BM desk : The Insurance Development and Regulatory Authority (IDRA) has mandated that Islamic insurance companies invest in government securities, following general insurance companies.
IDRA Director Abdul Majid signed a letter issuing this directive. Islamic insurance firms have received the directive.
According to the directive, Islamic life insurance providers must allocate a minimum of 30% of their overall investment in government securities, such as sukuk or Islamic bonds.
Likewise, this investment rate will be at least 7.50 percent for non-life (general) Islamic insurance companies.
There are currently 16 Islamic insurance companies operating in the nation’s private sector, according to IDRA data. Islamic life insurance companies make up 12 of these, while Islamic non-life insurance companies make up 4. The letter requests that Islamic insurance companies, both life and non-life, take the appropriate actions to put this investment-related directive into effect.
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