Oman Re, the sole reinsurer in the Sultanate of Oman, has announced it has obtained a Retakaful licence by the Capital Market Authority.
Granted on 22 February 2024, the licence empowers Oman Re to establish Retakaful operations, further solidifying its position in the market and enabling the provision of Shariah-compliant Retakaful solutions across diverse markets.
Oman Re’s Retakaful licence comes as the company celebrates 15 years of service to the industry, and reflects its “dedication to excellence, innovation, and the continued evolution of its services to meet the ever-evolving needs of the market,” a spokesperson said.
Adding: “The Retakaful licence marks a pivotal step forward for Oman Re, symbolising its proactive approach to industry trends and its commitment to delivering cutting-edge, Shariah-compliant solutions.”
Romel Tabaja, CEO of Oman Re, expressed his perspective on this significant development, stating, “The acquisition of the Retakaful licence represents a key strategic milestone for Oman Re, aligning 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.”
