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Dec 2022

Oman: Restructuring of takaful company bears results

Source: Middle East Insurance Review | Oct 2022

Takaful Oman chairman and acting CEO Mohammed bin Abdullah Al-Khonji has said that the corporate restructuring of the company has led to improved performance. He said that the company had learned and benefitted from some of the stumbling blocks it faced and turned challenges into favourable opportunities and ways to enhance the customer experience, reported Times of Oman.
 
Mr Al-Khonji said in a statement, “Since we took over responsibility in Takaful Oman, the capital has been raised to clear previous accumulated losses since the establishment of the company; Ominvest Group has strengthened the capital and injected the necessary funds in continuous coordination with the Capital Market Authority to increase the capital and take the necessary approvals in this regard.”
 
In June 2022, Takaful Oman, the first fully-fledged Islamic insurer in Oman, completed its $16m rights issue. Oman International Development and Investment (Ominvest), which has stakes in various companies engaged in financial services, property development, food and the industrial sector, acquired a controlling stake in Takaful Oman by subscribing to additional rights shares, raising its stake to 56.12%.
 
Board and committees
Takaful Oman restructured its board of directors with board members who have long and prudent professional experience in managing companies and institutions.
 
Mr Al-Khonji said, “After restructuring the board of directors, we also restructured the committees affiliated with the board. The executive management was provided with professional expertise capable of keeping pace with developments in the insurance sector, especially in light of the current economic challenges that have occurred globally.”
 
The restructuring of the shariah board followed this, so that the company could adhere to the highest standards and ensure that Takaful Oman complies with Islamic principles. The chairman of the shariah doard Dr Majid AlKindi is a renowned scholar and a well-known figure across the Middle East.
 
Mr Al-Khonji said that Takaful Oman has been able to compensate all the insured affected by cyclone Shaheen, which hit the sultanate in October last year. The majority of the compensation was settled in a record time of only four months, achieving customer satisfaction and enhancing confidence in the services and products offered by the company.
 
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