The 6th Seminar on the Regulation of Takaful, hosted by the Insurance Supervisory Authority of Sudan, was held on 19 February 2014 in Khartoum. The Seminar is part of the IFSB Seminar on Takaful series. The Seminar aimed to deepen understanding on pertinent issues relating to the regulation of Takaful, taking into consideration on the changing dynamics of the industry. Mr. Jaseem Ahmed, Secretary General of the IFSB and Mr. Nasr Eldeen Mohammad Omar, Chairman of Board of Directors, Insurance Supervisory Authority delivered the opening and welcoming speech respectively. 12 chairpersons and speakers who were senior financial sector supervisors, market players, and experts from international financial institutions were invited to discuss the following issues at the Seminar. The topics that were discussed in the Seminar were as follows: – Global Takaful Industry’s Development: Growth and Challenges – Solvency’s Quantitative Guide: Will a standardised approach ensure a stable and safe environment for the industry, or should the industry be given the flexibility to diversify its solvency requirements? – Retakaful Industry: Legal and Regulatory Developments and Ongoing Challenges -The Way Forward for Emerging Markets in establishing an effective regulatory framework, the right mix of product offerings whilst ascertaining the compliance to Shariah principles The Seminar saw the attendance of 64 participants from government, regulatory and supervisory bodies and industry players.
Event Snapshots
Programme – Event Session(s)
Date
Time
Topics
Day 1
19/02/2014
6TH SEMINAR ON REGULATION OF TAKAFUL – CURRENT REGULATORY ISSUES FACING THE ISLAMIC FINANCIAL INDUSTRY
09:00 – 09:30
Registration
09:30 – 10:00
Opening and Keynote Session
10:00 – 11:15
Session 1: Global Takaful Industry’s Development: Growth and Challenges Industry Updates: Achievements and challenges facing the industry in past years Restructuring Exercise: A prediction of growth or contraction of the industry Rising Regulatory challenges due to complexity of cross border transactions
11:15 – 11:45
Networking Session and Coffee Break
11:45 – 13:00
Solvency’s Quantitative Guide: Will a standardized approach ensure a stable and safe environment for the industry, or should the industry be given the flexibility to diversify its solvency requirements? Reality check: Implementation of IFSB-11 and Solvency II IAIS’ capital resources guidance and direction of the future Capital resources of the existing Takaful Operators (TOs) Adoption of quantitative guide by existing TOs
13:00 – 14:30
Lunch and Prayers
14:30 – 15:45
Retakaful Industry: Legal and Regulatory Developments and Ongoing Challenges Legal and regulatory challenges facing the Retakaful business Product structures and models for Retakaful: Moving toward convergence? Shariah governance of Retakaful Operators Dealing with limitations in the investment activities for Retakaful Operators Areas of improvement for Retakaful services
15:45 – 16:00
Networking Session and Coffee Break
16:00 – 17:15
Panel Discussion: The Way Forward for Emerging Markets in establishing an effective regulatory framework, the right mix of product offerings whilst ascertaining the compliance to Shariah principles The development of regulatory framework for emerging markets The expansion of micro-takaful initiatives to ensure financial inclusion The direction of the emerging market: Maintaining the existing Takaful models or venturing into new models
