Wiqaya Takaful said it received last Wednesday a letter from the Saudi Arabian Monetary Agency (SAMA) barring the company from issuing or renewing policies till further notice.

The decision was due to the company’s failure to apply regulatory requirements, SAMA said in a report last week.

SAMA had urged the company to take action to rectify its ailing financial position, but Wiqaya submitted a working plan, past the regulatory deadline, which still lacked the capacity and efficiency to resolve the situation, SAMA added.

The regulator asked the company to settle all claims and compensations for the policies issued before 2/11/1435 Hijri.

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