MUSCAT: Takaful Oman restructured its Board of Directors with board members who have long and prudent professional experience in managing companies and institutions including Abdulaziz al Saadi, CEO of Ubar Capital, Suleiman al Harthi, CEO of Alizz Islamic Bank and Bader al Shanfari, Chief Operating Officer of Ominvest, this according to Mohammed bin Abdullah al Khonji (pictured), Chairman of the Board of Directors and Acting CEO of Takaful Oman SAOG.
Al Khonji stated that the company had learned and benefited from some of the stumbling blocks it faced by turning challenges into favourable opportunities and ways to enhance the customer experience. "Since we took over the responsibility in Takaful Oman, the capital has been raised to clear previous accumulated losses since the establishment of the company; Ominvest Group has strengthened the capital and injected the necessary funds in continuous coordination with the Capital Market Authority to increase the capital and take the necessary approvals in this regard," he added.
"After restructuring the board of directors, we also restructured the committees affiliated with the board, and the executive management was provided with the professional expertise capable of keeping pace with developments in the insurance sector, especially in light of the current economic challenges that have occurred globally. The restructuring of the Shariah Board followed this to adhere to the highest standards and ensure that we comply with the provisions and principles of Islamic Shari'a in accordance with prudent directives in this regard, where the company strictly adheres to all laws, regulations and rules issued by the Capital Market Authority. The Chairman of the Sharia Board, Dr Majid al Kindi, is a renowned scholar and is a well-known figure across the Middle East."
Al Khonji stressed in the same context that these changes were reflected in the improved performance. The company was able to compensate all the insured affected by Cyclone Shaheen, which hit the Sultanate in October last year, with a total value of RO 7 million, and more than 4000 people receiving compensation for the damages incurred. This is part of the company's overall strategy to improve the insurance industry sector and be an essential support pillar to the community. The majority of the compensation was done in a record time of only four months, achieving customer satisfaction and enhancing their confidence in the services and products offered by the company.
Takaful Oman SAOG offers a variety of insurance products, including Takaful insurance on real estate, cars, machinery, equipment, personal accidents, travel, construction, family and health takaful. All insurance services provided by the company are in line with the provisions and principles of Islamic Shariah and have been approved by The Fatwa and Shariah Supervisory Board of the company.
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