Present at the signing ceremony were Abdul Hakeem Omar al Ojaili, acting CEO, BankDhofar; Sohail Niazi, chief Islamic banking officer, Maisarah; Jamsheed Hamza, head of retail banking, Maisarah; Saleh Nasser al Riyami, director of Al Madina Takaful; and Gautam Datta, CEO of Al Madina Takaful, along with representatives from both companies.
Speaking on the occasion, Ojaili said, “Our newly forged partnership with Al Madina Takaful is bound to increase options for financial assistance and protection that are Sharia'a compliant and offer alternatives to conventional insurance. We have taken the opportunity to expand our Sharia'a-compliant product offerings and will work closely with our partners to ensure the satisfaction of our customers.”
Niazi said, “We are proud to be in partnership with Al Madina Takaful to provide protection solutions for our customers under the takaful model. This is in line with our commitment to provide a range of best financial solutions to our customers.”
Under the agreement, Al Madina Takaful will be offering motor takaful, credit life takaful, property takaful and contractor all risk takaful to Maisarah customers. The tie-up makes Maisarah one of the first few banks to provide fully Sharia'a-compliant coverage to customers with these banking products, said the release, adding that Maisarah will work closely with Al Madina Takaful, the first takaful provider in the market, to launch innovative Sharia'a-compliant products that exceed customer expectations.
Al Madina Takaful is the first Islamic takaful provider in Oman, and is the new trade name and brand of Al Madina Insurance Company, following the latter’s move to Sharia'a compliant insurance.