Doha: The QFC Regulatory Authority today announced that it had imposed a financial penalty of QR 728,000 on Takaful International Company (Takaful).
Takaful was authorised as an insurer in the Qatar Financial Centre on February 15, 2011.The imposition of the financial penalty follows the conclusion of an investigation into the affairs of Takaful by the Regulatory Authority.
The Regulatory Authority’s investigation found that Takaful contravened the Regulatory Authority’s rules by providing the Regulatory Authority with information that was false and misleading, failing to treat its customers fairly and failing to deal with the Regulatory Authority in an open and cooperative manner.
Takaful was also required to pay QR 94,044 towards the cost of the investigation .
