Amendment of the insurance code

A new amendment of the insurance code is being drafted. It will target the so-called traditional business as well as Takaful insurance. Insurers have two to three years to comply with new rules that will be aligned with European standards.

Investments in real estate will be limited to 30% of the capital invested. The rights of the insured will be consolidated, especially in Islamic life insurance where the payout of profits to policyholders will be reviewed.

The obligation of separation of assets between policyholders and shareholders will be highlighted.