OUIC is planning to list its takaful subsidiary

Oman United Insurance Company (OUIC) will establish a joint venture specializing in islamic insurance, a move undertaken in collaboration with other companies. A listing up to 4 million OMR (10.4 million USD) is expected. This amount accounts for 40% of the paid up capital of 10 million OMR (26 million USD).

This is the third IPO (Initial Public Offering) of a takaful insurance company after those of Al Madina Insurance and Takaful Oman Insurance. OUIC will be holding 10 to 20% of the new insurer which has so far received initial approval of the authorities. The company targets a 20% share of the Omani takaful market estimated at 250 to 300 million OMR (651 to 781 million USD) within 10 years.