Redefining Life & Savings Insurance for a Shariah Complaint future
Waada is building Saudi Arabia’s first fully digital Managing General Agent (MGA) platform for Life & Savings — combining Islamic finance principles with modern technology to make protection simple, transparent, and accessible for all.
Unfolding Our Story
Founded in 2020 by Ishaq Kothawala, Waada began as Pakistan’s largest insurtech and has since expanded into Saudi Arabia with the first foreign-owned MGA license approved by the Saudi Insurance Authority (IA) with its commercial license in process.
Our mission is to digitize the Life & Savings segment through a fully Shariah-compliant Takaful infrastructure — empowering individuals to build long-term financial security and enabling businesses to offer affordable group protection with ease.
Backed by global investors such as Joa Capital, Qatar Insurance Company, Flat6Labs, and Gobi Ventures, Waada combines deep insurance expertise with cutting-edge tech to make financial protection mainstream in the Kingdom and beyond.
What We Do
Waada designs, distributes, and manages Shariah-compliant Life & Savings plans through licensed insurance partners like MedGulf (pending IA approval).
Our proprietary digital platform modernizes the entire customer journey — from onboarding and underwriting to policy issuance, claims, and investment management — all under the regulatory oversight of the Saudi Insurance Authority (IA).
We enable:
- Instant digital policy issuance via Point-of-Sale Persons (POSPs), digital partners, and authorized physical locations
- Shariah-compliant investments through licensed Asset Management Companies (AMCs)
- Seamless servicing and reporting through our POS and CRM systems
Insurance Products
(Each subject to final IA approval)
Protection & Savings
Plan
Build long-term financial security while staying protected — flexible contributions, Shariah-compliant investments, and transparent returns.
Life & Accidental
Coverage
Guaranteed lump-sum benefit for your family in case of death or accidental injury — simple, instant, and Shariah-compliant.
Group Life
Takaful
Comprehensive protection for teams and organizations — scalable, digital-first, and fully aligned with corporate Takaful needs.
Our Distribution Model
Waada’s omni-channel distribution strategy is designed to make Shariah-compliant Life & Savings plans accessible across the Kingdom — starting with our nationwide POSP network and expanding into digital and institutional partner channels.
Point-of-Sale Person (POSP)
Waada empowers IFCE-certified POSPs through the Ain App, a purpose-built platform enabling seamless onboarding, instant quotations, and fast policy issuance — bringing trusted protection to communities across the Kingdom.
Key Features
- Fully digital onboarding and KYC via the Ain App
- Instant policy illustration, issuance, and payment setup
- Real-time commission tracking and training modules
- Continuous support and compliance monitoring
- Enables both full-time and part-time POSPs
Digital Partners
(Coming Soon)
Waada’s proprietary APIs allow digital platforms — including fintechs, aggregators, and online services — to embed Takaful protection directly into customer journeys.
Key Features
- Real-time underwriting and product recommendation via API
- Smooth payment integration (wallet, card, salary deduction)
- Customized UI/UX to match partner applications
- Ideal for fintechs, payment apps, ride-hailing, and retail platforms
Authorized Partners
(Coming Soon)
Waada partners with approved physical outlets and organizations to offer Life & Savings plans through the same POSP technology — extending coverage into local communities and high-traffic locations.
Key Features
- POSP-powered issuance at partner premises
- Community access to Shariah-compliant protection
- Group Life & Protection plans available to organizations
- Real-time dashboards and compliance controls
