Middle East Economic Survey
UAE Introduces New Takaful Law
The UAE Ministry of Economy has enacted a new law to help regulate the countrys growing Islamic insurance or takaful industry, official news agency WAM reported on 27 June. The ordinance places companies under the jurisdiction of the countrys Insurance Authority, and stresses the necessity for regulated compliance with sharia law. It is the first such law to be ratified on a national level in an Arab country,...