Sep 07 2011
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Everyone wants to be in Takaful
He said, however, that the IRA is taking its time to give the go ahead to these companies because of the shortage of Takaful regulation skills in the country. "We have to be ready and have adequate skills to regulate this new line of business," he said.
The IRA is currently training its own staff to improve their understanding of Shari'ah compliant insurance products. He said the IRA is advising conventional insurers to form conventional Takaful subsidiaries instead of windows because the experience of countries like Malaysia has showed Takaful consumers prefer buying from companies that do not have any conventional attachments.
"We have signed an agreement with all the East Africa Community (EAC) countries on cooperation regarding Takaful," he said.
© The Islamic Globe 2011
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