Weqaya Takaful hasn’t met capital raise requirements, says central bank

Saudi Arabian Monetary Agency, the kingdom’s central bank, said on Monday that Weqaya Takaful Insurance and Reinsurance Company has not yet fulfilled its capital raise requirements.

The company in November had obtained the central bank’s approval for a SAR 400 million capital raise through a rights issue, according to data compiled by Argaam.

The approval, however, was conditional upon meeting requirements within 60 days.