MUSCAT: Takaful Oman Insurance Co, one of the first full-fledged Islamic insurance providers in the sultanate, has achieved a profit of RO650,000 from a gross income of RO2.4mn in the first quarter of 2015.

In the process, the company increased its customer base across all product offerings and also became the first listed company in the GCC to achieve breakeven within one year of commencing operations.

The company’s stellar performance comes on the heels of other major achievements, including winning prestigious regional awards at the annual MENA Insurance Awards 2015 and the Top CEO Awards 2015.

Takaful Oman bagged the top honours in the ‘Newcomer’ and ‘New Market Trailblazer’ categories at the MENA Insurance Awards 2015. The awards are amongst the most prestigious accolades in the region’s insurance industry. Top CEO is the only regional ranking based on the financial statements of publicly listed companies. Launched in 2011, the awards focus on the region’s most affluent individuals and CEOs.

The news of achieving breakeven came as a huge delight for the management, staff, shareholders and policyholders who had placed their faith in the company’s ambitions to become a leading operator in the industry. Overcoming a huge set of challenges like a small team and the limitations on reinvestment, Takaful Oman showed that hard work and persistence can indeed go a long way in achieving the impossible.

Speaking on the occasion Sayyida Rawan Ahmed al Said, managing director and CEO, said, “Attaining breakeven within the first year of operations is quite a tremendous achievement. More so because of the numerous operational and other challenges we had to overcome as a team to reach this point.

It is therefore quite evident that the hard work that our team put in has provided the desired results. I am confident of our bright future in the sultanate and this achievement wouldn’t have been possible without the faith our esteemed board, shareholders and customers have placed in us.”

O G Ravishankar, CFO and general manager of Takaful Oman Insurance, said, “From a business point of view there couldn’t be a bigger achievement for us within just a year of becoming operational. The challenges were huge when we started out.

We were a new name and the market was only opening up to the concept of Islamic insurance. But thanks to a team committed to hard work and perfection, we have indeed completed the year with flying colours. This moment also reminds us of the long road ahead and what great things we can achieve for our company and our customers in the long run.”

SOURCE: Muscat Daily