19/09/2018 07:51 AST

Reinforcing its position as one of Oman's most innovative Islamic banking institutions, Alizz Islamic Bank signed a Memorandum of Understanding (MoU) with Takaful Oman, the Sultanate’s first full-fledged Islamic insurance provider, to add Sharia-compliant insurance products (Takaful) to the bank's customer base.

The agreement was signed on behalf of Alizz Islamic Bank by Salaam bin Said Al Shaksy, CEO of Alizz Islamic Bank, and by Sayyida Rawan Ahmed Al Said, CEO of Takaful Oman, on behalf of Takaful Oman. The signing ceremony was attended by senior officials from both the organisations.

Alizz Islamic Bank has obtained approval from the Capital Market Authority (CMA) and the Central Bank of Oman (CBO) to launch Takaful products in the local market. As part of the cooperation between the two parties, Motor Takaful will be the first product to be launched.

Takaful Oman offers innovative Sharia-compliant products and services that deliver exceptional value and are tailored to the specific needs of customers. Customers can now obtain a new policy or renew their car insurance through any of the branches of Alizz Islamic Bank which are spread throughout the Sultanate. The bank’s branches will offer both comprehensive and third party motor takaful insurance, and the policies can be issued instantly by the bank’s staff on the branch premises.

Alizz Islamic Bank and Takaful Oman are jointly looking forward to launch several new and innovative Takaful products through the Alizz Islamic Bank branch network during the year. The two entities will also push efforts to educate and raise awareness among the various segments of the society about Sharia-compliant financial products and services.

Alizz Islamic Bank was established to follow the principles of Islamic banking in the Sultanate through its innovative banking solutions. Alizz Islamic Bank is the only bank that offers more than 35 Sharia-compliant products that meet the needs of individuals and companies. Alizz Islamic Bank’s products are designed to meet the requirements of all segments of society.

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