Oman Re, the sole reinsurer in the Sultanate of Oman, proudly announces the attainment of a Retakaful license, officially granted by the Capital Market Authority on 22 February 2024.

This milestone achievement coincides with the celebration of Oman Re's 15 years of unwavering commitment to the industry. The granted license empowers Oman Re to establish Retakaful operations, further solidifying its position in the market and enabling the provision of Shariah-compliant Retakaful solutions across diverse markets.

This momentous announcement reflects Oman Re's dedication to excellence, innovation, and the continued evolution of its services to meet the ever-evolving needs of the market. The Retakaful license marks a pivotal step forward for Oman Re, symbolizing its proactive approach to industry trends and its commitment to delivering cutting-edge, Shariah-compliant solutions.

Romel Tabaja, CEO of Oman Re, expressed his perspective on this significant development, stating, “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. 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.”