News Column

Draft Law Related to Takaful Insurance Adopted

July 15, 2014

The National Constituent Assembly (NCA) adopted, Monday, a draft law related to the amendment and the finalisation of the insurance code. The law aims to integrate a 7th chapter in the same code for the establishment of a legislative framework to rule the Takaful insurance.

The amendment provides for the introduction of five new chapters (from article 201 to article 217). The first and the second chapters concern the system of Takaful insurance and the financial management of the Takaful insurance companies respectively.

As regards the third chapter, it will be reserved to data necessary for the conclusion of a Takaful insurance contract and the 4th to Takaful re-insurance.

The 5th chapter will be devoted to the general provisions. This draft law is part of the establishment of an Islamic finance system and Takaful insurance (mutual assistance) which started since 1985 with the creation of first Islamic re-insurance company.

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Source: AllAfrica

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