Oman’s Capital Market Authority grants a licence for Oman Re to underwrite Retakaful, providing Islamic compliant reinsurance solutions for Takaful business.

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Oman Re has announced the reinsurer has gained a Retakaful licence.

The country’s regulator, the Capital Market Authority, granted the licence from 22 February 2024.

The reinsurer said it coincides with the celebration of its 15 years’ anniversary.

Establishing Retakaful operations enables the provision of Shariah-compliant Retakaful solutions across Islamic markets.

“The acquisition of the Retakaful license represents a key strategic milestone for Oman Re, aligning with our core objective of providing essential capacity to the Takaful industry on both regional and international fronts,” said Romel Tabaja, CEO of Oman Re.

“Our persistent efforts to expand our product range are underscored by this achievement, as the Retakaful window opens up new avenues for business growth within our operational markets,” Tabaja added.