Takaful Oman Insurance has entered a bancassurance partnership with Oman Arab Bank, according to a press release posted on Zawya.
The alliance is set to be effective in the first quarter of 2025 (Q1 2025), with plans to introduce insurance products tailored to both individual and corporate clients.
It will allow Oman Arab Bank customers to access Takaful Oman’s insurance offerings through the bank’s branches and digital platforms.
This collaboration aims to improve customer access to integrated financial solutions by using the resources and expertise of both organisations.
Takaful Oman Insurance CEO Neelmani Bhardwaj stated: “This partnership with Oman Arab Bank reflects our shared commitment to serving the community with exceptional financial and insurance solutions. We aim to provide Oman Arab Bank’s customers with products that align with their values while ensuring peace of mind and security for their families and businesses. Together, we aim to build a stronger, more inclusive financial ecosystem.”
Oman Arab Bank retail banking deputy head Juma Al Fulaiti said: “At Oman Arab Bank, we offer comprehensive financial solutions that empower our customers and contribute to Oman’s economic progress. This partnership with Takaful Oman Insurance is a testament to our shared commitment to innovation, quality and customer-centric services.”
Oman Arab Bank was set up in 1984 after acquiring all Arab Bank branches in the sultanate. In 2020, the bank acquired Alizz Islamic Bank (AIB) and merged its Islamic banking services with AIB.
The same year, it became a publicly listed company on the Muscat Stock Exchange.
Takaful provides a range of insurance products through multiple distribution channels, including crop, engineering, fire, health, liability, marine, motor and personal accident insurance.
