Islamic Insurance Co. was established in 1980 under the name "Islamic Insurance Co. Ltd" as the first co-operative insurance company in the Kingdom of Saudi Arabia. The company was established by the Faisal Islamic Bank, the main shareholder of Faisal Islamic Bank is Prince Mohammed Al-Faisal son of the late King Faisal of the Kingdom of Saudi Arabia.
The principal Agent for the company in Saudi Arabia was M/s. Bahareth Organization of Sheikh Mohammed Saleh Bahareth, one of the highly respected businessman in the Western Region.
In span of three years, the insurance activity of the company expanded to five branches (Jeddah, Riyadh, Dammam, Gassim & Abha), then in 1985, two more branches were opened in Makkah and Madinah.
In 1992, Islamic Insurance Co. went into re-organization and eventually, was dissolved in favor of International Islamic Insurance Company. The new company was registered in Bahrain as an "Exempt Company" under CR No.27207 with a paid up capital of USD 3,000,000 and its principal shareholders are:
H.R.H Prince Mohammed Al-Faisal Al Saud (from the royal family of Saudi Arabia).
H.H Sheikh Isa Mohammed Al Khalifa ( from the ruling family of Bahrain)
The company's General Agent in Saudi Arabia is H.R.H Prince Amr Mohammed Al Faisal Trading Est.
The Company's Head Office is located on the 5th floor of Al Joharah Building along Madinah Road in the heart of Jeddah.
Lately, the company added a new office in Tabouk to serve the Northern Region of the Kingdom, it has also established two agencies in Hail and Al-Baha. There are plans to expand the company's activities in other Gulf countries.
Since its inception, the company has successfully operated all kinds of insurance covers including Fire Insurance, Marine & Hull Insurance, Motor Insurance, General Accident Insurance, Engineering Insurance, Medical Insurance and Takaful (Life) Insurance.
The company is proud of having established the cooperative islamic insurance in Saudi Arabia and succeeded to grant the required insurance coverages for the largest projects and entities such as the Extension of Holly Mosque in Madinah, SCECO Central Region, Tabouk Electricity, Saudia Milk and many other construction projects.
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