Sheikh Abdullah Salem Al Salmi, executive president of the Capital Market Authority of Oman, said the Islamic insurance law is in the last stages of completion, reports Middle East Insurance Review citing the Times of Oman.
Many firms have entered the takaful market in recent times.
Al Madina Insurance Co. S.A.O.G. converted itself to a takaful company in January 2014, while Oman United Insurance Co. S.A.O.G. received board approval to set up a takaful company in February 2013.