The acting Taliban government has suspended the operations of the insurance companies in Afghanistan.
In an official letter sent to the insurance companies, the acting government has announced that all the activities of the public and private insurance firms must be halted until a future notice.
The letter says the spirit of the insurance industry is under discussion in the Science Academy of Afghanistan to decide whether it is against the Islamic practices or not.
This comes as in the last 20-year of the democracy 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 Taliban on August 15 of last year. Hundreds of companies, organizations and projects were shut down.
The acting Taliban government in Afghanistan emphasizes on Islamic norms, but has never issued any written Islamic policies yet.
Insurance is practiced 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
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