Insurance companies are counting on the launch of takaful before the end of the year to recover growth.
Insurers have chalked up losses due to the continued suspension of car imports, and business lockdown imposed in the wake of the COVID-19 pandemic. The lockdown includes the freezing of factory operations and the shutdown of aviation, travel and other services.
Public and private-sector companies have begun preparing to launch takaful windows and branches before the end of the year, according to a report on Echoroukonline.com.
For a start, two companies specialising in takaful will be launched, one to undertake family takaful operations and the other to offer general takaful.
Currently, the authorities are working on the implementation texts related to takaful operations and the opening of Islamic insurance windows by insurers, as the law on takaful was issued only two months ago.
The application texts, which are under study by the Ministry of Finance, are expected to be ready before the end of the year. The first Islamic insurance products are expected to be unveiled before the start of 2022.