Egypt: Takaful operators given additional 6 months to comply with new regulations
Source: Middle East Insurance Review | Oct 2019
Top officials of the Financial Regulatory Authority (FRA) met with executives of takaful operators to discuss the issue of compliance with new regulations issued this year which aim to improve transparency and efficiency in the Islamic insurance segment.
The Authority extended the deadline for takaful operators to adjust to the new rules by a further six months until 24 February 2020, provided that the takaful operators commit to submit to the Authority a plan of action that includes a timetable and measures taken to comply with the new regulations.
Dr Mohamed Omran, FRA chairman, said the regulations (covered by Resolution No. 23 of 2019), issued in the first quarter of this year, are in line with international norms and cover matters like retakaful, capital, investments, shariah board, surpluses and how to distribute them. The new rules, which had given Islamic insurers six months to adjust their operations, replace regulations that were introduced in 2004. M