Nod for Takaful Insurance draft

Oman's State Council yesterday approved the draft Takaful Insurance Law referred to it by the Council of Ministers and the report which was prepared by Majlis Ash'shura and the State Council Economic Committee concerning that law. Out of 58 articles, 46 articles have been ratified in compliance with the views expressed by the government and the Majlis Ash'shura, although some articles were not agreed upon. The law ensures the formation of a non-conventional mechanism in the insurance system. It's expected to contribute significantly in stimulating the economy by attracting investors and encouraging consumers who are interested in Islamic insurance system.