IslamicFinance.de

#Oman's Al Madina Takaful announced the appointment of Usama Al Barwani as chief executive officer (CEO). Al Barwani was the acting CEO. He was one of the key people involved in transforming the company from a traditional insurance company into Oman’s first takaful insurance company. With a strong track-record of success, the company was recently awarded the Best Arab Company in the insurance category and he was also the recipient of the Best Arabian 100 CEO Award. Al Barwani has a degree in Strategic Management and Leadership ED (CMI) and has a Post Graduate Diploma in HRM in Information System Management and Education (CABA, Canada).

This month, Oman's insurer Al Madina Takaful converted itself from a conventional insurer to a takaful company. It changed its conventional insurance clients to takaful policies after a customer education process, reportedly without client exits or other problems. In the next two years, the firm plans to add up to seven new branches to its network of three, and distribute products via Islamic banks, a practice known as bancatakaful. Two new firms could soon follow in Al Madina's footsteps: Takaful Oman Insurance and Oman United Insurance. However, their entry could crowd the market further and add to pressure on profitability. The Capital Market Authority (CMA) has yet to publish its final rules on takaful, while an insurance law is still in the draft stage.