As part of the agreement, Motor Takaful will be first product to be launched.
Alizz Islamic bank has signed a MoU with Takaful Oman, to add Shari’ah-compliant insurance products to the bank's customer base.
In a statement, Alizz Islamic Bank said that it obtained the necessary approvals from the Capital Market Authority (CMA) and the Central Bank of Oman (CBO) to launch Takaful products in the local market.
The bank’s customers can now obtain a new policy or renew their car insurance through any of the branches throughout the Sultanate.
Alizz Islamic Bank’s branches will offer both comprehensive and third party motor Takaful cover and the policies can be issued instantly by the bank’s staff at the branch premises.