TAKAFUL - IFSB - STANDARD 11 - On solvency requirements for Takaful undertakings (Dec 2010)

2010 Eng_IFSB-11 - Standard on Solvency Requirements for Takaful (Islamic Insurance) Undertakings

TAKAFUL - IFSB - Islamic insurance aligns with global rules

The Islamic Financial Services Board has released a standard on solvency requirements for Islamic insurance undertakings to bring it into line with global insurance standards.

There are key differences between Takāful (Islamic insurance) and conventional insurance and the IFSB and the International Association of Insurance Supervisors have been working together to resolve this.

REGULATIONS - AAOIFI issues three new Shari'a standards

The accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international organization that formulates and publishes, accounting, auditing, ethics, governance and Shari'a standards for the Islamic banking and finance industry, issued three new Shari'a standards, namely "Contemplation Option", "Defects Option" and "Honesty Option".