The Central Bank is establishing the Takaful Insurance Company for Islamic Banks



Economy News _ Baghdad

The Central Bank of Iraq announced on Sunday the start of the establishment of the insurance company Takaful Islamic banks in cooperation with the Board of Insurance with a capital of (15) billion dinars with the participation of all Islamic banks. 
“This move will pave the way for its recent move towards Islamic capital markets through the issuance of the Investment Sukuk Law to complement the Islamic economy in Iraq,” the central bank said in a statement received by Al-Iktissad News. 
“The bank has issued its own Takaful controls according to the standards of the Islamic Financial Services Board (IFSB) and the AAOIFI.” The Takaful Insurance Company represents the second strategic objective of the Bank’s comprehensive strategic plan to develop the banking industry Islamic transactions and transactions, for the period (2016-2020) “.
It is noteworthy that this company is subject to the Regulation of Insurance Acts No. 10 of 2005 and the Islamic Banks Law No. (43) for the year 2015.


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