Wednesday, 16 December 2015

IFSB to hold roundtable on retakaful in January 2016

The Islamic Financial Services Board (IFSB) is organising a roundtable about retakaful on 10 January 2016 in Manama, Bahrain. The Roundtable Discussion on Retakāful (Islamic Reinsurance) aims to discuss the issues contained in the recently-issued IFSB Exposure Draft on Guiding Principles for Retakāful (Islamic Reinsurance) (ED-18). The event is hosted by the Central Bank of Bahrain. 

ED-18 aims to provide the regulatory and supervisory authorities (RSAs) and takāful industry stakeholders with 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 identifies the challenges that require attention of regulatory and supervisory authorities pertaining to the regulation and supervision of retakāful activities. The objectives of ED-18 include: 
  • To provide a basis for RSAs to set rules and guidance on the operational framework of entities undertaking inward retakāful activities; 
  • To outline a basis for RSAs to supervise takāful and retakāful undertakings’ use of outward retakāful arrangements; and 
  • 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. It is the second such session to allow feedback on the draft ED-18 document. The first was a Public Hearing held in Kuala Lumpur, on 30 November 2015.

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

Interested?

Participation is open to all RSAs as well as players in the takāful and retakāful industries. Register