Al Madina Insurance Company SAOG (commonly known as Al Madina Takaful, ar, المدينة تكافل) is an Omani

takaful Takaful ( ar, التكافل, sometimes translated as "solidarity" or mutual guarantee) Khan, ''What Is Wrong with Islamic Economics?'', 2013: p.403 is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic ...

company. It was founded in 2006 as an

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

company. In 2014, the Capital Market Authority granted Al Madina a takaful license. Al Madina then converted all its insurance business to become

Sharia Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the H ...

-compliant and became the first takaful company in Oman. After the conversion, Al Madina embarked on acquisitions to expand its operations. In 2014, it invested in a 9.5 percent stake (along with its major shareholder

MB Holding MB Holding Company LLC is an Omani conglomerate with interests in oil and gas exploration and production, oilfield services, engineering and mining. The company was founded in 1982 by Mohammed Al Barwani as an oilfield service provider to oil p ...

) in Abu Dhabi-based takaful operator

Watania National Takaful Company (Watania) PJSC ( ar, وطنية للتكافل) is a takaful company based in Abu Dhabi, United Arab Emirates. The company was created in 2011 by Abu Dhabi National Islamic Finance, Abu Dhabi National Insurance Company ...

for AED 17.9 million. In 2014, Al Madina had a customer base of 37,000 policyholders.

References

External links

* {{Official website , http://almadinatakaful.com/ Takaful companies of Oman Financial services companies established in 2006 Companies based in Muscat, Oman