Shura Council Approves Draft Bill To Regulate Saudi Insurance Sector
Saudi Arabias consultative ShuraCouncil on 29 September approved a draft bill intended to regulate the kingdomsinsurance sector which does not have a legal cover. The bill has been referredto the Saudi Government which will have to endorse it to become law. It isbased on the Islamic concept of cooperative insurance where the insured aretreated like shareholders and are entitled to extra...
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