Bahrain to introduce new rules for takaful industry in 2013

The Central Bank of Bahrain will issue new enhanced draft rules to improve operational model of the entire takaful industry and make the country a preferred choice for all takaful and retakaful companies worldwide, Nader Al Mandeel, director of the Insurance Supervision Directorate, said in an interview with the Middle East Insurance Review.

He said that the new rules, to be issued as part of solvency (Phase II), are related to corporate governance and actuarial reporting requirements.

Mr. Al Mandeel said that with the introduction of these rules in 2013, the central bank aims to accelerate growth of the country’s takaful industry while protecting the interest of all industry participants.

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