CMA training for staff on Takaful

By Staff Reporter — MUSCAT: APRIL 10 – The Capital Market Authority organized the second training programme of this year on Takaful insurance for the employees of the insurance sector. The training was conducted as part of a series of programmes to empower the employees to take medium and senior positions which would enhance Omanisations ratios. Twenty employees, who are working for underwriting and claims departments in insurance companies , brokers and agents participated in the Takaful training programme.
The programme focus on acquainting the participants with  the concept of Takaful and the difference between Takaful and conventional insurance and how to underwrite for Takaful, claims processing, laws governing Takaful and re-Takaful and the challenges facing Takaful market. Takaful is a type of Islamic insurance where members  contribute money into a pooling system in order to guarantee each other against loss or damage  while conventional insurance is based on gharar (uncertainty) principle.  Takaful insurance is new in Oman and grew considerably in the past few years with gross premiums at RO 39 million and is expected to further grow with the expansion of Takaful business. In all, 22 companies are licensed to carry out Takaful business.