Kuala Lumpur, November 19, 2007 – Dr. Atef Ebaid, the Former Egytian Prime Minister will deliver a Keynote address at the 3rd Seminar on the Regulation of Takaful (Islamic insurance) to be held on 27 and 28 November 2007. The Egyptian Insurance Supervisory Authority is hosting this Seminar, which will be held at the Four Seasons Hotel – Cairo on the Nile, Egypt.
Dr. Atef held the post of Prime Minister from 1999 to 2004 and currently serves as Chairman of the Arab International Bank. In his 50 years of service to the Egyptian government, Dr. Atef served as Management Consultant to various Ministries prior to becoming a Minister in 1984. On an international level, he was the Management Consultant International Labour Organisation as well as the United Nations Development Programme (UNDP) on Public Sector Management. He holds a degree in Commerce and a Doctorate in Business Administration.
Dr. Atef is joined by 20 other chairpersons and speakers in the Seminar. These chairpersons and speakers, representing insurance supervisory authorities, rating corporations, financial institutions and universities from across the globe, will discuss and analyse regulatory approaches in supervising investment strategies related to solvency issues, the importance of Retakaful in addressing long-term decapitalisation issues, and the the role of supervisory authorities in the development of this industry segment. Issues related to enhancing consumer protection through rating agencies and corporate governance for Takaful operators, and the importance and advantages of establishing global standards for Takaful operators will also be addressed.
Working within its’ mandate to promote the development of the Islamic financial services industry through global prudential standards, the IFSB has initiated efforts for a standard on corporate governance for Takaful operators. This is a follow up from issues identified in a paper entitled “Issues on Regulation and Supervision of Takaful” published by the IFSB and the International Association of Insurance Supervisors in August 2006. The works on the governance of Takaful is envisaged to become the road map for future IFSB standards and guidelines in Takaful.
For more information on the Seminar, please visit www.ifsb.org/takaful2007
