Takaful insurance in Oman: finalization of the legislations

LawThe Omani market regulator (CMA) publishes the texts regulating Takaful insurance. All companies operating in this segment have six months from December 23rd, 2019 to comply with the new provisions.

The new regulations require the establishment of a Sharia Supervisory Committee within each Takaful company. The selection of the committee members is subject to the approval of the Supreme Sharia Supervisory Committee (SSC) monitored by the CMA.

The insurer must also use an external Sharia supervisor (auditor) at the end of each financial year to certify the compliance of its practices. Takaful insurance generated 53.6 million OMR (139.6 million USD) in gross premiums in 2018, that is 12% of the entire Omani market’s turnover.

Read also | Ranking of Omani insurance companies in 2018

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