Business insurance · Kuwait
First Takaful Insurance Company
Kuwaiti takaful insurer listing construction covers from CAR to decennial liability
Market position
First Takaful Insurance Company is a Sharia-compliant (takaful) insurer in Kuwait, listed on Boursa Kuwait, which says it introduced takaful insurance to the Kuwaiti market in 2000 as the first takaful operator. Its corporate page lists contractors' all risks, erection all risks, contractors' plant and equipment, machinery breakdown, boiler and pressure vessel, workmen's compensation, public liability and ten-year decennial liability.
Kuwait-specific note
First Takaful suits Kuwaiti contractors who want Sharia-compliant cover for the full project cycle, from contractors' all risks during works to decennial liability after handover. If a contract or lender sets a minimum insurer rating, ask First Takaful for its current rating letter before placing cover.
Pros
- + Takaful (Sharia-compliant) cover with a Shari'a supervisory board
- + Construction covers listed by name, including decennial liability
- + Loss-of-profit cover after machinery breakdown
- + Workmen's compensation and public liability from the same insurer
Cons
- − No public prices; quotes by request
Typical Kuwait pricing
Quote-based; no public prices on firsttakaful.com.kw (quote request form).
Why this matters for Kuwait trades
The Central Agency for Public Tenders (CAPT) runs and approves government tenders and contract awards, and its classification committee sorts general contractors into four categories by financial and technical capability; Arab Times reported that Decree-Law No. 94 of 2026 amends the Public Tenders Law, taking effect three months after its late-September 2026 gazette publication. The Ministry of Finance levies 15% corporate income tax on foreign entities and on the foreign-owned share of GCC companies, with no VAT in force. The Public Authority for Manpower administers work permits under Labour Law No. 6 of 2010, each tendering body sets the share of Kuwaiti workers on its government contracts (Cabinet Resolution No. 1179 of 2023), and employer social security contributions go to PIFSS. Kuwait Municipality issues building permits and licenses engineering offices online, and the Kuwait Fire Force (formerly the Kuwait Fire Service Directorate) licenses commercial and industrial premises, requires sprinklers in all investment housing buildings and approves firefighting companies.
Kuwait construction and trades software selection is shaped by CAPT’s role in government tenders and its classification of general contractors (with rules changing under Decree-Law No. 94 of 2026, according to Arab Times), Public Authority for Manpower rules and Kuwaiti-hiring conditions on government contracts, Kuwait Fire Force licensing and sprinkler rules, online building permits from Kuwait Municipality, and the tax position: Kuwait has not introduced VAT, while foreign-owned businesses pay 15% corporate income tax and clients retain 5% of contract payments until a tax clearance certificate is shown.
Frequently asked
Is First Takaful Insurance Company a good fit for Kuwait trades?
First Takaful Insurance Company is a Sharia-compliant (takaful) insurer in Kuwait, listed on Boursa Kuwait, which says it introduced takaful insurance to the Kuwaiti market in 2000 as the first takaful operator. Its corporate page lists contractors' all risks, erection all risks, contractors' plant and equipment, machinery breakdown, boiler and pressure vessel, workmen's compensation, public liability and ten-year decennial liability. First Takaful suits Kuwaiti contractors who want Sharia-compliant cover for the full project cycle, from contractors' all risks during works to decennial liability after handover. If a contract or lender sets a minimum insurer rating, ask First Takaful for its current rating letter before placing cover.
What does First Takaful Insurance Company cost in Kuwait?
Quote-based; no public prices on firsttakaful.com.kw (quote request form). Pricing and availability can change by region; confirm current Kuwait pricing on the vendor's site before committing.