Oman Reinsurance Company (Oman Re) has launched its retakaful window starting 1 January 2025, the reinsurer told Middle East Insurance Review (MEIR). The step represents a significant milestone in the reinsurers' journey to deliver specialised and shariah-compliant risk solutions.
The reinsurer has officially obtained a license for conducting retakaful operations through a dedicated window, granted by the Financial Services Authority of Oman. Oman Re said, “Effective 1 January 2025, Oman Re will begin underwriting non-life retakaful business, enhancing our ability to meet the diverse needs of our clients and partners. This expansion underscores our commitment to providing comprehensive risk solutions aligned with Islamic principles, while strengthening our partnerships across the region.”
Despite being challenging, Oman Re managed to exceed top line target with reinsurance revenue reaching $129.8m in 2024, a 18.5% increase from 2023, along with a profit after tax of $7.9m in 2024, a 19.2% higher than the past year. Both underwriting and investments contributed to our profit in 2024.