Takaful Oman Insurance is profitable in first year
Source: Middle East Insurance Review | May 2015
Takaful Oman Insurance has turned profitable in the first quarter with a net profit of OMR640,023 (US$1.7 million), a year after receiving its licence from the Capital Market Authority.
The unaudited figures were announced in a filing on the Muscat Securities Market. The company was officially launched in June 2014.
“We had a target to turn profitable in our second year of operation, however, we exceeded our target and were able to earn profits within a year. We are very encouraged by the market response,” Ms Sayyida Rawan Ahmed Al Said, Managing Director of Takaful Oman was quoted as saying in Muscat Daily.
The real challenge now is to maintain profitability throughout the year given the tough competition in Oman’s insurance market, she added.
Takaful Oman, the second company in the country to offer Shariah-compliant insurance products, reported a net loss of OMR518,824 for full-year 2014. First-quarter gross contributions stood at OMR2.5 million.
OMR1 = US$2.60