IslamicFinance.de

A final approval for the draft takaful or Islamic insurance regulation, which was cleared by the State Council in February, is expected soon. The draft Takaful Insurance Law, which was prepared by the insurance regulator, Capital Market Authority (CMA), is expected to give the much-needed impetus to the development of the Islamic financial sector. The law, which was drafted with the assistance of a consultant in line with the principles of the Islamic Financial services Board, was circulated among all related parties, especially insurance firms for their feedback, before seeking approval from various entities like the Ministerial Council and the Ministry of Legal Affairs.