Libya's Insurance Supervisory Authority (ISA) has joined the Khartoum-headquartered International Federation of Takaful and Islamic Insurance Companies, the Ministry of Economy and Trade has announced.
The announcement was made during a meeting between ISA director general Ahmed al-Deeb and Federation’s secretary-general, Mr Mohamed Abdullah, and the secretary general of the Libyan Insurance Federation, Mr Ali al-Ruqai'i.
Both sides agreed to draft a memorandum of understanding to enhance cooperation and the exchange of expertise and to participate in programmes and studies that will expand opportunities for regional and international partnerships.
Mr Al-Deeb outlined the country’s efforts to regulate and develop takaful through new legislation and strategic programmes.