Redefining Life & Savings Insurance for a Shariah Complaint future
Waada is preparing to introduce a fully digital Insurance Agency and Third-Party Administration (TPA) platform for Shariah-compliant Life & Savings solutions, subject to final commercial approval from the Saudi Insurance Authority (IA).
The platform is intended to combine Islamic finance principles with modern technology to simplify access to protection and savings.
Unfolding Our Story
Founded in 2020 by Ishaq Kothawala, Waada began as a digital-first insurtech platform focused on simplifying access to insurance. The company is now preparing for entry into Saudi Arabia, subject to regulatory approvals from the Saudi Insurance Authority (IA).
Waada’s mission is to help digitize access to Shariah-compliant Life & Savings solutions by building a technology-enabled insurance agency and administration model, designed to support long-term financial protection.
Backed by global investors such as Joa Capital, Qatar Insurance Company, Flat6Labs, and Gobi Ventures, Waada aims to combine regional insurance expertise with modern technology to support financial inclusion in the Kingdom and beyond, subject to regulatory approvals.
What We Do
Upon receiving final commercial approval from the Saudi Insurance Authority (IA), Waada plans to operate as a licensed Insurance Agency and Third-Party Administrator (TPA) for Shariah-compliant Life & Savings solutions.
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:
- Technology-enabled customer onboarding and policy administration
- Policy servicing, claims coordination, and customer support as a Third-Party Administrator
- Regulatory reporting and compliance support under IA oversight
Insurance Products
Following regulatory approval, Waada intends to support the distribution and administration of the following Shariah-compliant insurance solutions.
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
Subject to regulatory approval, Waada plans to enable a multi-channel distribution model to make Shariah-compliant Life & Savings solutions more accessible across the Kingdom.
Point-of-Sale Person (POSP)
Following approval, Waada plans to support IFCE-certified Point-of-Sale Partners (POSPs) through a digital platform designed to assist with customer onboarding, quotation support, and policy administration on behalf of licensed insurers.
Key Features
- Digital onboarding and KYC support
- Quotation and application facilitation tools
- Compliance monitoring and reporting support
- Enablement of full-time and part-time POSPs
Digital Partners
(Coming Soon)
Subject to approval, Waada intends to integrate with selected digital platforms and APIs to support embedded insurance journeys offered by licensed insurers.
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)
Upon regulatory approval, Waada plans to collaborate with approved physical outlets and organizations to support access to Life & Savings solutions through authorized partner 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
