The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks

The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks

June 23, 2019
The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks

The Central Bank of Iraq announced 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.

The Central Bank issued the company's Takaful controls according to the standards of the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), considering that the Takaful Insurance Company represents the second strategic objective of the comprehensive strategic plan of this bank in the development of Islamic banking industry and transactions, (2016-2020).

The central bank said the move would pave the way for its recent move to Islamic capital markets through the issuance of the Investment Sukuk Act to complement the Islamic economy in Iraq.
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.

Central Bank of Iraq
information Office
23 June 2019

»For the Takaful Regulations No. (1) of 2019

https://cbi.iq/static/uploads/up/file-156127773671420.pdf

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