The IFSB to Organise a Roundtable to Discuss its Draft Guiding Principles for Retakāful (Islamic Reinsurance) in January 2016

16 December 2015, Kuala Lumpur – The Islamic Financial Services Board (IFSB) is organising a “Roundtable Discussion on Retakāful (Islamic Reinsurance)” on 10 January 2016 in Manama, Bahrain. The Roundtable aims to discuss the issues contained in the recently issued IFSB Exposure Draft on Guiding Principles for Retakāful (Islamic Reinsurance) (ED-18).

ED-18: Guiding Principles for Retakāful (Islamic Reinsurance) aims to provide the regulatory and supervisory authorities (RSAs) and market players of the Takāful industry guidance relating to Retakāful. The draft document was issued by the IFSB on 5 November 2015 for a two-month public consultation period.

ED-18 highlights the distinguishing features of the various Retakāful models used for inward and outward Retakāful arrangements. It also delves into critical issues that require the attention of regulatory and supervisory authorities pertaining to the regulation and supervision of Retakāful activities. In particular, the objectives of ED-18 include:

1. To provide a basis for RSAs to set rules and guidance on the operational framework of entities undertaking inward Retakāful activities;
2. To outline a basis for RSAs to supervise Takāful and Retakāful undertakings’ use of outward Retakāful arrangements; and
3. To suggest recommended best practices for Retakāful and Takāful Operators and their RSAs to help address regulatory issues concerning Retakāful.

The Roundtable Discussion on ED-18 aims to invite greater engagement, and garner feedback, from key industry stakeholders on the Exposure Draft prior to its final submission to the IFSB Council in April 2016 for adoption.

The Opening Remarks of the Roundtable will be delivered by Mr. Jaseem Ahmed, Secretary-General of the IFSB. It will be followed by a presentation on ED-18 by Mrs. Kartina Ariffin, Member of the Secretariat, Technical and Research, IFSB. Meanwhile Mr. James Smith, Executive Director, Financial Services, Ernst & Young LLP, UK and Consultant to the IFSB will chair the Sessions of the Roundtable.

Among confirmed speakers participating in the Roundtable Sessions are:

• Dr. Mohamed Rafick Khan Abdul Rahman, Chief Executive Officer, Munich Re Retakāful, Malaysia
• Dr. Hamim Syahrum Ahmad Mokhtar, Deputy Director, Financial Surveillance Department, Bank Negara Malaysia
• Dr. Sami Guellouz, General Manager, B.E.S.T Re Family (L) Limited, Malaysia
• Mr. Scott Lim, Associate Director, Dubai Financial Services Authority
• Mr. Moch Mochlasin, Directorate of Sharia NBFI, Financial Services Authority, Indonesia
• Mr. Naveed Shahid, Head of Life & Health, Hannover Re, Bahrain

This Roundtable is hosted by Central Bank of Bahrain and participation is open to all regulatory and supervisory authorities (RSAs) as well as market players of the Takāful and Retakāful industries. It is the second such session held to allow feedback on the draft ED-18 document. The first was a Public Hearing held in Kuala Lumpur, on 30 November 2015.

For queries, please contact the IFSB Secretariat, Ms Yazmin Aziz at [email protected], for more information and registration, please visit www.ifsb.org.