Diversification of Islamic Financial Instruments
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Table 59. Products Offered by Takaful Companies in Oman
Products Offered by Takaful Oman Products Offered by al-Madina Takaful
1. Group Family Takaful Plan (Group
Life)
2. Group Health Takful Plan (Group
Medical)
3. Group Creditor Takaful Plan (Group
Credit Life)
4. Motor Insurance Takaful
5. Property All Risk Takaful
6. Fidelity Guarantee
7. Erection all Risks Takaful
8. Contractors Plant & Equipment
Takaful
9. Personal Accident Takaful
10. Workmen’s Compensation Takaful
11. Marina Cargo Takaful
12. Domestic Helper Takaful Plan
13. Travel Takaful Plan
14. Fire and Perils Takaful
15. Money Takaful
16. Public Liability Takaful
17. Hotel Takaful
Business Takaful
1. Property and Commercial
2. Engineering and Construction
3. Motor Fleet Takaful
4. Liability Takaful
5. Cargo Takaful
6. Credit Takaful
7. Group Medical Takaful
8. Group Family Takaful
Personal Takaful:
1. Motor Takaful
2. Travel Takaful
3. Domestic Help Takaful
Source: Created by Author
Business Performance of the Takaful Companies
It is noteworthy that even prior to the enactment of Oman’s Takaful law, investor response to
two takaful insurer IPOs, Al Madina Takaful, and Takaful Oman, at the end of 2013 indicate a
strong appetite for Shariah compliant insurance products. Based on hybrid model of Wakalah-
Mudaraba, both IPOs were heavily subscribed. Current estimates with regards to the
performance of two takaful operators in Oman provides for an optimistic future. The net profit
announced for the ninth month ending on September, 2016, by Takaful Oman was RO 2.13m or
$5.54m, an increase of 93% over the same period in preceding year. Similar is the trend for Al
Madina Takaful. Although not as exuberant as the former, it recorded an increase in profit by
31% for the same period i.e. RO 1m or $2.6m.100
100 See annual reports (2016), Takaful Madina and Oman Takaful.