Takaful News - Oman: Takaful accounts for 8% of insurance market

Source: Middle East Insurance Review | May 2016

Takaful accounted for 7.8% of total direct premiums in the Omani insurance market, with contributions amounting to OMR39 million (US$101 million) last year, said Mr Abdullah bin Salem Al Salmi, Executive President of the Capital Market Authority (CMA).

Direct premiums written by the Omani insurance sector grew by 11% to OMR446 million (US$1.16 billion) last year, compared to OMR400 million in 2014, according to the CMA.

Speaking at a recent seminar, Mr Al Salmi highlighted the need to groom local talent in the fields of Islamic finance and takaful as these sectors lack such expertise. He indicated that such training has to begin now to keep pace with the development of the Islamic financial services market.

Oman’s two takaful companies, Al Madina Takaful and Takaful Oman, commenced operations in 2014. A royal decree was issued earlier this year to pass Oman’s long-awaited takaful law.

OMR1 = US$2.60

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