The Insurance and Social Welfare Control Authority (ACAPS) has just published the circular on the application of the provisions of the Insurance Code relating to Takaful insurance. Containing 63 articles, this circular is divided into 4 chapters. The first is devoted to the Takaful insurance contract and the management regulations of the Takaful insurance fund. The second chapter deals with Takaful insurance and reinsurance companies. It fixes in particular the administrative regime of these companies as well as the financial system of the Takaful insurance fund. It also governs companies which exclusively practice reinsurance operations as well as their governance system. The presentation of Takaful insurance operations is covered by Chapter 3.
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