Islamic Insurance company Takaful Oman raises its capital by $16mn

Takaful Oman, the first fully-fledged Islamic insurance (Takaful) provider in Oman, has completed its $16 million rights issue.

Earlier, through the rights issue, the company had offered 150 million additional shares at a price of 41bz per share, including issue expenses of 1bz per share. The issue was fully subscribed, therefore, increasing the company’s capital from $26 million to $42 million, Takaful Oman said.

A bell-ringing ceremony was held at the Muscat Stock Exchange (MSX) to mark the occasion of the listing of additional capital on MSX, which was attended by senior officials of the Capital Market Authority (CMA), MSX and the company.

“This marks an important milestone in the journey of Takaful Oman which is still a relatively young player in the Omani insurance and takaful sector. The rights issue is in line with Takaful Oman’s long-term growth strategy and will meet the company’s solvency requirements. Through the proceeds of its rights issue, the company also seeks to positively impact the Islamic insurance industry, aid in wealth creation, and drive sustainable economic growth.”

“Keen to leverage opportunities in the growing Islamic finance industry, Takaful Oman will use the new capital to further strengthen its operations, develop innovative and embedded products, and focus on the evolving needs of its growing customer base of 200,000,” Mr. Al Khonji added.

Mr. Neelmani Bhardwaj, Acting CEO of Takaful Oman said that “I would like to thank our regulators the CMA for their continued guidance and support throughout this process. I would also like to express our gratitude to all the subscribers and shareholders for their unfaltering support, faith, and confidence in the future of this company and we will do our utmost to live up to their expectations. The team at Takaful Oman is also grateful to all its customers for their continued faith in the company.”

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