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IFSB programmes to facilitate the development of the Islamic financial services industry     
Events & Activities > Event Details

  Event Detail

Category:IFSB-FIS Workshop
Name:[EVE00405] IFSB-FIS Workshop Series (Takaful Sector)
Description:

About the Workshop

This 3-day Workshop is tailored for the regulatory and supervisory authorities for the Takāful sector on the following IFSB Standards:

Introduction to Takāful (Islamic Insurance)

  • IFSB-8: Guiding Principles on Governance for Takāful Undertakings
  • IFSB-11: Standard on Solvency Requirements for Takāful Undertakings
  • IFSB-14: Standard on Risk Management for Takāful Undertakings
  • IFSB-18: Guiding Principles for Retakāful
  • IFSB-20: Key Elements in the Supervisory Review Process of Takāful / Retakāful Undertakings
  • IFSB-10: Guiding Principles on Sharī`ah Governance Systems for IIFS

As a background, IFSB-8: Governance for Takāful Undertakings has the aim to reinforce relevant good governance practices as prescribed in other internationally recognised governance standards for insurance companies, while addressing the specificities of Takāful undertakings. It promotes the development of a more comprehensive prudential framework for Takāful undertakings.

IFSB-11: Solvency Requirements for Takāful Undertakings, for its part, sets out important key principles for the structure of solvency requirements which is primarily based on the IAIS regulatory capital requirements, with the necessary modifications and adaptations to cater for the specificities and characteristics of a Takāful undertaking.

IFSB-14: Risk Management for Takāful Undertakings will discuss minimum standards to be applied to the Takāful industry, in parallel with perspectives set out by the IAIS, in order to bring the Takāful industry to the desired level of effective supervision and regulation, at par with the conventional insurance industry, subject always to the requirements of Sharī`ah principles.

In addition, IFSB-18: Guiding Principles for Retakāful aims to provide the regulatory and supervisory authorities (RSAs) and market players of the Takāful industry guidance relating to Retakāful. It identifies and sets forth a set of basic principles and best practices pertaining to Retakāful activities of both Takāful and Retakāful Operators. Furthermore, a key feature of IFSB-18 is that, it provides Retakāful stakeholders with guiding principles on the conduct of the Retakāful business.

IFSB-10: Guiding Principles on Sharī`ah Governance Systems includes the components of a sound Sharī`ah governance system especially with regards to the competence, independence, confidentiality and consistency of the Sharī`ah boards.

IFSB-20 on Key Elements in the Supervisory Review Process of Takāful / Retakāful Undertakings. It provides guidance to supervisors on minimum standards for an effective and efficient supervisory review process for Takāful / Retakāful Undertakings and Retakāful Undertakings. The Standard also promotes, by means of supervisory review, fair, safe and stable takāful and retakāful markets as well as encourages harmonisation of supervision internationally and hence to enhance cooperation among supervisors.

Overall, this Workshop aims to:

  1. Enhance the participants’ understanding of the respective Standards and Guiding Principles thereby facilitating the implementation of these standards in their respective jurisdictions;
  2. Assist the participants in the practical application of issues addressed in the particular standards through case studies, hands-on exercises and other interactive tools; and
  3. Promote the sharing of experiences among the participants on the implementation of respective IFSB Standards and Guiding Principles.
Start Date:29/10/2019End Date:31/10/2019
Venue Name:Training Room 3.1, Sasana Kijang, Jalan Dato Onn, Bank Negara Malaysia
City:Kuala Lumpur
Country:MALAYSIA
Event Website: -
Registration:

  Programme - Event Session(s)

Date Time Topics
- none -
Disclaimer: Please be advised that the above mentioned agenda points are tentative and that the IFSB reserves the right to make any necessary amendments/changes to the programme without prior notification.

  Downloadable Document(s)

*Note: Click Document Name to view/download document

1.)  Event Session(s) - PDF Format

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