Tradearabia: A new UAE law regulating the growing Islamic insurance industry will provide more transparency and oversight but the extra costs of compliance may drive consolidation in a fragmented market, lawyers said.
The Islamic insurance, or takaful, law was issued on Sunday, placing companies under the jurisdiction of the Insurance Authority of the United Arab Emirates and giving them a year to reorganise their processes.
Under the law, every takaful firm must have a sharia board consisting of three qualified scholars with experience in Islamic finance...continue
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