Oman – 68% Takaful insurance growth last year
Saturday, 05 21 2016, Category: Insurance and Reinsurance, Country: Oman
The share of Takaful in the total primary market premiums reached 9% whereas it represented 5% of total claims paid during the same year according to the Capital Market Authority in a statement to “Al Shabiba” indicating that Takaful insurance grew by 68% compared to year 2014, which shows the increased interest of individuals and enterprises in purchasing Sharia-compliant insurance.
The Authority said that Takaful insurance started three years ago when the Capital Market Authority licensed two companies before the issuance of the Takaful insurance regulations in order to follow the developments of the financial services market and initiate Islamic banking activities.
Source: Al Shabiba