Bank Nizwa Partners With Takaful Oman to Offer Shari’a-Compliant Car Insurance

Bank Nizwa has joined forces with Takaful Oman Insurance to offerShari’a-compliant car insurance to its growing customer base across the Sultanate. Customers wishing to take advantage of the new service just have to visit any Bank Nizwa branch. A signing ceremony cementing the agreement took place with participation of Mr. Khalid Al Kayed, CEO of Bank Nizwa and Sayyida Rawan Ahmed Al Said, managing director and CEO of Takaful Oman Insurance.

The Takaful concept provides a strategy of risk mitigation by virtue of collective risk taking that distributes risks and losses to a large number of participants. For consumers planning to benefit from this latest product, their funds that are put into a Takaful Fund account will be invested in Shari’a-compliant investments. In addition, all or part of the contribution paid by the participant is a donation to the Takaful Fund, to help other participants by providing protection against potential risks.

Mr. Khalid Al Kayed said, “We are delighted to further boost our relationship with Takaful Oman Insurance with this offering. We remain strongly rooted to Islamic principles, while constantly innovating and moving forward with tailored solutions for our customers. We are planning to offer Shari’a-compliant insurance in other areas at a later date.”

Sayyida Rawan Al Said commented, “Being the first fully-fledged takaful company in Oman, we are excited to join hands with Bank Nizwa, the first Islamic bank in Oman, to offer different customized Shari’a-compliant takaful products by phase, adding value to the customers in a highly competitive manner.”

Bank Nizwa previously tied up with Oman Takaful on the Islamic Finance Knowledge Program, which raised awareness of the benefits associated with Shari’a-compliant solutions. Bank Nizwa recently celebrated five years of operations as Oman’s go-to reference and fully-fledged Islamic bank. The bank effectively combines Shari’a-compliant products and services with today’s dynamic financial needs. Over the years, the bank has witnessed steady growth in its customer-base and product portfolio offerings as more people seek alternative solutions to conventional banking.