News Column

Takaful Oman eyes expansion

June 22, 2014


Muscat: The newly launched Takaful Oman Insurance Company, the Sultanate's first full-fledged Islamic insurance provider, says it plans to introduce more branches across the Sultanate to provide its unique services to the citizens.

The company has currently one branch in Qurum and plans to launch two more branches by the end of the year, Sayyida Rawan Ahmed Al Said, managing director and chief executive officer of Takaful Oman Insurance Company, told reporters here on Sunday.

She made the remarks on the sidelines of a ceremony held under the auspices of Sheikh Abdulmalik bin Abdullah bin Ali al Khalili, minister of justice, to announce the launch of Takaful Oman.

The event was attended by a number of dignitaries and senior executives from the financial and economic sectors.

Commenting on the delay in starting operation, Al Said noted that it was due to the fact that the company was waiting for an initial public offering (IPO) to be floated.

"After the IPO, we had to put the team in place," she said.

"This is a newborn company so we had to take our time to put things in place."

Asked about the prospects of the company, the official noted that Takaful will be one of the players in Oman's insurance market and will be part of the competition.

Sharia principles

It has a lot to offer given that its products are compatible with Sharia principles, she said, adding that the company will provide its services to both corporate bodies and individuals regardless of religion.

Asked about the company's plans to keep itself economically competitive with other insurance providers, she said, "Our services should distinguish us from others."  

Commenting on low insurance penetration in Oman and other Gulf countries, Al Said stated that people should be educated more in this regard.  

Certain plans for SMEs  

Takaful's CEO also said that the company has certain plans to support small and medium enterprises (SMEs). Takaful will be providing them with support so that they can take their own initiatives and set up companies or small agencies, she noted.

She added that the company has made 're-Takaful' arrangements since "each insurance company has to insure itself." "We have already done that," Al Said noted, adding that Takaful expects to reach break-even point next year.

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Source: Times of Oman

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