25 June 2012

Tunisia: Preparing Legal System Regulating Islamic Funding

Hammamet — Finance Minister Houcine Dimassi announced, on Monday in Hammamet, the start of a comprehensive legal system to rule Islamic funding, including a solidarity-based Ettakaful insurance system.

Opening works of the Eleventh Carthage Symposium on "Capacity of Arab Insurance and Re-insurance Industry to Face up to New and Important Risks," Mr. Dimassi said that Islamic financing had proved its efficiency while the traditional finance system had undergone regression, notably in the United States of America and Europe, as a result of the sovereign credits.

"Complementarity and integration of the insurance institutions in the Arab and African countries have become today an absolute necessity: it is not any longer just a choice," he argued.

Arab Insurance Union Secretary-General Abdelkhalek Raouf Khalil said that "Arab countries need stronger insurance companies, ones that would stimulate the region's economy."

He also emphasised the imperative to further rely on the Arab re-insurance companies, whose number stands at 16.

The Arab insurance sector counts 400 companies with an annual average issuance of allowances worth 24 million dollars.

Copyright © 2012 Tunis Afrique Presse. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.