Central Bank of Iraq establishes Takaful Company
Monday, 06 24 2019, Category: Islamic Insurance, Country: Iraq
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.
Source: Central Bank of Iraq