Al Madina Takaful
Public | |
Traded as |
MSM: AMAT MSM 30 component |
Industry | Takaful |
Founded | 15 May 2006 |
Headquarters |
Tilal Building Al-Ghubra, Muscat, Oman |
Key people |
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Products |
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Revenue |
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Total assets |
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Total equity |
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Website |
www |
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 2 3 4 5 6 Annual Report 2014 (PDF), Al Madina Insurance Company SAOG, retrieved 2015-08-29
- ↑ "MAISARAH SIGNS PARTNERSHIP WITH AL MADINA TAKAFUL". Muscat Daily. 2014-04-15. Retrieved 2015-08-29.
- ↑ "Al Madina Takaful plans to acquire Vision Insurance". Zawya. 2015-06-23. Retrieved 2015-08-29.
- ↑ Goud, Blake (2015-08-03). "Takaful in Oman headed towards a solid 2016". Zawya. Retrieved 2015-08-29.
- ↑ "Al Madina expects robust takaful insurance growth in Oman". Times of Oman. 2014-06-15. Retrieved 2015-08-29.