cash, employers needing workers' compensation, and individuals seeking personal accident protection.

Quantifiable outcome

• Over 1 billion SDG in claims paid in H1 2022 — the highest compensation paid in the Sudanese insurance market for the storage portfolio.
• +4 more outcomes

Named customers7 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered minor, flagship and core.

• Global University for Islamic Studies (الجامعة الأفريقية العالمية)minorStrategic or Co-development Partner · 1 January 2021The company maintains a strategic partnership with Global University for Hajj and Umrah services. The company won the tender to provide Takaful services for Sudanese Hajj pilgrims through a competitive process, and this partnership has extended for years as a strategic partner with the Supreme Council for Hajj and Umrah.
• African Reinsurance Corporation (Africa-Re)flagshipTechnology or IntegrationAfrican Reinsurance Corporation is one of Africa's leading reinsurers providing treaty reinsurance capacity and technical support to the company. Africa-Re operates across the African continent and is a key reinsurance partner for risk management.
• Kenya Reinsurance Corporation Ltd (Kenya Re)flagshipTechnology or IntegrationKenya Re sent a delegation to the company in September 2022 to explore ways of developing cooperation and strengthening the partnership. Kenya Re's managing director confirmed the relationship is built on the company's leading position in the Sudanese market and expressed willingness to provide full support across all insurance lines.
• TunisRecoreTechnology or IntegrationTunisian reinsurance company providing treaty reinsurance capacity to the company.
• PTA Reinsurance Company (Zep-Re)coreTechnology or IntegrationPretoria-based reinsurance company providing reinsurance capacity to the company.
• Continental ReinsurancecoreTechnology or IntegrationReinsurance partner providing risk capacity and technical expertise.
• NR Insurance ServicescoreTechnology or IntegrationReinsurance services provider in the network.
• ALSFORD PAGE & GEMS LtdcoreTechnology or IntegrationPart of the reinsurance partner network.
• Ghana Reinsurance Company Ltd (Ghanare)coreTechnology or IntegrationGhana-based reinsurance company in the partner network.
• Compagnie Centrale de Réassurance (CCRDZ)coreTechnology or IntegrationAlgerian reinsurance company providing treaty reinsurance capacity.
• Tanzania National Reinsurance Corporation (Tan-Re)coreTechnology or IntegrationTanzanian national reinsurer in the network.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Takaful Malaysia: Malaysian public-listed Takaful operator offering family and general Takaful products across Southeast Asia. Comparable as a multi-line Takaful operator with established distribution network and international reinsurance partnerships.
• Etiqa Family Takaful: Malaysian Takaful operator offering family Takaful, medical, and general insurance products. Comparable as a multi-line Takaful operator with established distribution partnerships and reinsurance arrangements serving a Muslim-majority customer base.
• Solidarity Bahrain: Bahrain-based Takaful and cooperative insurance operator offering family, general, and medical Takaful products across MENA. Directly comparable as a multi-line Takaful operator with both life and general insurance, similar to the subject company's diversified Takaful and general insurance model.
• Qatar Islamic Insurance Company: Qatari Islamic insurance company providing Takaful products covering motor, medical, fire, marine, and general accident lines. Comparable as a multi-line Sharia-compliant insurance operator with a similar product breadth to the subject company.
• Saudi Enaya Cooperative Insurance: Saudi listed cooperative insurance company offering health, motor, and general insurance under Sharia-compliant cooperative principles. Comparable as a multi-line cooperative/Takaful insurer serving individual and corporate customers in the MENA region.

Regional players

• AMAN Cooperative Insurance: Saudi cooperative insurance company offering health, motor, and general insurance under cooperative principles. Comparable as a regional cooperative insurer with overlapping product categories in motor and health.
• Al Etihad Cooperative Insurance: Saudi listed cooperative insurer providing medical, motor, and general insurance products. Comparable as a regional cooperative insurer serving GCC markets with overlapping product mix in motor and medical lines.
• Walaa Cooperative Insurance: Saudi listed cooperative insurance company offering motor, medical, property, and engineering insurance under cooperative principles. Comparable as a regional cooperative insurer with similar product breadth but operating in a different geography (Saudi Arabia).

Broad incumbents

• Takaful International: Bahrain-based Takaful and reinsurance company providing family and general Takaful products across MENA. Comparable as a broader Takaful incumbent with overlapping market presence in the Gulf region and similar Sharia governance structures.
• Salama Insurance: UAE-based Islamic insurance company offering family Takaful, general Takaful, and medical insurance across MENA. Comparable as a broader Islamic insurance incumbent operating in adjacent markets with overlapping product categories and Sharia compliance frameworks.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks4 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/islamic-insurance-company

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Taawniya Insurance Co