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FINANCIAL NEWS
Oman- Al Madina Insurance Company seeks Islam-compliance
17 Jun 2013
(MENAFN) Abdul Rahman Barham, chief executive officer of Al Madina Real Estate said that Al Madina Insurance Company is in pursuit of converting its business into Islam-compliant insurance (takaful), reported Times of Oman.
Barham said that the company will achieve that by issuing an initial public offering (IPO) that accounts for forty percent of the company’s total shares.
It is worth mentioning that under draft takaful regulation, insurance companies have to be public firms to function as takaful companies.
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