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Oman Insurance partnered with Generali Global Pension to give retirement insurance plans in 2019. [12] Oman Insurance is also a member of Generali's global network that offers multinational pooling and captive arrangements to multinationals. Oman Insurance also partnered with Generali in 2020 to offer home insurance to high net-worth clients in ...
OMAN: The company is a dominant player in health insurance industry with a market share of over 65% in Oman and is a well recognized brand, providing insurance protection to nearly 200,000 individuals. [3] The company contributed RO 175,000 towards Endowment Fund for supporting government initiatives to overcome the threat of COVID-19. [2] UAE:
It was founded in 2006 as an insurance company. [1] In 2014, the Capital Market Authority granted Al Madina a takaful license. [1] Al Madina then converted all its insurance business to become Sharia-compliant and became the first takaful company in Oman. [2] After the conversion, Al Madina embarked on acquisitions to expand its operations.
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Takaful (Arabic: التكافل, sometimes translated as "solidarity" or mutual guarantee) [1] is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or sharia-compliant alternative to conventional insurance, which contains riba (usury) and gharar (excessive uncertainty).