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.