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    • Zakah
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    • Loans and debts in the Sharia'h
    • The Islamic Development Bank
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Iran to introduce Takaful for Sunni population

5/20/2022

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For the first time Iran will introduce takaful (insurance) for its Sunni population, which is less than 10 million out of the country’s 85 million people. Amin Re has applied for a takaful licence to operate on Kish Island, off the country’s south coast. According to the Financial Tribune, citing Risknews, Amin Re submitted application both to the country’s regulatory body and the Kish Island Free Trade Zone Organisation.

While Iran has an Islamic financial system it operates differently from Sunni majority countries. The Iranian religious authorities had not previously endorsed a Sunni-focused takaful system, but in December, the finance ministry indicated it was open to takaful due to rising demand.
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Photos used under Creative Commons from Ranoush., MUSHU", Dave_B_, Open.Michigan, U.S. Secretary of Defense
  • Home
  • News
  • The Islamic law
    • Socio-economic Justice
    • The ownership of wealth
    • Prohibition of Riba, Maysir and Gharar
    • Zakah
  • Islamic Economics
    • Shareholding in Islam
    • Loans and debts in the Sharia'h
    • The Islamic Development Bank
  • Islamic Finance
    • Financial intermediation
    • Islamic accounting
    • Financial statements analysis
    • Regulation and Supervision
      • Shari’ah Boards
      • Operations within the conventional system
    • Islamic Commercial contracts
      • Relationship with central banks
      • Valid transactions
      • Mudarabah
      • Musharakah
      • Diminishing Musharakah
      • Murabahah
      • Salam
      • Istisna'a
      • Ijarah
      • Wakalah
      • Other contracts
  • Islamic Banking Operations
    • Starting an Islamic Bank
    • Commercial transactions
    • Deposits
    • Islamic credit cards
    • Fee-based services
    • Letter of Credit
    • Bank Guarantee
    • Modes of financing and investment
      • Ijarah financing
      • Musharakah and Mudarabah certificates
      • Diminishing Musharakah
      • Replacing interest-based lending
    • Capital Market Operations
      • Islamic Unit Trusts
      • Islamic Fund Structures
      • Investment screening
      • Islamic Market Indexes
      • Islamic ETF
      • Venture Capital
      • Foreign exchange
  • Sukuk
    • Sukuk structures
    • Controversy
    • Indexation of financial obligations
    • Risks underlying Sukuk
  • Takaful
    • Takaful Agreements
    • Takaful models
    • Areas of Takaful
    • General insurance
    • Life insurance
    • Reinsurance
    • Corporate Governance
  • Glossary
  • Contact