IslamicFinance.de

Some GCC regulators have recently proposed a host of new takaful-specific regulations that are expected to boost the market access of these companies. Many of the new regulations relate to the implementation of more stringent corporate governance requirements such as board level investment committees, internal audit departments and approved actuaries. Transparency, a key deficiency in the GCC insurance markets, will also improve with periodic (quarterly, bi-annual and annual) and early warning reporting. In many GCC countries, authorities have sought to protect consumer rights through the mandatory purchase of certain insurance covers. The increasing regulation of the insurance market is expected to help to stabilise the market's volatility and further encourage market growth.