Al Madina Takaful

Al Madina Insurance Company SAOG
Public
Traded as MSM: AMAT
MSM 30 component
Industry Takaful
Founded 15 May 2006 (2006-05-15)
Headquarters Tilal Building
Al-Ghubra, Muscat, Oman
Key people
  • Ali Al Barwani (Chairman)
  • Gautam Datta (CEO)
Products
  • General takaful
Revenue Increase RO23.1 million (2014)[1]
Decrease RO01.0 million (2014)[1]
Total assets Increase RO46.8 million (2014)[1]
Total equity Decrease RO20.9 million (2014)[1]
Website www.almadinatakaful.ae

Al Madina Insurance Company SAOG (commonly known as Al Madina Takaful, Arabic: المدينة تكافل‎) is an Omani takaful company.

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. In 2014, it invested in a 9.5 percent stake (along with its major shareholder MB Holding) in Abu Dhabi-based takaful operator Watania for AED 17.9 million.[3] A year later, the company moved to acquire local insurer Vision Insurance.[4]

In 2014, Al Madina had a customer base of 37,000 policyholders.[5]

References

  1. 1 2 3 4 5 6 Annual Report 2014 (PDF), Al Madina Insurance Company SAOG, retrieved 2015-08-29
  2. ↑ "MAISARAH SIGNS PARTNERSHIP WITH AL MADINA TAKAFUL". Muscat Daily. 2014-04-15. Retrieved 2015-08-29.
  3. ↑ "Al Madina Takaful plans to acquire Vision Insurance". Zawya. 2015-06-23. Retrieved 2015-08-29.
  4. ↑ Goud, Blake (2015-08-03). "Takaful in Oman headed towards a solid 2016". Zawya. Retrieved 2015-08-29.
  5. ↑ "Al Madina expects robust takaful insurance growth in Oman". Times of Oman. 2014-06-15. Retrieved 2015-08-29.

External links

This article is issued from Wikipedia - version of the Saturday, September 26, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.