Oman: Sultanate's sole reinsurer clinches retakaful window licence
Source: Middle East Insurance Review | Apr 2024
Oman Re, the sole reinsurer in the Sultanate of Oman, received a retakaful window licence from the Capital Market Authority on 22 February 2024, the company announced in a statement.
Oman Re said, “This milestone achievement coincides with the celebration of Oman Re’s 15 years of unwavering commitment to the industry. The granted licence empowers Oman Re to establish retakaful operations, further solidifying its position in the market and enabling the provision of shariah-compliant retakaful solutions across diverse markets.”
Oman Re CEO Romel Tabaja said, “The acquisition of the retakaful license represents a key strategic milestone for Oman Re, aligning with our core objective of providing essential capacity to the takaful industry on both regional and international fronts. Our persistent efforts to expand our product range are underscored by this achievement, as the retakaful window opens up new avenues for business growth within our operational markets.”
Oman Re commenced operations in 2009, Oman Re is the first and only reinsurance company in Oman. It writes facultative and treaty business from local and international markets. Oman Re’s current territorial scope includes the Middle East, Afro-Asian countries, CEE and CIS markets and it writes marine and non-marine lines of business. In August 2021, Oman Re launched its branch at the Qatar Financial Centre. M