Takaful Oman raises its capital by $15.58mln through rights issue

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Takaful Oman has announced the successful completion of its OMR6 million ($15.58 million) rights issue.

The rights issue raises the company’s capital from OMR10 million to OMR16 million.

Keen to leverage opportunities in the growing Islamic finance industry, Takaful Oman will use the new capital to further strengthen its operations, develop innovative and embedded products, and focus on the evolving needs of its growing customer base of 200,000.

Earlier, the company had offered 150 million additional shares at a price of baizas 41 per share (with a share price of baiza 40 plus issue expenses of baiza 1 per share).

Bell-ringing ceremony

A bell-ringing ceremony was held at the Muscat Stock Exchange (MSX) to mark the occasion of listing of additional capital on MSX which was attended by senior officials of the CMA, MSX and the company.

Speaking on the occasion, Mohamed Abdulla Al Khonji, Chairman of Takaful Oman said: “This marks an important milestone in the journey of Takaful Oman which is still a relatively young player in the Omani insurance and takaful sector. The rights issue is in line with Takaful Oman’s long-term growth strategy and will meet the company’s solvency requirements. Through the proceeds of its rights issue, the company also seeks to positively impact the Islamic insurance industry, aid in wealth creation, and drive sustainable economic growth.”

Continue to perform

Sulaiman Al Harthi, deputy chairman of Takaful Oman said: “It is not only a time to celebrate but also to commit ourselves to continue to perform and deliver strong results and create value for all our stakeholders including the policyholders and the shareholders.”

Neelmani Bhardwaj, acting CEO of Takaful Oman further added: “I would like to specially thank our regulators the CMA for their continued guidance and support throughout this process. I would also like to express our gratitude to all the subscribers and shareholders for their unfaltering support, faith, and confidence in the future of this company and we will do our utmost to live up to their expectations. The team at Takaful Oman is also grateful to all its customers for their continued faith in the company.”

Takaful Oman offers an entire bouquet of Shariah-compliant insurance products which includes General, Health, and Family Takaful, and has a well-unified network of branches and agencies across the sultanate.