THE MUSLIM NEWS: Islamic and conventional insurance to be separated In Bangladesh, the Insurance Ordinance 2008, approved last month, will allow Islamic insurance, but no company will be permitted to do both Islamic and conventional businesses simultaneously in a major change in the 70-year-old insurance laws.
Many insurance companies, which run both forms of practices, have to choose either Islamic or conventional insurance after the promulgation of the new law.
Out of 60 insurance companies currently in operation under the private sector, six are full-fledged Islamic insurance companies. Of these six, three deal with life insurance while the remaining are general insurance companies. Islamic Economics >>>
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