Takaful insurance in Algeria between AAOIFI’s sharia standards andlegal controls

Abstract

 This study focuses on the takaful insurance adopted by the Algerian legislator in conjunction with the introduction of Islamic banking and in response to the Imperative need within the requirements of the modern economic system, building on the success of this type of insurance, as well as on the knees of countries that have followed this approach for nearly half a century. The criteria and controls adopted by the Algerian legislator will be revealed through article 203 bis of ordinance No. 95-07 related to insurances, as well as the new executive Decree No 21-81 and to examine their compatibility and responsiveness with the foundations and standards reached by the Accounting and Auditing Organization for Islamic Financial Institutions «AAOIFI».