Abstract
The kingdom of Morocco has recently initiated implementing the Islamic finance system, with only the banking segment being operational so far; this makes the comprehensiveness of the Takaful framework a more substantial aspect that will ensure the system’s integrity as a whole. This study analyzes the country’s Law for Takaful and compares it with the Malaysian model, a leading country in this segment. This study adopted a comparative legal research approach, using the analytical method in studying Moroccan and the Malaysian legal documents about Takaful and a thorough review of existing literature, archives, and library research pertinent to the field. This study has found that Moroccan Law is generally comprehensive and can provide an excellent legal platform for an emerging Takaful industry. A circular about the internal operational code is published as stated in the law. However, the study has also pointed out some severe Shariah governance issues that need reconsideration, concerns about the general regulatory approach, and restrictive regulations concerning licensing and product design, among other minor issues.
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Riad, M.R., Hassan, R., Salman, S.A. (2022). Comparative Analysis of the Moroccan and Malaysian Takaful Regulatory Frameworks. In: Musleh Al-Sartawi, A.M.A. (eds) Artificial Intelligence for Sustainable Finance and Sustainable Technology. ICGER 2021. Lecture Notes in Networks and Systems, vol 423. Springer, Cham. https://doi.org/10.1007/978-3-030-93464-4_33
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