Regulatory Alerts2020-06-15
Added · Updated
Directive to License a Takaful Operator or Authorize a Takaful Window Operator No. STB/1/2020
The National Bank of Ethiopia establishes requirements for licensing takaful operators and authorizing takaful window operators, mandating the formation of a three-member Shari’ah Advisory Council and the segregation of participant assets from shareholders’ funds. Takaful window operators must operate separate units with segregated accounts, while operators must disclose their operating models, manage surplus distribution based on actuarial valuation, and report any deficit in the participants’ risk fund to the regulator within seven days. The directive also sets rules for surrender value calculations, operating cost management, and transparency, becoming effective on June 15, 2020.
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