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The absence of a regulatory authority makes it very difficult for a person to trust Takaful Insurance easily. All of us are aware of the fact that regulations and rules are the base for any organization to work and in that case, absence of an authority to control Takaful in certain areas makes the market even more uncertain. Some of the principles of Takaful like the accounting structure and principles based on Shari’ah laws are not considered valid under legal jurisdiction of different regions. Therefore, these principles need to be validated with proper legal jurisdiction in order to be accepted in a region.
This is the reason why implementation of Takaful policies in the European nations is very difficult. |
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