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Jun 2014 Takaful Insurance Oman officially began its underwriting in mid-May. The authorities’ license was granted on April 15. This is the second Islamic insurer to begin operations in the Sultanate.
Takaful Oman is planning to develop its bancassurance services via a network of agencies. Staff members will increase from 30 employees in the first year to about 70 after five years.
The company, whose 40% of the capital is held by the public is expecting a first balanced year and a distribution of dividends from the fourth year. The 60% of the remaining capital is held by seven institutional investors with National Bank of Oman, Bank Muscat and t’azur Takaful Insurance.