The Institutional Structure of Islamic Insurance Regulation

Yasin Boumbadji () and Alexander A. Tsyganov ()
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Yasin Boumbadji: ENSSEA, Algeria
Alexander A. Tsyganov: Financial University under the Government of the Russian Federation, Moscow 125993, Russia

Finansovyj žhurnal — Financial Journal, 2014, issue 1, 35-44

Abstract: The growth of the Islamic insurance industry and its potential impact raise public policy issues. Indeed, International organizations and standard setters, national regulatory authorities, policy makers, and academia are focusing on risk management practices, the broad institutional environment in which they operate, and the regulatory framework that governs them. Hence International organizations have been established to set standards that would strengthen and eventually harmonize prudential regulations as they apply to Institutions notably the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the International Islamic Rating Agency (IIRA), the Islamic Financial Services Board (IFSB). This paper contributes to the discussion on the nature of the prudential standards to be developed for Islamic insurance companies.

Keywords: islamic insurance; takaful; institutional regulatory environment; prudential regulation (search for similar items in EconPapers)
JEL-codes: G22 (search for similar items in EconPapers)
Date: 2014
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