Insurance Fundamentals

Started on May 31, 2023


Insurance is a fast-growing financial service sector in the Sultanate of Oman despite the financial measures taken to mitigate the impact of falling oil prices and recessionary pressures due to the COVID-19 pandemic. In the Sultanate of Oman, Capital Market Authority (CMA) is entrusted with the responsibility to develop the insurance sector, incorporating global best practices and taking into consideration the specificities of the local market

This workshop blends insurance theory with practice and focuses on imparting training on principles of Insurance, using real-life cases from the Oman context. Participants in this workshop will gain an in-depth understanding of the insurance sector in Oman and the process of Insurance and reinsurance.


Who Should Attend?

This workshop suits employees handling insurance-related queries in companies, insurance agents and brokers, employees working with insurance and reinsurance companies and recent graduates who wish to pursue a career in the insurance sector.


Learning Objectives:

Upon completion of this workshop, the participants will be able to

  1. Understand the concept of risk and Insurance
  2. Underlying framework and legislation governing insurance sector in Oman
  3. Examine the essential elements of an insurance contract
  4. Understand and design Insurance products and services available for customers/companies
  5. Understand the different life and non-life insurance products and services available in Oman.


Course Content: 

# Theme/topics
1 Risk and Insurance
2 Principles of Insurance
3 Insurance Contract
4 Insurance Products
5 Insurance companies deal with customers, reinsurers and various related parties
6 Insurance process policies and procedures
7 Customer service following the regulations for the conduct of the Omani insurance market
8 General and Takaful Insurance Companies
9 Career prospects in the Insurance Sector.


Workshop Outline: 

Total contact hours 40 Hours
Mode Blended design


About The Faculty:

Dr. Siraj K.K is Assistant Professor Finance at Modern College of Business and Science, Sultanate of Oman. He holds a Ph.D. in finance from Cochin University of Science and Technology (CUSAT), MBA and MCom from Mahatma Gandhi University, India. He is also empanelled as an External Reviewer at Oman Academic Accreditation Authority and Quality Assurance of Education (OAAAQA). He is a Certified Lead Auditor (ISO 9001:2015) and a Certified Risk Professional (ISO 22301: 2012, ISO 27001:2013 & ISO 31000:2018). He has over 16 years of academic and industry experience. He was Head of Department – Business Studies in College of Technology, Ibra (University of Technology and Applied Science), a faculty member in the Department of Business Studies at the University of Technology and Applied Science (UTAS – Muscat), and Management Consultant in Global Services in the Sultanate of Oman.

Dr. Siraj has organized and chaired several workshops on accounting and finance, quality assurance and pedagogical developments in higher education. He has contributed chapters in edited books and published several research papers in internationally refereed journals and conference proceedings. His area of interest includes asset quality, comparative studies on Islamic and conventional banking, quality assurance, and pedagogical developments in HEIs.

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