(MENAFN- Muscat Daily) Takaful Oman Insurance Co (under formation), one of the first companies to offer takaful products and services based on Sharia principles in Oman, organised a promoters' meet on Sunday.
Takaful Oman will offer a product portfolio comprising group life, group health plan, marine cargo, marine hull, general accident, fire, travel, motor, workmen compensation, engineering and credit life.
''The products have been approved by the Capital Market Authority (CMA) and we are currently in the process of identifying the senior management team. We are still discussing the legal aspects as to see when the important announcements can be made. Once all the procedures are over and the company is incorporated, we should be able to start functioning almost immediately,'' said O G Ravishankar, group CFO of ONIC Holding.
The company's initial public offering (IPO), which will close on November 28, presents an opportunity for widespread participation, offering 40mn shares at 102bz per share - including a nominal value of 100bz and 2bz in issue expense.
Takaful Oman is promoted by ONIC Holding, National Investment Funds Co (Nifco), Oman Investment Corporation, National Bank of Oman, bank muscat, t'azur Takaful Insurance Co and Blue Door Investment Services. The promoters will have a 60 per cent stake in the company.
Takaful Oman will be focused on developing and creating the insurance market and not function as an investment company. Further the company will focus on writing quality business and will not focus on just growing its top line, a press release said.
''We expect the company to break even by the end of the first year. From the second year onwards, shareholders will start to make money, as per our projections. We also expect to start paying dividends by the fourth year,'' added Ravishankar.<
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