The Ministry of Economy issued a law on the Islamic insurance system (Takaful) to regulate the work of Islamic insurance companies in the country.

Under the new law, each insurance company should set up a Zakat fund in which zakat money would be deposited.

http://gulfnews.com/business/general/law-to-regulate-islamic-insurance-1.647033

 

One Response to UAE to Regulate Shariah-Compliant Insurance

  1. Oh, lovely corporate zakat. UAE businessmen can tell foolish Western audiences that the poor and needy will be the primary recipients of the zakat outlays.

    However, only two of the eight categories of eligible recipients are actually poor/needy (maybe 3 of 8 if you count “debtors”).

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