IFSB develops new guidelines for Islamic insurance

Islamic finance holds 15 percent of banking assets in Malaysia, Kuwait and Qatar

The Islamic Financial Services Board in Kuala Lumpur is developing guiding principles for insurance and capital markets.

New standards would complement guidelines for commercial banking.

Read: The Co-operators offers sharia-compliant coverage

Islamic finance, which bans interest and speculation, holds 15 percent of banking assets in Malaysia, Kuwait and Qatar.

Countries just introducing Islamic finance, such as Morocco, would benefit from comprehensive regulations on how to do so, IFSB’s secretary general Jaseem Ahmed told Reuters.

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