Bahrain to regulate takaful market

February 2, 2014 12:43 am

Bahrain’s central bank has said it will release a new regulatory framework for Takaful this quarter, in an overhaul of standards which the regulator hopes will attract new business in a sector, Gulf Daily News has reported. Developed after two years of consultations with the industry, the new rules cover the operations and solvency of takaful firms, said the executive director of financial institutions supervision at the apex lender, Abdul Rahman Al Baker. “We are in the final process of the new solvency framework for takaful. This will not only enhance the industry in Bahrain but also have an impact around the world.”