Long awaited regulations for takaful will finally be in place this year.
The draft amendment to the Insurance Code providing the legal framework for Shariah-compliant insurance is being submitted to Parliament after having been adopted by the Governing Council, reported The Morning.
In parallel, work in consultation with the various stakeholders (Ministry of Economy and Finance, General Secretariat of the Government and insurers) on the draft implementing legislation for this law is in a "very advanced" phase and will be subject to the assent of the Higher Council of Ulema (CSO) in coming days, says the Insurance Supervisory Authority and Social Insurance (ACAPS).
This includes the draft takaful decree, the draft takaful circular and draft decrees laying down the standard terms and conditions of certain takaful contracts (death, investment, multi-risk building).
Once the Code and its implementing texts have been published, ACAPS will process applications for Islamic insurance licences.