Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Apr 2021

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 
 
| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.