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05-01-14

Al Madina Insurance becomes first Takaful provider in Oman

(MENAFN) The Capital Market Authority (CMA) has agreed to offer its sharia-compliant products to Al Madina Insurance Company SAOG under the trade name "Al Madina Takaful", according to Oman Observer. The company announced that it has begun issuing Takaful policies with effect since the beginning of 2014. Al Madina Insurance Company SAOG said: "All of the existing contracts with policyholders will comply with Takaful regulations in the Sultanate of Oman. Al Madina Insurance Company SAOG assures all its policy holders that there will be no change in their existing contribution (premium) and coverage of risk."