the Phillippines

I.C. considering ‘takaful’ system for Muslims

The Insurance Commission (IC) is looking at the feasibility of establishing an Islamic insurance system, particularly the possibility of offering takaful insurance in the country to help Filipino Muslims. Taking notice of the disasters and destructions that happened in the southern part of the country, Insurance Commissioner Emmanuel Dooc said the IC is looking for ways to help the Muslims in Mindanao. Plans include the setup of an investment advisory council for preneed life and non-life that will look into viable investment activities, and the mandatory earthquake insurance for residential units and small and medium enterprises. However, the IC sees the need for Islamic finance regulations to be able to offer takaful products.

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