Al Madina's New Drive for Motor Insurance
Published: Jun 15, 2014
Source: Muscat Daily


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Al Madina's New Drive for Motor Insurance

Al Madina Takaful, Oman's first takaful provider, launched a new promotion for customers on Sunday at its corporate headquarters at the Muscat Grand Mall.

Under its 'Insure and Win' promotion for motor insurance, customers who sign up for a new comprehensive motor insurance policy or renew their existing comprehensive insurance policy stand a chance to win a brand new Mini Cooper car, over the next 12 months in a promotion draw that will be held once a quarter.

Speaking at the launch of the promotion, Usama al Barwani, deputy CEO of Al Madina Takaful said, “The comprehensive motor insurance policy from Al Madina Takaful comes with a host of benefits, and each quarter, customers get an extra reward of a chance to win a premium car. We are excited to launch this promotion before the beginning of Ramadan, as customers look forward to buying new cars during this period, and it is also a time to enjoy the rewards of engaging in a financial transaction that is based on Sharia'a.”

The promotion, which starts today, is envisaged as a year-long one wherein four cars will be given away, one in each quarter. The first draw is slated be held on October 15, 2014, and will be supervised by an independent authority.

Speaking to mediapersons, Gautam Datta, CEO of Al ­Madina Takaful, said that motor insurance accounts roughly for 40 per cent of the company’s portfolio, and family and medical insurance accounts for ten per cent, while the remaining portion is accounted for by the property, marine, engineering and other miscellaneous segments.

He said, “Going forward, we do not see any major changes in these percentages, with the exception of the medical segment, which may see a higher level due to growth in medical insurance in the country. We are serious about the medical line of business and expect growth from it.”

Datta said that in the coming years, the company will focus on expanding its retail and consumer portfolios. “We will do this by expanding our distribution channels and physical presence. Currently, we are located at four places and we will expand those locations as well. The objective would be to make ourselves easily accessible for the public,” he said.

Datta added that the company also intended to move into individual family takaful by the end of this year.

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