Egypt: FRA issues rules for takaful companies seeking to convert operations to traditional commercial insurance

Dr Mohamed Farid Saleh, chairman of the Financial Regulatory Authority (FRA) has issued a decision (No. 194 of 2022) regarding rules and procedures for revising the licensing of takaful companies to allow them to operate in the traditional commercial insurance system in the Egyptian market. The decision was published in the Official Gazette on 29 January 2023.

Takaful companies wishing to amend their licence to operate under the conventional insurance system shall submit an application to the FRA, including the following: 

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