Al Madina granted first Omani license
Al Madina Insurance Company is the first one to be granted a Takaful license by Oman.
The new firm will give Life, Medial and non-Life Takaful in the Sultanate.
Mohammed al-Barwani, the firm's chairman, presented his desire to become a publically-listed company.
Al Madina stated that it will be arranging its own in-house Shari'ah board to govern its operations and will chase a hybrid version of a Wakala contract for its insurance products and a Mudarabah model for its investment functions.