Regulation Regarding Takaful Insurance

Introduction

1.1 The Central Bank seeks to enhance the development of Takaful Insurance and ensure that its operations are carried out efficiently and effectively. The Regulation regarding Takaful Insurance ("the Regulation") has been issued pursuant to the powers granted to the Central Bank under Federal Decree-Law No. (6) of 2025 Regarding Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business ("the Central Bank Law").

1.2 Where this Regulation includes a requirement to provide information, to take certain measures, or to address certain items listed as a minimum, the Central Bank may impose requirements, which are additional to the requirement provided in the relevant article.

Objective

The objective of this Regulation is to establish minimum requirements that Companies conducting Takaful Insurance business must adhere to in all their activities and business, with a view to:

• a. ensuring the soundness of the Companies;
• b. contributing to enhancing financial stability and protecting the Participants and Beneficiaries of the Takaful Insurance Fund.

Scope of Applicability