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Press Release > 2009

The IFSB issues Exposure Draft 11 for public consultation

Date posted: 17 December 2009

Kuala Lumpur, December 17, 2009 - The Technical Committee of the Islamic Financial Services Board (IFSB) has approved the issuance of the IFSB Exposure Draft entitled Solvency Requirements for Takaful Undertakings (ED-11) for Public Consultation starting 17 December 2009.
 
ED-11 aims to enhance and improve the ability of Takaful undertakings in sustaining and managing the risks on behalf of the participants. The seven (7) Key Principles outlined in ED-11 complement the substance of solvency standards and assessments developed by International Association of Insurance Supervisors, the international standard-setter for conventional insurers. This adopted approach is intended to ensure the supervision of Takaful, while catering to the specificities of Islamic finance, is consistent with that of the conventional insurers.  
 
The key principles set forth in this document are hoped to foster the confidence of the market towards the integrity and stability of the Takaful undertakings as well as providing the Takaful undertakings a competitive niche among the insurance providers.
 
During the five-month consultation period, the IFSB will hold a roundtable discussion, workshop and a public hearing to encourage interaction with, and comments from, the members of the IFSB as well as the financial community in general.  They are:
 
1. Roundtable Discussion on Solvency (Dubai, UAE)
Hosted by the Dubai Financial Services Authority
Date: 21 February 2010

2. IFSB Workshop on Solvency (Kuala Lumpur, Malaysia) 
Date: March/April 2010 (date to be confirmed)

3. Public Hearing on ED-11 (Manama, Bahrain) 
Hosted by the Central Bank of Bahrain
Date: 3 May 2010

The Roundtable Discussion will be followed by the 5th Seminar on the Regulation of Takaful on 22 - 23 February 2010, which will discuss The Future of the Regulation of Takaful post-crisis.
 
The full calendar of events for January - May 2010, and the downloadable copy of ED-11 in English and Arabic languages will be available from the IFSB website www.ifsb.org .
 


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