Islamic insurance registered a growth of 17% in 2018, as Shariah-based insurance business appeals to more in the Sultanate.
According to the annual report for 2018 of the Capital Market Authority (CMA), gross contributions collected by takaful companies operating in the Sultanate totalled OMR53.6m ($139.2m) in 2018, up from OMR45.8m in 2018.
This increase boosted growth in the wider insurance industry in Oman during the year, said Mr Abdullah bin Salim al Salmi, executive president of CMA.
Takaful’s share in the total premium income of insurance companies in Oman was 12% last year.
General takaful generated OMR46.9m in gross contributions in 2018, rising by 15.8% from OMR40.5m in 2017. General takaful contributed 16% of the total premium income of conventional and takaful insurers in the country.
Family takaful collected contributions of OMR6.7m in 2018, 27% higher than in 2017. Family takaful represented 11% of the total life insurance business of the Sultanate. companies.