The Financial Services Authority discussed, in a two-day forum held in the Governorate of Dhofar in collaboration with Small and Medium Enterprises Authority, the reality of insurance and financing products for small and Medium Enterprises (SMEs).

The participants were acquainted with the types of insurance such as motor insurance, health insurance, properties insurance, fishing and boats insurance, work injuries insurance, home insurance, credit life insurance and SMEs credit insurance.

The program covered financing instruments in the capital market such as crowdfunding, investment funds, shares, bonds and Sukuk as well as the importance of comprehensive insurance and the difference between comprehensive and third party insurance with regard to benefits and compensation and exclusions. The event also discussed in depth the unified credit life insurance policy which was issued early in 2024 as a framework for coverage and the exclusions of the product.

The program emphasized the importance of properties insurance for individuals and institutions and the ways for mitigating losses for the insured, the benefits and exclusions.

The participants were familiarized with various issues related to insurance products such as motor insurance, homes insurance, credit life insurance, health insurance, occupational injuries insurance and fishing insurance as well as the coverage included in the policy at the time of purchasing.

The program explained the credit insurance for the owners of SMEs and insurance solutions provided for Omani manufacturers and exporters and the mechanism for benefiting from the services rendered that assist them in mitigating the commercial risks such as buyer’s default of payment of received goods, buyer’s insolvency or failure to pay.

The participants discussed certain cases occurred to the insured and insurers and the challenges to avoid them in the future beside utilizing crowdfunding platforms for funding their projects or obtaining licenses to create crowdfunding platforms.