A new division of Oasis Group Holdings launched
Oasis Crescent Insurance has recieved it's operating license.
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A new division of Oasis Group Holdings, known as Oasis Crescent
Insurance will offer new products to the South African public.
The unit will hopefully allow the parent company to double its assets over
the next five years.
Oasis Crescent Insurance applied for and received an insurance license from
the South African Financial Services Board.
The group will offer endowments that will allow members to put aside money
over 5, 10 and 15 year periods for important purposes such as education needs,
property purchase or even trips abroad.
The Chief Executive of Oasis Group Holdings, Adam Ismail Ebrahim said: "With
the new license we can now offer various products such as pre-retirement savings
and post retirement savings.
Ebrahim said that when somebody retires they can approach the group with
their savings.
"We invest the money, while paying that person a monthly pension," he said.
Oasis Group Holdings, a black owned firm, was created 13 years ago and has
enjoyed a steady growth spurt from the beginning.
"It is a testimony to how much progress has been made by our company is such
a short time," said Ebrahim.
"We started with asset management in 1997, unit trusts in 1998 and started a
global fund in Europe in 2000".
He also outlined how the group started an umbrella pension fund in 2001,
although its biggest milestone was listing a property unit trust on the
Johannesburg Stock Exchange in 2005.
By launching its insurance unit, Oasis Group Holdings became the second black
owned firm to acquire an insurance license, after Metropolitan.
"These products new complete our product roll out in South Africa, enabling
us to service our clients better," said Ebrahim.
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