New laws for takaful insurance in 2013

Financial authorities are elaborating new laws for takaful insurance. The objective of this move is to support the growth of this market while protecting the best interests of the different stakeholders. The Central Bank of Bahrain has stated that improvements will be made to the texts governing corporate governance and the solvency margin. Actuarial reporting for the entire takaful and non takaful market will also be reviewed. These new provisions will come into effect during the year 2013.