New regulation for Egyptian takaful companies

The Financial Regulatory Authority (FRA) has granted Takaful insurance companies an additional six months to comply with the new regulatory requirements. The deadline is set for February 24, 2020. However, the companies involved will have to submit a plan of action to the FRA by September 30, 2019.

Introduced during the first quarter of 2019, the new regulation is in line with the international standards. It aims to improve the transparency and efficiency of Islamic insurance. It covers particularly subjects on retakaful, capitalization, investments and profit distribution.

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