Iraq: Islamic banks establish takaful company
Source: Middle East Insurance Review | Sep 2019
The Central Bank of Iraq has established a takaful company for Islamic banks in cooperation with the Insurance Bureau.
The takaful company has a capital of IQD15bn ($12.5m) with the participation of all Islamic banks in the country, according to media reports.
“The company’s takaful controls have been formulated in accordance with the standards of the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI),” the bank said in a statement.
The establishment of the Islamic insurer is an important move in the comprehensive strategic plan of the bank to develop the Islamic banking industry. M
IRD100 = $0.08