News Middle East18 Jul 2019

Egypt:Regulator issues new guidelines for takaful insurers switching to conventional business

18 Jul 2019

The Financial Regulatory Authority has said that takaful companies looking to make a switch to offering conventional insurance plans will have to comply with new guidelines.

Under the new regulations, the Islamic insurers will be required to submit certain documents, including the company’s plan to clear outstanding takaful policies and reasons for requesting a change in the type of licence, reported Enterprise.

The company will also have to make the application public by having a local newspaper publish news of its intention.

There are around 10 takaful companies operating in Egypt.

 

 

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