MUSCAT: Oman’s Takaful Insurance Company, one of the first full-fledged Islamic insurance providers in the Sultanate, has achieved a profit of OMR650,000 from a gross income of OMR2.4 million in the first quarter of 2015.
In the process, the company increased its customer base across all product offerings and also became the first listed company in the Gulf Cooperation Council (GCC) to achieve breakeven within one year of commencing operations.
The company’s stellar performance comes hot on the heels of other major achievements like winning prestigious regional awards at the Annual MENA Insurance Awards 2015 and the TOP CEO Awards 2015.
Takaful Oman bagged the top honors in the Newcomer and New Market Trailblazer categories at the MENA Insurance Awards 2015. The awards are amongst the most prestigious accolades in the region’s insurance industry. TOP CEO is the only regional ranking based on the financial statements of publicly listed companies. Launched in 2011, the Awards focus on the region’s most affluent individuals and CEOs.
The news of achieving breakeven came as a huge delight for the management, staff, shareholders and policyholders who had placed their faith in the company’s ambitions to become a leading operator in the industry.
Speaking on the occasion Sayyida Rawan Ahmed Al Said, Managing Director & CEO said, “Attaining breakeven within the first year of operations is quite a tremendous achievement. More so because of the numerous operational and other challenges we had to overcome as a team to reach this point. It is therefore quite evident that the hard work that our team put in has provided the desired results. I am confident of our bright future in the Sultanate and this achievement wouldn’t have been possible without the faith our esteemed Board, shareholders and customers have placed in us.”
O.G. Ravishankar, CFO & General Manager of Takaful Oman Insurance said, “From a business point of view there couldn’t be a bigger achievement for us within just a year of becoming operational. The challenges were huge when we started out. We were a new name and the market was only opening up to the concept of Islamic insurance. But thanks to a team committed to hard work and perfection, we have indeed completed the year with flying colours.”
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