Oman: Alizz Islamic to launch motor takaful following MoU with Takaful Oman

Source: Middle East Insurance Review | Nov 2018

Alizz Islamic Bank has signed an MoU with Takaful Oman, the sultanate’s first full-fledged Islamic insurance provider, to launch takaful products for the bank’s customers, according to a press release issued by the bank.

The bank has obtained the necessary approvals from the Capital Market Authority and the Central Bank of Oman to launch takaful products in the local market. As part of the cooperation and understanding between the two parties, motor takaful will be the first product to be launched.

Customers can now obtain a new policy or renew their car insurance through any of the branches of Alizz Islamic Bank, which are spread throughout the sultanate. The bank’s branches will offer both comprehensive and third-party motor takaful cover and the policies can be issued instantly by the bank’s staff at the branch premises.

Alizz Islamic Bank and Takaful Oman are expected to launch several new and innovative takaful products during the year. The two entities will also focus on public education and raising awareness about shariah-compliant financial products and services. M

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