Mubasher: Al Madina Takaful Company decided on Sunday to postpone the cash dividends distribution for last fiscal year.

The decision was based on instructions by the Capital Market Authority (CMA) after issuing a new takaful insurance law relating to insurance reserves, which will be activated soon.

Earlier in February, the company’s board recommended cash dividends at 5 Baisas per share for the fiscal year 2015.

Al Madina Takaful’s profit dropped in 2015 by 18.8% to OMR 827,830 ($2.15 million) from OMR 1.02 million ($2.64 million) in 2014.

The Muscat listed company’s stock slipped today by 2.82% to OMR 0.068 ($0.18), the lowest level ever since it was listed.