Muscat: Oman's insurance regulator Capital Market Authority (CMA) has organised a training programme on Takaful insurance for the employees of the sector. This is part of the training programmes to empower the employees to take medium and senior positions which will enhance Omanisation ratio.
Twenty employees participated in the Takaful training programme who are working for underwriting and claims departments in insurance companies, brokers and agents. The programme focus was on acquainting the participants with the concept of Takaful and the difference between Takaful and conventional insurance and how to underwrite for Takaful, claims processing, laws governing Takaful and re-Takaful and the challenges facing Takaful market.
Takaful is a type of Islamic insurance where members contribute money into a pooling system in order to guarantee each other against loss or damage while conventional insurance is based on gharar (uncertainty) principle.
It is noteworthy that Takaful insurance is new in Oman and grew considerably in the past few years with gross premiums at OMR39 million and is expected to further grow with the expansion of Takaful business. 22 companies are licenced to carry out Takaful business.