Sayyida Dr Rawan Ahmed Al Said, CEO of Takaful Oman shares insights on
what makes Takaful Oman excel in Oman market with its customised Sharia-
compliant takaful products. Excerpts from an interview

Takaful Oman, the Sultanate’s first fully-fledged Islamic insurance provider continues to excel in Oman market with its customised Sharia-compliant takaful products, adding value to customers. As in the past years, the company in 2019  further increased its customer base across all product offerings.

“We are service-oriented and we believe that our products and services are among the best in town,” according to Sayyida Dr Rawan Ahmed Al Said, CEO of Takaful Oman. She attributes the company’s performance to the strategies drawn up and it is the people and the systems that are driving the company forward. “The hard work that our team put in has provided the desired results,” she explained.

Turning a crisis into an opportunity is what has set Takaful Oman apart from the competitors in the current environment. “We made use of the opportunities and the products and services that the company provides are in sync with the needs of the customers. Simultaneously, we have kept our shareholders happy and our services are excellent. This is reflected in the number of contracts that we have won from the corporates and the retail sides. We have been consistently performing and achieving on all counts with respect to those perspectives and bottom lines.”

“Furthermore, we are transparent in our dealings with our customers and that has set us apart. We have also kept our policyholders happy and our product offerings are good. That is in essence our success story.”

Takaful Insurance has all types of products. Motor and medical are the highest contributor while there are a number of options available in the portfolio which are faring extremely well. “We cater to the needs of all types of customers.” Islamic products are not expensive as it is generally perceived, she says. “We have to look at the requirements of the customer base that we are servicing. Out of the box thinking is the need of the hour. We constantly endeavour to come out with innovative new products and services that are relevant for customer needs.”

All Islamic Banks and Islamic Windows have entered into tie up agreements with Takaful Oman in order to market its products to their clients. Most notably the comprehensive motor Takaful offered with several value-added benefits like free personal accident cover, free UAE cover, free dealer repair, dealer repairs for up to three years from the vehicle’s first registration at a nominal additional cost as well as comprehensive cover for vehicles that are up to seven years old. As an added benefit customers can also avail of annual travel takaful cover.

Takaful Oman has introduced a new technology based innovative and powerful offering for everyone in Oman called ‘SafeTakaful.’ Sayyida Rawan elaborates, “SafeTakaful, a first of its kind mobile app ever to be launched in Oman, has enhanced customer value significantly and sets a benchmark in the industry for insurance companies. It is a telematics app designed to record the driving pattern of the users by monitoring their speed, acceleration, mileage and phone usage while driving thus helping build a safe community on the roads of Oman in line with national road safety objectives.”

CSR INITIATIVES
Takaful Oman has corporate social responsibility (CSR) at its core. The company follows the sharia principles of mutual cooperation. Takaful
Oman had initiated a number of activities which included working with underprivileged sections of the society, environmental groups and
working to develop SMEs.

“During the past few years, we along with our other partners have been carrying out “Knowledge Road shows” across Oman to explain and
introduce Islamic finance and investments. This includes banking, investments and Takaful insurance. We want people in the interior to be part
of the development. We want to make sure that our products reach all sections of the society.”

FILLIP TO SMEs
Takaful Oman has been encouraging SMEs in line with His Majesty’s vision. The company has more than 30 agents across Oman which are owned and operated by SMEs. The company also provides products specialised for SMEs like medical policy, property policy, equipment policy and so on.
“We are proud of the fact that a number of them have taken support from SME fund. At Takaful Oman, we help them to set up operations. We have been encouraged by the response received since we started this in 2015. Takaful Oman also periodically publishes special literature to help the young generation of entrepreneurs and SME owners make judicious business decisions. We think that going forward with the support of our regulators we will further be able to expand and develop this segment,” Sayyida Rawan avers.