Published: 14/10/2024
Press Release
Copart Muscat Auctions Signs a Strategic Agreement with Al Madina Takaful
New Partnership ensures seamless automated process for salvage management
Dubai, UAE – September 2024 – Al Madina Takaful (SAOG), a leading provider of innovative customer-focused insurance solutions to individuals and corporations in the Sultanate of Oman, has signed a strategic agreement with Copart Muscat Auctions (LLC) to provide automated vehicle auction services ensuring a seamless process for salvage management.
The agreement will see Copart managing the auctioning of Madina Takaful salvage vehicles through its unique online platform, thereby enhancing efficiency and expanding the reach of their auctions.
Commenting on the new partnership, Aneesh Varghese, Head of Operations of Al Madina Takaful, said: “We are pleased to partner with Copart, an internationally recognized provider of efficient salvage management services. We are confident that their solution will contribute significantly to our goal of optimising motor salvage management.”
Copart will deliver a comprehensive suite of services, encompassing vehicle promotion, secure storage, and expert sales management. This partnership harnesses Copart's unmatched expertise in online vehicle auctions to drive efficiency and deliver exceptional value to customers.
Colin Cordery, Managing Director of Copart, added: “We are honoured to partner with Al Madina Takaful, a respected name in the sector. Together, we aim to streamline the digitally automated auction process, offering a seamless experience for over 10,000 registered buyers.”
The new partnership marks the culmination of Al Madina Takaful’s digital transformation journey, beginning with online purchase of motor policies, through end-to-end claims process and now extending to disposal of salvage vehicles.
About Al Madina Takaful
The company was founded as Al Madina Gulf Insurance Company SAOC, in 2006. With the historic introduction of Islamic Financial Services in Oman, Al Madina converted to a Takaful Insurance Company on the 1st of January 2014 with the registered name of Al Madina Insurance Company SAOG
The Company’s trade name ‘Al Madina Takaful’ symbolises a vision of harmony with its stakeholders.
Al Madina Takaful is among the top 5 insurance companies in Oman and is listed on the Muscat Stock Exchange (MSX).
About Copart
Founded in 1982 with a single salvage yard in California, Copart has grown into a global leader and the premier source for online vehicle auctions. Copart’s innovative technology and online auction platform link Buyers and Sellers around the world. Headquartered in Dallas, Texas, Copart currently operates more than 200 locations in 11 countries and has more than 175,000 vehicles up for auction every day.
As the premier global online vehicle auction company, Copart puts the power to bid and win in your hands.
