The Central Bank seeks to promote development of the Takaful Insurance activities to ensure its effectiveness and efficiency. To achieve this, Takaful Insurance Companies that conduct its businesses and activities in accordance with the Islamic Shari’ah must ensure that all its businesses and activities are compliant with the requirements set in this Takaful Insurance Regulation (“the Regulation”) and other regulations and standards issued by the Central Bank and the Higher Shari’ah Authority (“HSA”).
1.2
This Regulation is issued pursuant to the powers vested in the Central Bank under the provisions of the Federal Law No. (6) of 2007 on Organization of Insurance Operations and its amendments, and the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities and its amendments.
1.3
Where this Regulation includes a requirement to provide information, or to take certain measures, or to address certain items listed as a minimum, the Central Bank may impose requirements, which are additional to the requirements provided in the relevant article.