TUNISIA: The
National Constituent Assembly of Tunisia this week adopted a draft law
related to the amendment and finalization of the country’s insurance.
The amendment proposed by the draft law paves the way for the
introduction of five new chapters that will form the basis of a
legislative framework for the country’s Takaful provision.
The
five new chapters relate to different aspects of regulation of the
Takaful sector, with the first two chapters addressing the way the
Takaful system works and the financial management of Takaful operators.
The third chapter is dedicated to outlining the necessary data required
for the conclusion of a Takaful contract, with the forth tackling the
subject of re-Takaful. The final chapter that span from article 201 to
article 217 of the insurance code, deals with general provisions for
the Takaful system.
Takaful
has been available in Tunisia since 1982 with the establishment of
re-Takaful operator BEST-RE, despite the lack of a specific regulatory
framework. BEST-RE has since been joined by Zitouna Takaful, which has
offered both Takaful and re-Takaful products since 2011 and El Amana
Takaful, which was established in 2013. In April this year,
Nigeria-based reinsurance company Continental Reinsurance opened a
regional office in Tunis.
A
regulatory framework addressing Shariah compliant banking, Sukuk,
Takaful, Waqf and Zakat has been drafted and awaiting the consideration
and approval of the Tunisian government since the end of 2012. It is
anticipated that the complete Islamic finance regulatory framework will
be approved before the end of the year.
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