Oman - Excellent performance of Takaful
Monday, 10 03 2016, Category: Insurance and Reinsurance, Country: Oman
According to data published by the insurance regulatory authorities, the turnover reported by Takaful insurers jumped by 64% at 39 million OMR (101.6 million USD) in 2015. This performance has been achieved despite the economic slowdown and the fall of oil prices.
Two players are sharing this market: Al Madina Takaful and Takaful Oman Insurance. Out of the 442 million OMR (1.15 billion USD) in gross premiums posted by all insurers, the market share of Islamic insurance is of 9%. The success of Al Madina Takaful and Takaful Oman Insurance is accounted for by their customer approach strategy whereby both companies managed to earn the trust of the insured by offering them quality services at competitive rates.
Source: Atlas Magazine