This Conference was jointly organised by the Islamic Financial Services Board (IFSB), the World Bank and Undersecretariat of Treasury of the Republic of Turkey and supported by the Insurance Association of Turkey and Participation Insurance Association of Turkey on 30 & 31 May 2016, in Istanbul, Turkey. This Conference aimed to provide a platform for global practitioners and stakeholders in Takāful industry to discuss selected emerging issues. It covered issues such as the recent outlook of the Takāful industry and its potential in enhancing risk coverage of households and corporates, as a tool for financial inclusion, as well as its role in supporting the growth of Islamic finance industry globally. The Conference included discussions on the developments made in the legal, regulatory, and supervisory framework for Takāful and Retakāful sectors, focusing on the pre-requisites and governance of these sectors at national and international levels. 18 chairpersons and discussants who were senior financial sector supervisors and experts from international financial institutions participated as speakers who panelled the following sessions: Global Overview of the Takāful Sector: Trends and Policy Developments Regulatory Developments and Implications for the Industry - Contrasting the Various Approaches to Regulating Takāful The Role of Microtakāful in Financial Inclusion Risk Management and Governance in Takāful Challenges in Developing the Retakāful Sector Panel Discussion - Taking Takāful to the Next Level The Conference saw the attendance of nearly 100 participants from government, regulatory and supervisory bodies, legal sector and higher learning institutions. The Papers of this Conference are planned to be published in a joint IFSB-WB publication. Programme - Event Session(s) Date Time Topics Day 1 30/05/2016 08:30 - 09:00 Reception and Registration 09:00 - 09:30 Opening and Welcoming Remarks 09:30 - 10:00 Keynote Addresses 10:00 - 10:30 Coffee Break 10:30 - 11:45 Session 1: Global Overview of the Takāful Sector: Trends and Policy Developments This session provides participants with an overview of the Takāful industry, worldwide growth trends and policy developments in various regions. Participants will be able to have a view of how the industry has evolved since Takāful started in 1970s as well as the various challenges faced by the new and matured Takāful markets. Participants of the conference will also get insights into how the industry contributes to the stability of financial system through its risk sharing features. 11:45 - 13:00 Session 2: Regulatory Developments and Implications for the Industry - Contrasting the Various Approaches to Regulating Takāful This session aims to exemplify how the evolving regulatory requirements of the global standard setting institutions are impacting the regulation of the industry. The challenges faced by the regulators in harmonising the standards of the conventional insurance and Takāful sector shall be illustrated. The session will also illuminate on the industry players' perspective on meeting the evolving regulatory landscape and implications for their operations. 13:00 - 14:00 Luncheon 14:00 - 15:15 Session 3: The Role of Microtakāful in Financial Inclusion This session aims to highlight how Microtakāful contribute the availability of risk coverage products to the wider sections of society. Initiatives of various countries and institutions will be shared with the participants to provide a reflection on how the excluded sections of society benefit from the Sharī`ah compliant and affordable insurance products and services. 15:15 - 15:45 Coffee Break 15:45 - 17:00 Session 4: Risk Management and Governance in Takāful This session aims to provide the various governance structures that have been proven to be effective for jurisdictions in managing the risks in Takāful operation. Key elements of risk management will be shared with the participants to provide an enhanced understanding of how Takāful Operators are able to better equip themselves in managing the diverse risks. Day 2 31/05/2016 08:30 - 09:00 Morning Coffee 09:00 - 10:15 Session 5: Challenges in Developing the Retakāful Sector This session draws upon the issues and challenges faced by the Retakāful sector in meeting the demands from the Takāful industry. The (lack of) regulation of Retakāful activities has thus far created misinterpretation on various aspects of Retakāful operation. This calls for the need to have a standardised supervising method of Retakāful activities, in addition to garnering best practices by the industry players. Participants will be able to get a view of what the IFSB has recommended in its latest standard on Retakāful, IFSB-18: Guiding Principles of Retakāful (Islamic Reinsurance). 10:15 - 10:45 Coffee Break 10:45 - 12:00 Session 6: Panel Discussion - Taking Takāful to the Next Level This final session gathers experienced Takāful industry players, regulators, and thought leaders to deliberate on the way forward for the Takāful industry. They will share their thoughts on Takāful outlook, underlying opportunities, and how the industry should brace itself for the development in the next 20 years. 12:00 - 12:15 Closing Remarks 12:15 - 14:00 End of Conference / Luncheon Downloadable Document(s) 1.) Event Session(s) - PDF Format 2.) Brochure 3.) Renaissance Istanbul Polat Bosphorus Hotel - Form