Takaful News - Oman: Takaful commands 9% share of total insurance market
Source: Middle East Insurance Review | Jul 2016
The share of takaful in Oman’s insurance market has reached 9% on the back of rapid growth in Islamic insurance last year, according to the Capital Market Authority (CMA).
The CMA had earlier announced that 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. This means that takaful contributions amounted to around OMR40 million last year.
Takaful business grew by 68% in 2015 over 2014, which reflects increased interest among individuals and enterprises in purchasing Shariah-compliant insurance, reported the newspaper Al Shabiba citing a CMA statement.
Takaful started in Oman three years ago when the CMA licensed two companies to conduct Islamic insurance business.
OMR1 = US$2.60