The Arab Best Award 2017 held in Marrakech, Morocco recently saw Al Madina Takaful receiving the best Arab insurance company award while its acting Chief Executive Officer (CEO) also received the best Arabian 100 CEO Award.
Al Madina Insurance Company, usually known as Al Madina Takaful, (Arabic: المدينة تكافل ) is a public insurance company based in Oman. The company that was founded in 2006 has its headquarters at the Tilal Building in Al- Ghubra. It was granted a license in 2014 by the Capital Market Authority. It was after this that the company Al Madina Insurance Company (Al Madina Takaful) transformed all of its insurance operations to a Sharia-compliant entity thus emerging as the first Takaful Company in Oman.
The company in 2014 invested along with its major shareholder MB Holding, in a 9.5 percent stake in Watania, an Abu Dhabi-based Takaful operator for AED 17.9 million. By that time, the company had already had a customer base of around 37,000 policy holders.
The ‘Arab Best Award’ intends to motivate innovators from the Arab world. It identifies and rewards the best in leadership, business, community and sports.
Mohamed bin Ali bin Mohamed Al Barwani , the founder, owner and chairman of MB Holding who also doubles as Al Madina Takaful’s acting CEO was quoted as saying “This is an honorable award and it reveals the obligation and dedication of our team, and the faith our customers have invested in us, support of our stakeholders and guidance of our board of directors. We are humbled to be chosen as the Best Arab Company in the insurance sector and I am humbled to receive the Best Arabian 100 CEO award. We will continue to uphold this benchmark to serve through excellence.”
Al Madina Takaful Company as the first Islamic insurance provider in Oman strives to meet the insurance needs of both individuals and businesses using Sharia-compliant insurance instruments.