The Central Bank is establishing the Takaful Insurance Company for Islamic Banks

The Central Bank is establishing the Takaful Insurance Company for Islamic Banks

2019/6/23 11:12

The Central Bank is establishing the Takaful Insurance Company for Islamic BanksThe Central Bank of Iraq announced on Sunday the start of the establishment of the insurance company Takaful Islamic banks in cooperation with the Board of Insurance and a capital of 15 billion dinars with the participation of all Islamic banks.
“The bank has issued the company’s Takaful controls in accordance with the standards of the Islamic Financial Services Board (IFSB) and the AAOIFI,” the bank said in a statement. “The Takaful Insurance Company represents the second strategic objective of this comprehensive strategic plan A bank in the development of Islamic banking industry and transactions, for the period between 2016-2020.
“This move will pave the way for its recent move towards Islamic capital markets through the issuance of the Investment Sukuk Act to complement the Islamic economy in Iraq,” the bank said.
He pointed out that “this company is subject to the Regulation of Insurance Acts No. 10 of 2005 and the Islamic Banks Law No. 43 of 2015″

alforatnews.com