The Central Bank of Bahrain (CBB) is preparing a new regulatory framework for Takaful to be published in Q1 2014, as part of makeover that the regulator hopes will attract new business. Reuters reports Abdul Rahman Mohammed Al Baker , executive director of financial institutions supervision at the CBB as saying, "We are in the final process of the new solvency framework for Takaful . This will not only enhance the industry in Bahrain but also have an impact around the world." Regarding Takaful solvency requirements are calculated, Al Baker added that the planned new regulations will be 'very innovative and very fair. It will make a big difference for international players entering the market. Solvency could change a lot of things, from liquidity to profitability levels'. In a separate interview with Bahrain News Agency , the Governor of Central Bank of Bahrain , Rasheed Mohammed Al Miraj , highlighted Bahrain's focus on Islamic finance, noting that the Kingdom had attracted 24 Islamic Banks, eight Takaful companies, and 100 Islamic investment funds.
Most Popular Stories
- Ukraine Crisis Limits Losses in Gold, Silver
- Chiquita, Fyffes to Form Top Banana
- Big Earthquake Rumbles Northern California
- China's Money Rate Drops on Slowdown Concern
- Mt. Gox Files for Bankruptcy in U.S.
- '300' Sequel Conquers Box Office Foes
- Tesla's Alt-Energy Future Aims for Massive Lithium-Ion Battery Production
- FAA to Appeal Court Decision Allowing Commercial Drone Use
- Can GOP Dodge Immigration Bullet?
- Sbarro Files for Bankruptcy Again