Muscat: The first meeting between the new Shariah Supervisory Committee (SSC) of Takaful Oman Insurance and the company’s Board of Directors was held on 27 October, 2022. The meeting witnessed attendance from Mr. Mohammed Abdullah Al Khonji, Chairman of the Board of Directors of the company, and distinguished members of the Board of Directors. Attendees from the Shariah Supervisory Committee included Sheikh/ Dr. Majid bin Mohammed Al Kindi, Chairman of the Committee, and members of the Sharia Supervisory Committee. Apart from reaffirming its commitment to Shariah principles, the meeting discussed the Shariah framework under the regulatory regime, key challenges of the Islamic insurance industry, and various new developments and opportunities in the sector.
Takaful Oman Insurance has remained steadfast in its efforts to continuously enhance its portfolio while adhering to the norms and regulations of the Shariah law. The company has demonstrated utmost transparency in all its procedures, worked with integrity, and upheld the highest values of ethicality in all its dealings.
The board has also shown its commitment to providing its full support and assistance to the Shariah Supervisory Committee. Mr. Neelmani Bhardwaj, Acting Chief Executive Officer at Takaful Oman Insurance said, “Takaful Oman Insurance, being the first Islamic insurance company in the Sultanate, is leading transformation in the sector and setting new benchmarks along the way. Our strong dedication to providing world-class Shariah-compliant products has helped us increase our database of loyal customers. At the same time, we have also been able to advocate the benefits of opting for Islamic insurance products. The unwavering support from our SSC team, their expert advice, and continuous guidance have been instrumental in helping us achieve new milestones in the field.”
As the Sultanate’s only indigenous Islamic insurer, Takaful Oman Insurance has a comprehensive portfolio of innovative Shariah-compliant products and services that have meticulously been conceptualised, developed, and implemented under the supervision of the company’s SSC. Currently, Takaful Oman Insurance is offering Shariah-compliant motor takaful, family takaful, health takaful, and others for property, and casualty, to its customers.
In line with the company’s vision to spread awareness of Shariah-compliant insurance products, Takaful Oman Insurance has also conducted a number of training sessions for all levels of management to further familiarise the team with the Shariah principles of insurance. The training sessions were conducted by one of the SSC members, Mufti Zeeshan Abdul Aziz, and was well-received by all the attendees.
Takaful Oman Insurance’s SSC and Board of Directors will continue to engage with each other through periodic meetings to ensure continued excellence, compliance, and transparency.