Founded in 2011, Watania is an initiative of Abu Dhabi National Insurance Company, Abu Dhabi National Islamic Finance, Abu Dhabi National Energy Company and Aldar Properties. The company is a leading takaful insurance which could meet the demand of the market for Sharia compliant takaful products. In 2014, Oman-based conglomerate MB Holding acquired a 60.5 % stake in the company through two subsidiaries, including Al Madina Takaful. Watania operates using the wakala model, an Islamic financial product/service structured in a way that several participants share specific types of risks on a cooperative basis. This company provides a broad range of insurance products throughout the UAE, following the values of integrity, reliability, loyalty, excellence, fairness, transparency, innovation and customer-centricity.