Oman Re, the exclusive reinsurer based in the Sultanate of Oman, has announced a revamp of its operational capabilities with the acquisition of a Retakaful license, sanctioned by the Capital Market Authority on February 22, 2024.
The strategic milestone arrives as Oman Re celebrates its 15th anniversary.
The new license allows Oman Re to launch Retakaful operations, which gives the reinsurer the rights to offer Shariah-compliant insurance solutions across various markets. It aims to cater to a broader spectrum of clients seeking insurance that aligns with Islamic law.
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Romel Tabaja, CEO of Oman Re, highlighted the significance of the advancement, describing it as a key strategic milestone for the company.
“[It also aligns] with our core objective of providing essential capacity to the Takaful industry on both regional and international fronts. Our persistent efforts to expand our product range are underscored by this achievement, as the Retakaful window opens up new avenues for business growth within our operational markets,” Tabaja said.
Recently, the reinsurer also disclosed notable growth in reinsurance revenue, achieving OMR42.1 million (US$109.3 million) for the fiscal year ending December 31, 2023.
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