The Central Bank of Bahrain (CBB) is rolling out draft rules this year to enhance the operational model for the takaful industry in the second part of a two-phase process, says Mr Nader Al Mandeel, Director, Insurance Supervision Directorate in an interview with the Middle East Insurance Review.
Mr Al Mandeel says the CBB has earmarked the following areas in takaful business where it intends to issue new, enhanced and updated rules and requirements in 2013: solvency (Phase II) and corporate governance. Actuarial reporting requirements for the overall insurance business is another area which will see new rules in the year ahead.
“The objective of modifying the existing takaful rules was to facilitate a faster growth of the takaful business in Bahrain while protecting the interest of all stakeholders, vis-à-vis participants, shareholders and takaful operators,” says Mr Al Mandeel.
The revision of the existing takaful model is also a step in “reaffirming Bahrain as the jurisdiction of choice for all takaful and retakaful companies globally,” he adds.
(Asia Insurance Review / 02 Feb 2013)
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com