The UAE is the first Arab country to systematize Takaful Insurance

: 3/7/2010

Sunday, March 7, 2010

 

H.E. Fatima Mohammed Ishaq Al Awadi, Deputy Director General of the Insurance Authority, stated that the technical committee affiliated to the Gulf Cooperation Council has assigned the IA during the meeting held in Riyadh last week to prepare the part related to control over the Takaful insurance companies as part of the unified Gulf draft legislation for insurance control.

 

The IA will prepare this part of the draft legislation which is supposed to be a common part in the legal framework in the GCC states.

 

In relation to the local Takaful insurance regulations, Al Awadi confirmed that the IA will present the final draft of the new regulations to the executive committee emerged from the IA’s Board soon then to the Board for issuance. She indicated that once such regulations are issued, the UAE will be the first Arab country that regulates such type of insurance companies with a detailed law. The new regulations are distinguished with the emphasis of the Shariah aspects which are derived from the rules of Islamic Shariah and supporting of the role of Shariah Control Committees.​ 

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