Al Madina Takaful

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

Al Madina Insurance Company SAOG
TypePublic
MSM: AMAT
MSM 30 component
IndustryTakaful
Founded15 May 2006 (2006-05-15)
Headquarters
Muscat Grand Mall
Al-Ghubra, Muscat
,
Oman
Key people
  • H.E. Dr. Mohammed Ali Al Barwani (Chairman)
  • Usama Al Barwani (CEO)
Products
  • General takaful
Revenue RO23.1 million (2014)[1]
RO01.0 million (2014)[1]
Total assets RO46.8 million (2014)[1]
Total equity RO20.9 million (2014)[1]
Websitewww.almadinatakaful.com

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]

In 2014, Al Madina had a customer base of 37,000 policyholders.[4]

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.
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