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Al Madina Takaful

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Shariah complaint financial organization of Oman
Al Madina Insurance Company SAOG
Company typePublic
Traded asMSM: AMAT
MSM 30 component
IndustryTakaful
Founded15 May 2006; 18 years ago (2006-05-15)
HeadquartersMuscat Grand Mall
Al-Ghubra, Muscat, Oman
Key people
  • H.E. Dr. Mohammed Ali Al Barwani (Chairman)
  • Usama Al Barwani (CEO)
Products
  • General takaful
RevenueIncrease RO23.1 million (2014)
Net incomeDecrease RO01.0 million (2014)
Total assetsIncrease RO46.8 million (2014)
Total equityDecrease RO20.9 million (2014)
Websitewww.almadinatakaful.com

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. In 2014, the Capital Market Authority granted Al Madina a takaful license. Al Madina then converted all its insurance business to become Sharia-compliant and became the first takaful company in Oman.

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.

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

References

  1. ^ Annual Report 2014 (PDF), Al Madina Insurance Company SAOG, archived from the original (PDF) on 2016-02-22, 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. "Al Madina expects robust takaful insurance growth in Oman". Times of Oman. 2014-06-15. Retrieved 2015-08-29.

External links

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