Minister of Economy Sultan Bin Saeed Al Mansouri has issued an ordinance on the system of Islamic insurance, the first of its kind being ratified on the level of Arab countries and the best on the level of Islamic states.

Deputy Director General of the UAE’s Investment Authority Fatima Mohammed Ishaq Al Awadi said that the UAE is the pioneer in systematising the business of Takaful companies on the Gulf and Arab levels as the UAE system is considered the best among similar systems in other countries.

The ordinance to formulate the Takaful Insurance into a unified system comes in the light of the need to regulate and organise the functioning of the insurance firms specialising in Islamic Insurance known as the Takaful Insurance, Al Awadi added.

 

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