Thursday 30 / January / 2025
Muscat: Mohammed bin Abdullah Al-Khonji, Chairman of the Board of Directors and Acting CEO of Takaful Oman, stated that the company had learned and benefited from some of the stumbling blocks it faced by turning challenges into favourable opportunities and ways to enhance the customer experience.
Al-Khonji said in a press statement: "Since we took over the responsibility in Takaful Oman, the capital has been raised to clear previous accumulated losses since the establishment of the company; Ominvest Group has strengthened the capital and injected the necessary funds in continuous coordination with the Capital Market Authority to increase the capital and take the necessary approvals in this regard."
Additionally, the company restructured its board of directors with board members who have long and prudent professional experience in managing companies and institutions, including Abdulaziz Al-Saadi, CEO of Ubar Capital and Suleiman Al-Harthi, Chief Executive Officer of Alizz Islamic Bank, in addition to Bader Al Shanfari, Chief Operating Officer of Ominvest.
He added, "After restructuring the board of directors, we also restructured the committees affiliated with the board, and the executive management was provided with the professional expertise capable of keeping pace with developments in the insurance sector, especially in light of the current economic challenges that have occurred globally.
The restructuring of the Sharia Board followed this to adhere to the highest standards and ensure that we comply with the provisions and principles of Islamic Sharia following prudent directives in this regard, where the company strictly adheres to all laws, regulations and rules issued by the Capital Market Authority. The chairman of the Sharia Board Dr Majid Al Kindi is a renowned scholar and a well-known figure across the Middle East.
Al Khonji stressed in the same context that these changes were reflected in the improved performance. The company was able to compensate all the insured affected by Cyclone Shaheen, which hit the Sultanate in October last year, with a total value of OMR 7 million, and more than 4,000 people receiving compensation for the damages incurred.
This is part of the company's overall strategy to improve the insurance industry sector and be an essential support pillar to the community. The majority of the compensation was done in a record time of only four months, achieving customer satisfaction and enhancing their confidence in the services and products offered by the company.
Takaful Oman offers a variety of insurance products, including Takaful insurance on real estate, cars, machinery, equipment, personal accidents, travel, construction, family and health takaful. All insurance services provided by the company are in line with the provisions and principles of Islamic Sharia and have been approved by The Fatwa and Sharia Supervisory Board of the company.
It is worth noting that the company's mission is to promote Takaful awareness by offering innovative Sharia-compliant products and services that deliver exceptional value and are tailored to customers' specific needs through a highly dedicated professional team.
