Oman’s AMIC plans IPO as part of conversion into takaful firm
Oman’s Al Madina Insurance Co (AMIC) plans to list its shares on the local bourse as part of its transformation into a takaful firm. AMIC plans to issue 66.67 million shares with a face value of 0.1 rial per share, equating to 40 percent of its total post-IPO capital. The offer will take place this year depending on approval from Oman’s Capital Market Authority (CMA). It was unclear how much money AMIC planned to raise. Oman decided in 2011 to introduce Islamic finance; its draft takaful regulations require local Islamic insurers to be public companies, and AMIC said it expected to become one of the first takaful companies on the market.
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