Malaysian central bank aims to boost use of Islamic insurance

Malaysia will launch revised Islamic insurance operational framework consultation before mid year

Malaysia’s central bank of governor says it aims to boost the use of takaful, commonly referred to as Islamic insurance, by two-thirds over the next two years.

Bank Negara Malaysia will revise takaful’s legal framework to “bring greater clarity on the use of multiple sharia standards,” Bank Negara Malaysia governor Muhammad Ibrahim said in a speech in Kuala Lumpur on March 23.

Takaful is a co-operative system of reimbursement in the event of loss, which is deemed to be compliant with sharia

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