Taliban suspends insurance companies' operations in Afghanistan

The Taliban on Friday suspended the operations of the insurance companies in Afghanistan till a future notice.

In an official letter sent to the insurance companies, the acting government announced the suspension of all the activities of the public and private insurance firms, reported Khaama Press.

The letter says the spirit of the insurance industry is under discussion in the Science Academy of Afghanistan to decide whether it is against Islamic practices or not.

The suspension spells doom for insurance companies who have invested and carried out financial risks in the country for the last 20-year of the democratic era and open market in Afghanistan.

Several private insurance companies in addition to a government-owned insurance entity, have invested and carried out financial risks.

The Afghanistan economy went into crisis after the collapse of the Afghanistan government in the hands of the Taliban on August 15 of last year. Hundreds of companies, organizations and projects were shut down, reported Khaama Press.

The acting Taliban government in Afghanistan emphasizes Islamic norms but has never issued any written Islamic policies yet.

Insurance is practised in almost all other Islamic countries for the purpose of risk management; however, in some Islamic states, it is undertaken under the term of Takaful, an Islamic insurance concept.

( With inputs from ANI )

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