KAZAKHSTAN introducing the Islamic insurance

4 June 2014 —
Islamic insurance would cover participants' risks of Islamic finance. A bill providing the introduction of Islamic insurance and leasing, Majilis of the parliament of the Republic of Kazakhstan approved at the first reading, the correspondent of a business portal «Kapital.kz» reports.

«As part of the further development of the principles of Islamic finance includes the introduction of Islamic insurance», - said the deputy chairman of the National Bank of Kazakhstan Daniyar Akishev during the plenary session in the Majilis.

As the deputy head of the National Bank of Kazakhstan, the main conceptual directions of the document are creation a legislative framework for the introduction of Islamic insurance and Islamic leasing, risk minimization of traditional insurance activities by creating a state system of insurance payments, the introduction of parametric changes into the system of obligatory insurance of workers from accidents at execution of labor duties.

«The objective requirement to create an Islamic insurance is caused by that traditional insurance does not allow to cover risks of participants of an Islamic financial system,» - said the deputy chairman of the National Bank of Kazakhstan.

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KAZAKHSTAN introducing the Islamic insurance
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