Oman’s CMA to favour standalone Takaful companies over windows

Oman’s Capital Market Authority (CMA) has disclosed to The Times of Oman that it will favour standalone Takaful companies, which is against the window operations proposed for conventional banks.
Abdullah bin Salem al Salmi, Acting Executive President of Capital Market Authority, noted that the minimum capital for promoting a Takaful insurance company is anticipated at OMR 10 million.
Moreover, a conventional insurance company planning to enter a Takaful business must search a separate licence and form a separate company.