The foundation was established to support financially disadvantaged students in Saudi public schools to continue and succeed in receiving proper education. The enterprise system and regulations of Takaful were approved in 2010 and it was officially registered with the Ministry of Social Affairs. Takaful receives generous support from Custodian of the Two Holy Mosques King Salman which is around SR500 million per year.

Secretary-General Mohammed Al-Aqeeli said the foundation provided SR800 in financial aid to students each semester as well as meals to all students throughout the Kingdom. He said it also provided a range of programs and various supplies needed by students through its partnership with several government organizations. He said the foundation is currently operating based on the budget allocated by King Salman which amounts to SR476 million.

“Some of the foundation’s accomplishments include development of the Takaful electronic system to nominate students in need of assistance by Takaful school committees as well as allocating subsidies to students of each school via bank accounts and ATM cards for each school,” he said. “The foundation also determines beneficiaries based on comprehensive data concerning students and their parents which is collected from several government organizations.”