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OASIS Group Holdings last week launched a long-term insurance business unit that could see the company doubling its client assets over the next five years.
The new unit, called Oasis Crescent Insurance, received an insurance licence from the Financial Services Board enabling investors to decide on a five, 10 or 15-year investment period to keep money aside for important but expensive future events.
Oasis Crescent Insurance will offer endowments that can be bought for future education needs, to pay ilobolo, create a deposit for a property purchase or to save for an overseas holiday.
"With the new licence we can now offer various products such as pre-retirement savings and post-retirement savings," said Oasis Group Holdings chief executive Adam Ismail Ebrahim.
"When somebody retires they can come to us with the savings," he said.
"We invest the money, while paying that person a monthly pension."
The opening of Oasis Crescent Insurance has made the company the second black-owned firm after Metropolitan to acquire such a licence.
Oasis Group Holdings was formed 13 years ago and has grown substantially.
"It is a testimony to how much progress has been made by our company in such a short time," Ebrahim said.
"We started with asset management in 1997, unit trusts in 1998 and started a global fund in Europe in 2000," he said.
"In 2001 we started an umbrella pension fund for small companies that has also been a huge success."
In 2005 the company had its first listed property unit trust on the Johannesburg Stock Exchange.
"These products now complete our product roll-out in South Africa enabling us to service our clients better," Ebrahim said.
"Our new range of products will attract international investors to invest in South Africa," he said.
"We might see our R30billion of client assets doubling in the next five years."