Dhofar Islamic taps Al Madina Takaful to expand Insurance access

By Vriti Gothi

Dhofar Islamic, the Islamic banking window of BankDhofar, has partnered with Al Madina Takaful, aimed at broadening access to Sharia-compliant insurance and protection solutions across Oman.

Under the agreement, Dhofar Islamic will distribute Al Madina Takaful’s retail, SME, and corporate insurance products through its branch network and digital channels. The offering will cover motor, home, medical, travel, personal accident, and business-related protection, with products embedded within the bank’s existing financing and service platforms.

The partnership reflects a wider trend in Oman’s Islamic finance sector, where banks are increasingly integrating Takaful solutions to provide more comprehensive, end-to-end financial services. Bancatakaful models are seen as a way to improve customer convenience, deepen relationships, and increase the penetration of Sharia-compliant insurance in a market where demand for ethical financial products continues to grow.

For Dhofar Islamic, the alliance is intended to strengthen its proposition by combining banking, financing, and protection under a single Sharia-compliant framework. For Al Madina Takaful, the collaboration provides access to Dhofar Islamic’s customer base and distribution infrastructure, including digital platforms and relationship managers.

“This partnership reflects our commitment to delivering holistic Islamic financial solutions that safeguard our customers’ future while adhering to the highest standards of Sharia compliance,” said Amor Said Mohamed Al Amri, Chief Islamic Banking Officer at Dhofar Islamic. “By integrating Takaful into our banking journey, we aim to create a more seamless and convenient experience for our customers.”

Usama Al Barwani, Chief Executive Officer of Al Madina Takaful, said the agreement would strengthen the insurer’s reach. “By leveraging Dhofar Islamic’s brand, customer relationships, and digital capabilities, we can extend our family, general, and corporate Takaful solutions to a wider segment of the market,” he said.

Beyond the immediate commercial impact, the partnership aligns with Oman’s broader efforts to develop its Islamic finance ecosystem by encouraging closer cooperation between Islamic banks and Takaful operators. Industry observers note that such collaborations could play a role in setting higher standards for transparency, customer-centricity, and innovation in the Sultanate’s Sharia-compliant financial services sector.