Regulatory Alerts2026-08-25
Added · Updated
Standard Regarding Regulatory Requirements For Insurance Companies Housing A Takaful Insurance Window
This Standard applies to Insurance Companies and reinsurance companies incorporated in the UAE and branches of foreign Insurance Companies licensed in the UAE that obtain approval to conduct part of their business through a Takaful Insurance window, excluding companies conducting all business in accordance with Islamic Shari'ah. Entities intending to establish a window must submit an application including a clear strategy, updated memorandum and articles of association, a registered Takaful Insurance Fund, effective Shari'ah governance policies with an Internal Shari'ah Supervisory Committee, an appointed head, a segregation mechanism, and risk management policies. Companies must adhere to Islamic Shari'ah provisions and the Shari'ah Governance Standard for Takaful Insurance Companies, ensuring the independence of internal Shari'ah control and audit divisions aligned with the three lines of defense approach, and branches of foreign insurance companies must adhere to this Standard or establish equivalent arrangements approved by the Central Bank. No insurance company is permitted to offer Takaful Insurance services or products without obtaining approval from the Central Bank regarding the establishment of the Window.
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