Muscat - Al Madina Insurance is now Al Madina Takaful and the company, one of Oman's first Sharia-complaint takaful providers, revealed its brand identity on Sunday.
The brand name and design were unveiled by H E Yahya al Jabri, chairman of the Capital Market Authority (CMA).
Speaking to Muscat Daily on the sidelines of the event, Gautam Datta, CEO of Al Madina Takaful, said the company is planning to open new branches. "All our existing branches will now adopt takaful operations."
He said the company's paid-up capital is RO10mn and it plans to carry out an initial public offering - as a regulatory requirement - of 40 per cent of the total capital.
"Our existing shareholders will dilute their holdings in the company. We will look to raise another RO6.6mn from the market that will take the company's total capital to RO16.67mn."
Our initial products will be pretty much in line with what the company currently offers, but under a takaful structure, he said.
"Basically we will give ourselves a year's time to settle down and then we look at the new structure. We expect to be profitable for all our stakeholders and enhance the whole business of takaful insurance in terms of customer service, products and the way we reach out to our customers and address the needs of the stakeholders," Datta added.
Speaking at the ceremony, Eng Abdulrahman Awadh Barham, deputy chairman of Al Madina Takaful, said, "Oman's takaful sector today is buoyant with opportunities. Al Madina Takaful will be at the forefront to leverage these opportunities. Our vision is to continue to provide profitability for both our policyholders and shareholders, exceed customer expectations in terms of products and services we offer and stay committed to our people."
Several dignitaries including Mohammed al Barwani, chairman of the company, board members, and other key stakeholders of the organisation were present at the ceremony.
© Muscat Daily 2013
