IFSB and IAIS release joint paper on issues in regulation and supervision of microtakaful sector
The Islamic Financial Services Board (IFSB) and International Association of Insurance Supervisors (IAIS) today announced the issuance of a Joint Paper on Issues in Regulation and Supervision of Microtakaful (Islamic Microinsurance).
Microtakaful is an important mechanism that provides Shariah-compliant protection to low-income and under-privileged segments of society under the principles of Tabarru' (donation), Ta'awun (mutual assistance) and prohibition of Riba (interest). Due to its nascent stage, regulators and supervisors have relatively little experience or empirical data to support their role in creating an environment conducive to the promotion of affordable Takaful services to low income and under-privileged segments. Therefore, the main objective of this paper is to highlight and identify regulatory issues prevailing in the Microtakafulsector and outline the role this sector can play in enhancing financial inclusion. In particular, the Issues Paper:
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