Safe living, prosperity and welfare are demands which man has been striving to satisfy. They are completely God’s grace and favour for his obedients, as well as the blessing of feeling secure and satisfied. Ever since, man has developed many methods to help him achieve the highest levels of welfare and prosperity while looking for safe haven to help him experience secure and vibrant life. Hence, the idea of Malath, which means in Arabic “safe haven that provide you shelter in difficult times.
From this perspective, Malath Cooperative Insurance Company was founded by an elite investment consortium comprising prominent Saudi personalities, with a paid up capital of SAR 300 million.
In April 2007, the company has established itself as a leading provider of insurance products and services, fulfilling the needs of the local market through an ideal insurance concept and total professionalism , in 2017 the Company's share capital increased to SR 500 million.
Malath Cooperative Insurance and Reinsurance Co. was founded in 2007, and has since obtained the Commercial Registration issued by the Ministry of Trade and Industry as a Saudi public joint stock company with a capital of 300 million Saudi Riyals (U.S. $ 80 million). Malath continues to offer 47.48% of its shares of stock in the company to be sold to the general public, and it remains listed on the Tadawul stock exchange. Our company also obtained final licensing by Saudi Arabian Monetary Agency (SAMA) to practice both general and health insurance.
Malath is considered to be one of the founding members of the Saudi Cooperative Reinsurance Company “RE”, as well as a founding member of Najm Company for Insurance Services.
In line with the policy of the Kingdom of Saudi Arabia Government represented by the General Authority for Zakat and Income (GAZT) regarding the implementation of value added tax, the Value Added Tax Law and its Executive Regulation (www.vat.gov.sa) set a standard VAT of 5% on a wide range Of goods and services, including insurance services.
And, In compliance with the regulations issued by the GAZT , we confirm that we have completed the registration of value added tax with a tax number 300001626800003 and obtain a VAT registration certificate and our readiness to add value added tax according to the specified percentage on all our products and services according to the instructions of the relevant regulations.
Also, You can contact the below email to provide the company with certificates of registration in the VAT of the suppliers of the company or any other parties that deal with the company and completed its registration with the General Authority for Zakat and Income