Weqaya Takaful submits capital hike request to SAMA

Weqaya Takaful Insurance and Reinsurance Co. submitted a request on April 4 to the Saudi Arabian Monetary Authority (SAMA) to increase capital by SAR 600 million to SAR 800 million through a rights issue, the insurer said in a statement to Tadawul on Monday.

The capital hike aims to offset the company’s accumulated losses, which have exceeded 50 percent.

Weqaya Takaful’s shareholders approved on March 28 the company’s going concern, and rejected the possibility of asset liquidation.