Bahrain to introduce new rules for takaful industry in 2013

In order to to improve the operational model of the entire takaful industry, the Central Bank of Bahrain is set to issue new enhanced draft rules. Thus, it will also be able to make the country a preferred choice for all takaful and retakaful. The new rules are part of solvency (Phase II), and are related to corporate governance and actuarial reporting requirements. With the introduction of these rules in 2013, the central bank aims to accelerate growth of the country’s takaful industry while protecting the interest of all industry participants.