Takaful Oman rights issue of 150 million shares open for subscription

Business Sunday 05/June/2022 16:38 PM
By: Times News Service
Takaful Oman rights issue of 150 million shares open for subscription

Muscat: In line with Takaful Oman’s long-term growth strategy and to meet the company’s solvency requirement, it is gearing for a rights issue of 150 million shares for 41 Baisa per share (with a share price of 40 Baisa per share plus issue expenses of 1 Baisa per share). The opening date for the rights subscription period was June 1, 2022, and will close on June 8.

Commenting on Takaful Oman’s role in the Sultanate’s Islamic insurance ecosystem, Mohamed Abdulla Al Khonji, Chairman of Takaful Oman said, “As the Sultanate’s first fully-fledged Islamic insurance provider, Takaful Oman has proactively demonstrated its ability to adapt to a dynamic market and has continued to provide unparalleled services to its customers. Through our rights issue, we seek to positively impact the Islamic insurance industry, aid in wealth creation and drive sustainable economic growth. Governed by effective Sharia-compliant structures, sound risk management, and an inherent people-first culture, the company has been highly revered in the market. We will continue to uphold the same level of excellence as we attain new milestones.”

“As part of the company’s long-term growth strategy, Takaful Oman continues to leverage market opportunities and offer products that suit the bespoke needs of the customers. Simultaneously, it has remained steadfast in adhering to its strong corporate values that lay a keen emphasis on fair and equitable treatment of fund providers and other stakeholders,” said Neelmani Bhardwaj, Acting CEO of Takaful Oman.

Takaful Oman’s stable growth is reflected in the number of contracts signed with leading corporate and retail companies. The company has also strengthened its focus on diversifying its portfolio of insurance risks while concentrating on Life and Medical Takaful, where it ranks second in the market. As a leading bancatakaful operator in Oman, the company takes great pride in its partnership with almost all the Islamic banks and windows in Oman.

To meet its expansion plans, diversification, and business growth, Takaful Oman is in the process of digitalisation through state-of-the-art B2B, B2B2C & B2C portals with new architectural frameworks. Meanwhile, predictive underwriting through a business rule engine will ensure effective underwriting controls, and automation of the claims process will increase efficiency and reduce the turnaround time. To address the increase in demand, an omnichannel call centre is also being set up to provide best-in-class service to the customers. The integrated CRM solution will assist in claims tracking, registering complaints, and issuing renewal reminders.

With an intrinsic zeal to identify the needs of its customers, conceptualise innovative Sharia-compliant insurance offerings to cater to the evolving needs of the market, and advocate the benefits of opting for Islamic insurance products, Takaful Oman has successfully been able to win the loyalty of its customers.

As the only indigenous Islamic insurer in the Sultanate of Oman, Takaful Oman has carved its unique niche in the growing Islamic finance industry. Offering an entire bouquet of insurance products which includes general, health, and family Takaful, the company has established itself as a strong and trustworthy brand. With a well-unified network of branches and agencies across the Sultanate, Takaful Oman seeks to better serve its growing customer base of 200,000 by further developing innovative and embedded products.