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The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks

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The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks Empty The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks

Post by claud39 on Sun Jun 23, 2019 7:28 am

The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks






June 23, 2019





The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks News-156127776789980










The Central Bank of Iraq announced the start of the establishment of the insurance company Takaful Islamic banks in cooperation with the Board of Insurance with a capital of (15) billion dinars with the participation of all Islamic banks.
 

The Central Bank issued the company's Takaful controls according to the standards of the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), considering that the Takaful Insurance Company represents the second strategic objective of the comprehensive strategic plan of this bank in the development of Islamic banking industry and transactions, (2016-2020).
 
The central bank said the move would pave the way for its recent move to Islamic capital markets through the issuance of the Investment Sukuk Act to complement the Islamic economy in Iraq. 
It is noteworthy that this company is subject to the Regulation of Insurance Acts No. 10 of 2005 and the Islamic Banks Law No. (43) for the year 2015.
 
Central Bank of Iraq
information Office
23 June 2019
 
» For the Takaful Regulations No. (1) of 2019  click here



https://cbi.iq/static/uploads/up/file-156127773671420.pdf




https://cbi.iq/news/view/1160
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The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks Empty Takaful controls

Post by claud39 on Sun Jun 23, 2019 7:35 am

https://cbi.iq/news/view/1160

 Takaful controls

(2019)

 In accordance with the provisions of Article (15) of the Islamic Banks Law No. (43) for the year 2015 and what is stated
(10) for the year 2005, it was decided (and in accordance with Article 5 / with the Regulation of Insurance Business Law No.
Issuing the following regulations:
 Takaful Regulations No. (1)
(2019)
 Article 1 Definitions
For the purposes of these Regulations, the following terms shall have the following meanings:
- Takaful: The payment of contributions to specific amounts is made on the basis of a commitment to donate
To achieve the objective of collective cooperation in response to the effects of certain risks to which a group may be exposed
The participants of the documentholders by compensating them for the damages caused by the insured,
Regulations and regulations
In accordance with the approved documents, and Takaful manages the operations of this contractual organization
And to invest the funds collected in the Documentholders' Fund, on the basis of the Agency's wage contract
Management, and on the basis of Mudaraba contract in terms of investment and thus the accounts of the company are separate
On subscriber accounts.
Of the Companies Law in force and licensed to practice business
- Company: is a Takaful company established according to
Insurance Agents No. (10) for the year 2005 Takaful pursuant to paragraph (13) / of the Regulation Act
And Article (5 / VIII) of Islamic Banking Law No. (43) for the year 2015.
The Central Bank of Iraq.
- Law: Regulation of Insurance Acts No. 10 of 2005.
- General Assembly: represents the shareholders of the company.
- Documentholders' Fund: A fund that includes the amounts of contributions to which a campaign is committed
Documents for joining the Takaful organization, which the company manages as their agent
For a fee determined in the form of a percentage of subscriptions and investment in exchange for a Mudaraba share
A specific rumor of investment returns.

- Accounts Receivable Accounts: A collection of accounts managed by the Takaful Company which is made up of
During which the Group's assets, liabilities and rights are recognized, measured, presented and disclosed
Separated from the accounts of the shareholders.
- Contributions (binding contributions): - The total amount that the policyholders are obliged to pay
Takaful Company on the basis of commitment to donate in return for joining Takaful organization.
- Contributions earned: - are the parts of contributions that relate to the current financial period for a contract
Insurance issued by the company.
- Unearned contributions: - are the parts of contributions that relate to the current financial period
Insurance contracts issued by the company but extend the validity of these contracts to future periods.
- Insurance surplus: net contributions, return on investment and any other income
The Company's reserves and commissions for management, including compensation and provisions
Of the Fundholders' Fund and the Mudaraba Investment Share, except investment expenses
The Company shall bear the Mudaraba Agreement with the Fund's funds and any other expenses related to the management of the Fund
Campaign Documents.
- Takaful document: A written cooperation agreement that is consistent with the company's Articles of Association
In cooperation with Takaful Company, has a contract of insurance that is in compliance with the provisions and principles of Shariah
The terms of the commitment to donate, the investments of the Fundholders' Fund and the insurance surplus, and commitment
The company provides a good loan when a deficit occurs and is considered part of the document.
- Pay agency: A contract under which the subscriber appoints the company to conduct insurance business on his behalf
For a fee determined as a percentage of contributions.
- Mudaraba: A Musharaka contract under which the Company makes the investment of the contributions of a campaign fund
Documents against a defined common share of investment returns.
- Sharia Supervisory Board:
A committee of Shari'a scholars and specialists in the insurance business and financial institutions, is appointed from
Before the General Assembly, we are nominated by the Board of Directors, which carries out the functions of supervising and supervising
And the ratification of the company's products and decisions and to express an opinion on their compatibility with the provisions and principles
Islamic law.


Of the Regulation of Insurance Business in Iraq Law No. (10) for the year
- Insurance Bureau: The Founder's Office
2005, which aims to regulate and supervise the insurance sector in Iraq to ensure its development
Ensuring an open, transparent and financially secure market including Takaful in ensuring, and strengthening the role of the insurance industry
To protect the national economy and to pool national savings
Development and investment to support economic development.
- AAOIFI: An international body that carries out
The preparation and adoption of accounting and financial standards for Islamic financial institutions in addition to the development
And the development of legal and institutional governance standards.
- Islamic Financial Services Board (IFSB): An international body that develops standards for work
, Which has no direct interest in ensuring regulatory and supervisory bodies
Islamic financial services, which generally include banking and capital markets
And Islamic insurance.
Article (2) Licensing
The license of the Takaful Companies is subject to the law, which shall take into account its Memorandum of Association and Articles of Association
The provisions contained in these controls and the requirements for describing the professions of the members of the Shari'a Supervisory Board
Of the company.
Article 3: Interference of Activities
Takaful companies may not engage in commercial insurance business and may not be commercial insurance companies
The practice of Takaful works either directly by opening a Takaful window or indirectly from
Insurance Brokers.
Article (4) Combining insurance branches
The company may combine the branches of insurance on life and branches of public insurance, which are exempted
Under article 16 of the law.
Article (5) Contributions (binding contributions)
 Subscription premiums are binding on the subscriber on the basis of a commitment to donate, and the company is entitled to terminate
Document or compel the participant to pay judicially, and in the case of a deficit in the fund holders
The Company is committed to providing a good loan to cover the deficit. If not, the Company is entitled to increase the value
Subscriber's share of the compensation.

Article (6): Management of Takaful and Investments
The management of Takaful works is conducted under a wage agency contract determined in the form of a percentage of
The Fundholders' Fund subscriptions are invested under a Mudaraba contract
A common share of the investment proceeds, which shall be stipulated in the Memorandum of Association and the Articles of Association
And a Takaful document and a schedule is issued by the Company to the Agency's commissions and Mudaraba shares.
Article (7) Total surplus
 (A) The Company may not distribute any profits to the owners of property rights from the insurance surplus.
(B) The insurance surplus shall be distributed to the accounts of the participants by a decision of the Board of Directors of the Company
Approved by the General Assembly after taking the opinion of the Shari'a Supervisory Board.
(C) The basis for the collective distribution of the insurance surplus is to be distributed to the participants
Of their participation without distinguishing between those who received compensation and those who did not receive during the year
Finance.
Article (8): Separation of accounts
The Company must separate the accounts of the shareholders and accounts holders of accounts and accounts
And each type of insurance and investment generated, and allocate funds
Available in each account and the proceeds from it to meet its own risks and expenses incurred
on him.
Article 9 Provisions and Reserves
In addition to the provisions and reserves provided for in the law, the Company is committed to the formation or
Of the indicative list
Adjustment of the following provisions and reserves
Which will be issued later:
 (A) Provision for unearned contributions.
 (B) Provision for outstanding claims.
 (C) Provision for risk that has not been reported.
 Reserves:
(A) Disability coverage reserve.
(B) Claims mitigation reserve.


Article (10) The Takaful Document
 The Company shall prepare a form of Takaful Document approved by the Shariah Supervisory Board and shall include
The basic principles of Takaful which govern the symbiotic relationship between the subscriber and the company, including nature
Of the rules laid down in the Guidelines for these Regulations
To that extent
Later.
Article (11) The Shari'a Supervisory Board
The company is committed to forming a Shari'a Supervisory Board whose members are selected and appointed by the General Assembly
At the recommendation of the Board of Directors, the Board shall consist of at least three members, two of whom are members of the Board
Jurisprudence and Transactions Department and one of the specialists in insurance business
And financial institutions to have a good knowledge of Islamic insurance and Sharia transactions
generally. The Commission shall elect from among its members the President, who shall be among the two competent
In the field of forensic science and jurisprudence, and a member of the Shari'a board is chosen as an observer
And decisions made by the Shari'ah Board are strongly binding on the Company.
Article (12) Audit Committee and Controls
The Company shall establish an Audit and Control Committee consisting of at least three members comprising members
Of the Board of Directors, a representative of the policyholders and a member of the Shari'ah Supervisory Board, are selected
By the General Assembly of the Company. The task of the Committee shall be to establish an institutional framework for achieving harmony
Between the interests of shareholders and documentholders, and to provide additional assurance on the reliability of financial information
The financial management dome, especially to the Board of Directors of the Company and the reference to the composition of the reserves
Provisions, distribution of surplus insurance, investment profits, expenses and expenses charged
The document holders' box as well as the disclosure of conflicts of interest between shareholders and document holders
And alert them at an early stage to avoid them.
Article (13) Risk Management Committee
The Company is committed to forming a risk management committee for the principles set forth in the Regulations
Controls.
Article (14) Meetings of the General Assembly
The Company, through the Audit and Controls Committee, is responsible for forming a committee consisting of three members
(Document holders' committee) to attend meetings of the General Assembly
Meetings of the General and Private Board of Directors and shall have the right to discuss the general policies of the Company only
Without interfering with executive decisions.


Article (15): Good Loan
The shareholders are obliged to finance any deficit that occurs in the account of the participants through the granting of a good loan
With one payment or payments in accordance with the payment
Surplus achieved during subsequent periods
Shall be decided by the General Assembly provided that the loan does not exceed (50%) of the net account account
After the approval of the Board of Insurance, and in the event that the company does not finance the deficit, it is prepared
A proposed financial plan to fill the deficit and submitted to the insurance office to obtain approval
Adoption.
Article 16: Transfer of Takaful Portfolio
The Takaful Portfolio may only be transferred to another Takaful Company that carries the same types of insurance.
Article (17) Control and merger of the company
Control of the Company is achieved only through entities engaged in takaful or banking operations
Islamic finance or an Islamic financial activity in a specialized manner. Takaful may not be merged with
A commercial insurance company unless the latter complies with Shari'a principles.
Article (18) Compliance with the provisions and principles of Islamic Shari'a
The Company must invest its funds and funds in the compliant investment areas
The provisions of the Shari'ah, and in the case of proven violation of this must be with advance warning from the President of the Bureau
The Shari'a Supervisory Board shall be responsible for reporting any such cases
A significant deviation or deviation in the company's business for the insurance board and the bank in respect of
Takaful companies affiliated to Islamic banks and monitoring correction procedures.
Article (19) Commercial Insurance Companies
Existing commercial insurance companies may amend their rules of procedure and adjust their conditions in order to
Transformation into a Takaful Company after liquidation of its activities that are not in accordance with the provisions of Islamic Shari'ah
The Shari'a Supervisory Board shall approve this after obtaining the approval of the Insurance Bureau.
Article (20) Re-Takaful
The Company is required to carry out the reinsurance business of the retakaful companies and if it is not possible
Its presence is used in partnership with risk by involving other Takaful companies
Insurance for risks that exceed the capacity of the company
Reinsurance of commercial reinsurance companies with the approval of the Shari'a Supervisory Board.

Article 21 Disclosure
The Company is committed to disclosing all the accounts held by it and the risks to which it is exposed
In a manner that provides confidence to the users of the financial statements of the bases specified in the Regulations
For these controls.
Article (22) The Bank and the Insurance Bureau
The bank and the insurance co-operation in the field of issuing instructions and controls to apply the standards of the body
Accounting and Auditing for Islamic Financial Institutions and Islamic Financial Services Council Standards
These standards are binding on Takaful companies, and the Bank has the authority to follow-up the banks' commitment
Islamic companies and their Takaful companies.
Article (23) Combating Money Laundering
In compliance with the provisions of the AML / CFT Regulations,
AML / CFT No. (39) for the year 2015 is being implemented
Directly on the integrity of due diligence procedures
The board of directors of the company is responsible according to
Of the rules established by the Regulations.
Article (24) Additional requirements
Where no provision is made in these regulations, the Takaful Companies shall be subject to the Regulation of Insurance Business Law
No. (10) of 2005 and Islamic Banking Law No. (43) for the year 2015 and instructions
As well as the relevant international laws and standards, unless they violate principles
And Islamic Sharia.
 -is over-



https://cbi.iq/static/uploads/up/file-156127773671420.pdf
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The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks Empty The Central Bank is establishing the Takaful Insurance Company for Islamic Banks

Post by claud39 on Sun Jun 23, 2019 7:38 am

The Central Bank is establishing the Takaful Insurance Company for Islamic Banks




06/23/2019





The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks 15850







Economy News _ Baghdad



The Central Bank of Iraq announced on Sunday the start of the establishment of the insurance company Takaful Islamic banks in cooperation with the Board of Insurance with a capital of (15) billion dinars with the participation of all Islamic banks. 

"This move will pave the way for its recent move towards Islamic capital markets through the issuance of the Investment Sukuk Law to complement the Islamic economy in Iraq," the central bank said in a statement received by Al-Iktissad News. 

"The bank has issued its own Takaful controls according to the standards of the Islamic Financial Services Board (IFSB) and the AAOIFI." The Takaful Insurance Company represents the second strategic objective of the Bank's comprehensive strategic plan to develop the banking industry Islamic transactions and transactions, for the period (2016-2020) ".

It is noteworthy that this company is subject to the Regulation of Insurance Acts No. 10 of 2005 and the Islamic Banks Law No. (43) for the year 2015.





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The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks Empty The Central Bank is establishing the Takaful Insurance Company for Islamic Banks

Post by claud39 on Sun Jun 23, 2019 8:44 am

The Central Bank is establishing the Takaful Insurance Company for Islamic Banks


23/06/2019



The Central Bank of Iraq begins the establishment of a Takaful insurance company for Islamic banks %D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-696x522







BAGHDAD - 
The Central Bank of Iraq announced on Sunday the establishment of a Takaful insurance company for Islamic banks in cooperation with the Board of Insurance with a capital of (15) billion dinars with the participation of all Islamic banks. 
"The Central Bank has issued the company's Takaful controls according to the standards of the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The Takaful Insurance Company represents the second strategic objective of the plan," the bank said in a statement. The overall strategy of the bank in developing the Islamic banking industry and its transactions for the period (2016-2020) ".
"Noting that" this company is subject to the Regulation of Insurance Acts No. 10 of 2005 and the Islamic Banks Law No. (43) for the year 2015 ". Ending / 25



https://www.almaalomah.com/2019/06/23/413267/
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