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Sudan: Regulator considers revising the takaful law

Source: Middle East Insurance Review | Dec 2021

There is a need to conduct a comprehensive review of the takaful sector in Sudan to enhance its contribution to the national economy and expand its role in the country’s development plans, said speakers at a conference held in Khartoum last month.
 
National Insurance Supervisory Authority (NISA) secretary-general Mohamed Sati Ali said that there is an intention to review and evaluate the process of Islamic cooperative insurance model in the country after more than four decades of practical application. The intended revision, which aims to attract investments in the takaful sector and increase its competitiveness, comes in view of the recent transformation in global economy and local developments.
 
“We seek to stimulate capital to the extent that makes the Islamic insurance system attractive to investment by benefiting from the experiences of other countries,” he said.
 
He observed that in order for the plan to succeed, there is an urgent need to adjust the ratio of distribution of return on investment for management between shareholders and policyholders to become 70% and 30%, respectively.
 
He added that there is a need to raise the percentage of management fees to about 30% of the actually collected premiums, provided that 2.5% is spent on training workers, apply all Islamic formulas in joint investment and re-evaluate the assets of shareholders whenever necessary to increase the capital.
 
Mr Sati Ali said that last May the NISA started working on comprehensive reforms in the insurance sector, in a move aimed at enabling it to perform its role in supporting the achievement of comprehensive development in Sudan, especially in the agricultural field.
 
As per the country’s laws, insurance companies and banks are obliged to adopt the Islamic financial system. However, amid efforts to attract foreign and international financial entities, the government decided last February to adopt a banking system that includes Islamic and conventional banks. M 
 
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