Mix all ingredients in a large frying pan. Cook over medium to medium-high heat, stirring occasionally, for about 20 minutes, or until the tomatoes are very soft. Adjust the heat if necessary to keep the tomatoes and peppers from burning.
Smash the softened tomatoes with a spoon, and continue cooking for another 10 minutes, or until the liquids are reduced to oil. Cook until the salad is well-blended and can be stirred away from the sides of the pan.
Serve taktouka warm or cold with crusty bread for scooping up the salad.