AMTC was incorporated in Manama, Bahrain ( C.R. 46222 ) in November 2000, as a joint-venture company between Dallah Healthcare Company Ltd. ( Dallah Healthcare ) and Syrikat Takaful Malaysia Berhad (Takaful Malaysia), with the objective of transacting insurance business in accordance with the principles of Islam.

Dallah Healthcare, part of Dallah Albaraka Group, is one of the major healthcare service providers in the Kingdom, whereas Takaful Malaysia, incorporated in 1984 is the pioneer and the leading takaful operator in Malaysia with 1,800 employees, 120 branches and total assets of more than RM 2.6 billion in 2006.

AMTC started its business operations in the Kingdom of Saudi Arabia in the year 2000 by providing Group Health Takaful Plan.

In 2006 Saudi Arabia Monetary Agency ( SAMA ) gave its approval for AMTC to be licensed under the new Cooperative Insurance Rules and Regulations which have been introduced and enforced in the Kingdom with effect from 2005.

AMTC is registered with the Council for Cooperative Health Insurance ( CCHI ) and is authorized to transact health insurance business in the Kingdom, providing Group Health Takaful Plan for companies/business establishments to provide the mandatory health insurance for their expatriate workers.

AMTC's current paid-up capital is SR 42.5 million and it will be raised to SR 100 million after the Company is officially licensed by the Ministry of Commerce, which is expected before the end of 2007. Under the new entity, apart from the existing shareholders, AMTC will also have other shareholders which will include the public, because SR 45 million of the SR 100 million paid-up capital will raised through Initial Public Offer (IPO).

Even though at present the Company is transacting business of a single product only (i.e. Group Health Takaful Plan) it will soon launch other takaful products, starting with products under Family Takaful (products for individual participation with elements of savings/investments and protection). AMTC aims to offer a complete range of takaful products, including products under General Takaful.