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FINANCIAL NEWS
Oman’s Al Madina Insurance to purchase Vision Insurance
24 Jun 2015
(MENAFN) Oman’s Al Madina Insurance is ready to take up an acquisition of its local rival Vision Insurance, a move set for Madina to dominate its marketplace, a corporate statement read, Reuters reported.
The entire deal will be liable to regulatory consents and agreeable due diligence, Al Madina added in the statement. If all went smoothly, the acquisition will mark a significant step for Al Madina to take over the Islamic insurance market.
The company became the sultanate’s first Islamic insurer in January 2014 after it converted from being a conventional insurer to gain an edge in Oman’s crowded insurance sector.
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