Algeria: Draft regulations for takaful adopted by govt
Source: Middle East Insurance Review | Mar 2021
The Algerian government has examined and adopted a draft executive decree setting the regulations or conditions and modalities for undertaking takaful business.
Minister of Finance Aimane Benabderrahmane, presented the text of the draft after a virtual Cabinet meeting early this year, reported Financial Afrik.
The text reads, “The establishment of takaful, complying with the principles of Islamic shariah law, consolidates the approach adopted by the government in its action plan for the development of alternative finance so as to capture savings outside the banking arena.”
While the 2020 Finance Law allows Algerian insurance companies to carry out takaful activity, specific regulations giving effect to the law have to be drawn up for Islamic insurance business to be conducted.
No date has been mentioned for the publication of the takaful regulations. M