Alizz Islamic Bank signs MoU with Takaful Oman

September 18, 2018

Alizz Islamic Bank has signed a memorandum of understanding (MoU) with Takaful Oman, the sultanate’s first full-fledged Islamic insurance provider, to launch Sharia’a-compliant insurance products (takaful) for the bank’s customers.

The agreement was signed by Salaam bin Said al Shaksy, CEO of Alizz Islamic Bank and Sayyida Rawan Ahmed al Said, CEO of Takaful Oman, a press release said. The signing ceremony was attended by senior officials from both Alizz Islamic Bank and Takaful Oman.

Alizz Islamic Bank has obtained the necessary approvals from the Capital Market Authority and the Central Bank of Oman to launch takaful products in the local market. As part of the cooperation and understanding between the two parties, motor takaful will be the first product to be launched.
Takaful Oman offers innovative Sharia’a-compliant products and services that deliver exceptional value and are tailored to the specific needs of customers.

Customers can now obtain a new policy or renew their car insurance through any of the branches of Alizz Islamic Bank, which are spread throughout the sultanate. The bank’s branches will offer both comprehensive and third party motor takaful cover and the policies can be issued instantly by the bank’s staff at the branch premises.

Alizz Islamic Bank and Takaful Oman are jointly looking forward to launch several new and innovative takaful products through Alizz Islamic Bank’s branch network during the year. The two entities will also push efforts to educate and raise awareness among the various segments of the society about Sharia’a-compliant financial products and services.

Alizz Islamic Bank is the only bank that offers more than 35 Sharia’a-compliant products that meet the needs of individuals and companies.