Takaful Oman commences operations

May 6, 2014 9:45 am

Oman’s second Islamic insurance firm, Takaful Oman Insurance has launched its operations on Monday after receiving the necessary licence, Times of Oman has reported. The company, which offered 40% of its shares to investing public towards the end of last year, has faced a delay in completing certain procedures and getting the final licence from the insurance regulator for carrying out Islamic insurance business. “We have received the licence on April 15 for underwriting business. We have already started underwriting a few small businesses,” said an official source, who did not want to be named. “We will have a soft opening tomorrow and the formal launch will be sometime by mid-May,” the official said.