Islamic insurance aligns with global rules
Tuesday 21 December 2010 - by Nicola York
The Islamic Financial Services Board has released a standard on solvency requirements for Islamic insurance undertakings to bring it into line with global insurance standards.
The solvency requirements should establish criteria for assessing the quality and suitability of solvency resources in the Takāful and shareholders' funds to absorb losses in different financial stages of the respective funds.
The IFSB and IAIS produced a paper in 2006 recommending that issues of corporate governance, financial and prudential regulation, transparency and market conduct among others, should be addressed.
It concluded that these issues must be tackled in an integrated manner and identified corporate governance for Takāful as a key area.
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