Africa: CIMA introduces takaful legislation

Source: Middle East Insurance Review | Dec 2019

The Inter-African Conference on Insurance Markets (CIMA), the body in charge of insurance regulation in 14 French-speaking countries in sub-Saharan Africa, has introduced takaful in its insurance law.

The modified law addresses issues related to Islamic insurance activity, or its financial regime. The law stipulates that to undertake takaful, specific approval is needed for a takaful operator or a takaful window. The minimum capital requirement for a takaful player is CFAF3bn ($5.1m).

CIMA has left it to each member country to introduce takaful regulations under the legislative framework.

The CIMA members are: Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Congo, Ivory Coast, Gabon, Guinea Bissau, Equatorial Guinea, Mali, Niger, Senegal, and Togo. M

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