Takaful Experts to Address IFSB Takaful Seminars in Singapore
Kuala Lumpur, 17 October, 2008 – The absence of clear regulatory frameworks, prudential standards and codes of good practice can be seen as limiting factors for the potential growth and development of the Takaful industry. These limitations need to be given immediate attention in order to facilitate the development of the Takaful industry, as failure to address them would have a negative impact on the pace of development of the Islamic financial services industry (IFSI).
To facilitate the industry’s development, the Islamic Financial Services Board (IFSB) is organising the following two Takaful related seminars this coming November, which the Monetary Authority of Singapore is hosting:
The one-day Seminar on Rating of Takaful and Retakaful Firms will address issues on the need for ratings vis-à-vis the expansion of the Takaful and Retakaful industries, the rating methodologies employed by rating agencies and the perspectives of rated institutions. The Seminar will also discuss the building blocks in developing the necessary transparency framework to allow a better understanding of the Takaful industry among the various stakeholders.
On the other hand, the one-and-half-day 4th IFSB Seminar on the Regulation of Takaful, themed “Challenges in Maintaining Solvency for Takaful Undertaking”, will discuss the issues of risk management, treatment of underwriting surplus, solvency framework as well as regulatory issues in relation to Takaful undertakings. The proceedings and discussions of the previous three Seminars on the Regulation of Takaful have greatly contributed to the IFSB efforts in developing industry guidelines for Takaful. The first guiding principle for the industry entitled “Guiding Principles on Governance for Islamic Insurance (Takaful) Operations” is scheduled to be issued as an exposure draft by end of this year.
Among the industry experts who have confirmed their participation as chairpersons and speakers for the two Seminars are:
Seminar on Rating of Takaful and Retakaful Firms
Abdullah Haron, Assistant Secretary-General, IFSB
Dr. Abdul Rahman Khalil Tolefat, Allianz Takaful, Bahrain
Dr. Aida Othman, Zaid Ibrahim & Co., Malaysia
Andrew Cunningham, Financial Services Corps, Egypt
Dato’ Mohamed Hassan Md. Kamil, Syarikat Takaful Malaysia Berhad
Ismail Mahbob, Malaysian National Reinsurance Berhad
Jon McMullen, International Islamic Rating Agency, Bahrain
Milly Leong, Malaysia Rating Corporation Berhad
Mohammad Azam, Islamic Corporation for the Insurance of Investment and Export Credit, Saudi Arabia
Professor Simon Archer, IFSB
Sobia Maqbool, JCR-VIS Credit Rating Co. Ltd., Pakistan
Wan Siew Wai, Fitch Ratings, Singapore
Wing Chew, Moody’s Investors Services, Australia
4th Seminar on the Regulation of Takaful
Professor Rifaat Ahmed Ahmed Karim, IFSB
Teo Swee Lian, Monetary Authority of Singapore
Chia Der Jiun, Monetary Authority of Singapore
Abdullah Haron, IFSB
Peter Casey, Dubai Financial Services Authority
Professsor Volker Nienhaus, University of Marburg, Germany
Dr. Abdul Rahman Khalil Tolefat, Allianz Takaful, Bahrain
Dr. Abdul Sattar Abu Ghuddah, Unified Sharia Board, Albaraka Banking Group
James Smith, Ernst & Young, Hong Kong
Kamsani Tati, Tokio Marine Nichido Retakaful, Singapore
Martin Roberts, Beachcroft Consulting, UK
Murad Al Haj Mahmoud, Insurance Commission of Jordan
Dr. Omar Zuhair Hafiz, Allied Cooperative Insurance Group, Saudi Arabia
Salah El Din Musa Mohamed, Shiekan Insurance Company, Sudan
Syed Moheeb Syed Kamarulzaman, Takaful Ikhlas, Malaysia
Both Seminars will be held at the Grand Hyatt Singapore. For more information on the Seminars, please visit www.ifsb.org/takaful2008
