THE government has been advised to look into the possibility of enacting a law to regulate establishment and operations of Islamic insurance, also known as
The Commissioner of Insurance, Mr Israel Kamuzora, said this in Dar es Salaam recently when briefing the Minister of State in the President's Office (Special Duties) on the activities of the
He said the proposed law would provide guidelines in establishment and operations of insurers providing services that are in compliance with Shariah -
It is defined as an Islamic insurance concept which is grounded in Islamic muamalat (Islamic banking), observing the rules and regulations of Islamic law.
The service is in line with the clear guidelines Shariah lays down for the management of money, one of these guidelines being the absence of interest on current and savings accounts. The Shariah Law forbids the earning of interest.
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