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The Institutional Structure of Islamic Insurance Regulation

Author

Listed:
  • Yasin Boumbadji

    (ENSSEA, Algeria)

  • Alexander A. Tsyganov

    (Financial University under the Government of the Russian Federation, Moscow 125993, Russia)

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.

Suggested Citation

  • Yasin Boumbadji & Alexander A. Tsyganov, 2014. "The Institutional Structure of Islamic Insurance Regulation," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 35-44, March.
    • Handle: RePEc:fru:finjrn:140104:p:35-44
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    More about this item

    Keywords

    islamic insurance; takaful; institutional regulatory environment; prudential regulation;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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