The Central Bank of Bahrain (CBB) will introduce new rules this year to enhance the operational model of Takaful. The Central Bank of Bahrain is in the final stages of developing a new model for Bahrain’s Takaful industry, Abdul Rahman Mohammad Al Baker, Executive Director of the Financial Institutions Division at the Central Bank of Bahrain, said.
“We are in the process of finalising a new model for Takaful, which will open the doors for quite a few players in the market, specifically international players, whereby we calculate the solvency differently than the existing standard. It has already received the approval of more than 20 Shari’ah clerics,” Al Baker said……………………………………Full Article: Source