Islamic Finance: Coming of Age. 10/29/13 GAB Annual Islamic Finance Conference
|
|
- Susan Kennedy
- 5 years ago
- Views:
Transcription
1 Islamic Finance: Coming of Age 1
2 Islamic Finance Sector in Kenya 1. A Sector View 2. A Company View 2
3 Sector View 3
4 Company View 4
5 The Takaful Concept What is it? How does it work? How is it different from conventional? What was the Kenyan experiences? What were the challenges in Kenya? What are the prospects in Africa? 5
6 A Brief History Born in Sudan (1979) Bred in Malaysia (1984 ) Matured in GCC Popping up Everywhere Else 6
7 Current Status 200 Takaful companies globally 35 Retakaful companies USD 12 billion in 2012 Estimated USD 25 billion in 2015 Average 30% annual growth rate 7
8 What is Takaful? 8
9 Takaful Is: A pact amongst a group that agrees to donate contributions to a fund that is used to jointly indemnify covered losses incurred by the members 9
10 Takaful Is: A risk management system A risk sharing system A cooperative, mutual, welfare-based system An alternative to conventional insurance A system that goes beyond managing risk A system that recognizes the real insurer A Tabaaru system 10
11 Five Key Elements 1. Mutual Guarantee 2. Ownership of the Fund 3. Elimination of Uncertainty 4. Management of the Takaful Fund 11
12 How Does Takaful Work? 1. Models of Takaful 2. Key Parties in the Takaful System 12
13 Models of Takaful 1. Pure Wakala (Agency) 2. Pure Mudaraba 3. A Mixed Model 4. A Waqf Model 13
14 Key Parties Key Parties in the Takaful System: a) Takaful Operator (Shareholders, BoD, MGT) b) Regulator (Government) c) Shariah Supervisory Council (SSC) d) Participants (Policyholders) 14
15 Takaful Operations CONTRIBUTION MANAGEMENT FEE ( - ) TABARRU (DONATIONS) CLAIMS INVESTMENT INCOME ( - ) ( + ) PROFIT / SURPLUS ( = ) 15
16 How Is Takaful Different From Conventional Insurance? 1. A Conventional View 2. A Takaful View 16
17 A Conventional View Conventional is a risk trading mechanism Collects premium, pays claims, & retains profit for Shareholders A contract of buy & sell Contains excessive uncertainty & riba Has excessive conflict of interest Risk Fund & Shareholders one & the same Represents ultimate interest of Shareholders 17
18 Risk Transfer Model 18
19 A Takaful View A risk pooling, sharing mechanism A system of self-insurance A system of sharing both risks & rewards Removes riba & reduces uncertainty Risk Fund & Shareholders are separate Eliminates conflict of interest Represents interests of both Participants & Shareholders 19
20 Operation of Takaful Participants /Members Risk Pooling Concept (Financial Risk) Share of Surplus Loss/Claims Share of Surplus Company Pool Manager Pooling of Risks Tabarru Fund (Contribution Fund) Share of Surplus Indemnify Indemnify Contributions Concept of Mutual Assistance 20
21 Conventional Oversight 21
22 Takaful Oversight 22
23 A View of the Kenyan Experience 23
24 In Kenya Effort started in 2002 Led to the first license in the region in 2011 A Mixed (Wakala-Mudaraba) model adopted Two years of successful operation in Kenya Premium growth to Kshs. 430 million in 2012 Gross claims of Kshs. 187m in 2011 & 2012 Declared surplus for year
25 Coming of Age 25
26 In Kenya & EA Licensed by RBA & rolled out the first Sharia compliant Pension Scheme in Q Licensed for Family Takaful operations in March 2013 Licensed & preparing to rollout in Somaliland & Puntland in Q Strategically positioned for TZ, UG, DJ, Ethio, Som 26
27 Main Challenges in Kenya 27
28 Key Challenges Great need for public awareness/education Conflict resulting from misconceptions Absence of conducive regulatory framework Shortage of trained human resource Absence compliant capital market Limited investment instruments Unhealthy price-based competition 28
29 How is the Prospects in Africa? 29
30 Prospects in Africa 30
31 Prospects in Africa 31
32 Prospects in Africa A great model with a fit for Africa A 1b young culture with inherent coop, mutual, solidarity, chama, Tabaru attitude Among those are 500 million Muslims On average less 1% ins penetration level Poor public perception of the conv industry 600 million mobile users growing The world fastest growing continent The home of profit for the next 2 decades? 32
33 Conclusion Africa is the home the Takaful The potential for both investors & consumers is emmense 33
34 May Allah bless you for giving me your precious time
Takaful. Azeem Pirani Head of Marketing & Alternate Distribution Pak-Qatar Family Takaful. July. 13 th, 2007 M.A.J.U. Karachi.
Takaful Azeem Pirani Head of Marketing & Alternate Distribution Pak-Qatar Family Takaful July. 13 th, 2007 M.A.J.U. Karachi 13th July 2007 1 Agenda Takaful A product and an ideology History of Takaful
More informationTakaful and Poverty Alleviation. 8 th International Microinsurance Conference Dar es Salaam, Tanzania 8 November 2012
Takaful and Poverty Alleviation 8 th International Microinsurance Conference Dar es Salaam, Tanzania 8 November 2012 Overview of presentation Why is conventional insurance not allowed? Takaful principles
More informationIFN Oman Forum, Mar 7 th 2017
Fundamental & Essence of Takaful Tabrez Farooquee Head of Bancatakaful & Marketing Takaful Oman Insurance SAOG 92876789 IFN Oman Forum, Mar 7 th 2017 Agenda Introduction & Evolution of Takaful Takaful
More informationbuilding value together 26 April 2013 Takaful in Africa Hassan Scott Odierno, FSA Lome
building value together 26 April 2013 Takaful in Africa Hassan Scott Odierno, FSA Lome www.actuarialpartners.com Takaful in Africa 2 Extent of religion in insurance Religious buildings and property can
More information13th Global Conference of Actuaries 2011
13th Global Conference of Actuaries 2011 Emerging Risks Daring Solutions Azim Mithani Chief Executive Officer Prudential BSN Takaful Berhad Malaysia February 20 22, 2011 1 Market Opportunity 2 Understanding
More informationISLAMIC INSURANCE: TAKAFUL
ISLAMIC INSURANCE: TAKAFUL A majority of Shari'a scholars find conventional insurance inadmissible in the Islamic framework. They have several objections against conventional insurance because it practiced
More informationAdvanced Diploma in Insurance
THE CHARTERED INSURANCE INSTITUTE 590 Advanced Diploma in Insurance Unit 590 Principles of Takaful April 2015 examination Instructions Three hours are allowed for this paper. Do not begin writing until
More information6 th Global Conference of Actuaries 18-19, February, 2004, New Delhi
6 th Global Conference of Actuaries 18-19, February, 2004, New Delhi Takaful An Alternate Insurance Model By Abdul Rahim Abdul Wahab, FSA abdul.rahim@pk.ey.com (Subject Code 05 - Subject Group: General
More informationPresentation to Bancassurance Conference Takaful Products
Presentation to Bancassurance Conference Takaful Products Johan Potgieter 13 May 2013 Aon Hewitt (Actuarial) / QED Actuaries & Consultants (Pty) Ltd 0 Contents Overview Islamic Law Principles Models of
More informationGIFF and IFN Asia Forum Mandarin Oriental Hotel-October 27 th 2010
GIFF and IFN Asia Forum Mandarin Oriental Hotel-October 27 th 2010 Risk Management and Disclosure in Takaful Practices Dawood Y Taylor Senior Regional Executive-Takaful, Middle East Prudential Corporation
More informationTakaful & Re-Takaful Introducing Size, growth and regional trends of takaful
Sudan Saudi Arabia Bahrain Malaysia Total United Arad Emirates Indonesia Other countries 85% Chapter 16 Figure 98: Sigma 0% 5% 10% 15% 20% 25% 30% 35% 40% 2007 2015 Takaful & Re-Takaful Gross Takaful contributions
More informationTakaful : defining ethical insurance. Zainal Abidin Mohd. Kassim Partner Mercer
Takaful : defining ethical insurance Zainal Abidin Mohd. Kassim Partner Mercer Presentation contents Takaful a primer Shariah Laws governing trade and business Takaful in practice Shariah compliant investments
More informationTakaful and Retakaful Challenges and Opportunities for Actuaries
Life Conference and Exhibition 2011 Safder Jaffer and Lindsay Unwin (Milliman) Takaful and Retakaful Challenges and Opportunities for Actuaries 22 November 2011 2010 The Actuarial Profession www.actuaries.org.uk
More informationThe Successful Development of a Dual Islamic Finance and Takaful System in Malaysia - Takaful Zainal Abidin Mohd. Kassim, FIA
The Successful Development of a Dual Islamic Finance and Takaful System in Malaysia - Takaful Zainal Abidin Mohd. Kassim, FIA 23rd Pacific Insurance Conference Kuala Lumpur October 2007 Introduction The
More informationIslamic Financial Services Board (IFSB)
Islamic Financial Services Board (IFSB) Mutual Insurance and Takāful in a Changing World 12-13 November 2012 27-28 Zulhijjah 1433 Ceylan Intercontinental Hotel Istanbul, Turkey www.ifsb.org AGENDA About
More informationTakaful. Dr. Muhammad Imran Usmani. SECP Takaful Conference March 14, 2007
Takaful Dr. Muhammad Imran Usmani SECP Takaful Conference March 14, 2007 Presentation Outline Conventional Insurance How Qimar & Riba exist in Conventional Insurance Definition of Takaful Mudarabah Model
More informationTax Briefing No 78. This content is more than 5 years old. Where still relevant it has been incorporated. into a Tax and Duty Manual
Revenue Commissioners Tax Briefing No 78 2009 Islamic Finance Introduction Islamic finance covers any financing arrangement that is compliant with the principles of Shari'a law. Specifically, there are
More informationPRINCIPLES OF TAKAFUL
PRINCIPLES OF TAKAFUL PRESENTED BY: IIU PRINCIPLES OF TAKAFUL Introduction to Takaful Comparison between conventional and Islamic Insurance Main elements of Takaful Insurance Types of Takaful contracts
More informationReviving the Cooperative Spirit through Takaful. Hassan Scott Odierno, FSA Actuarial Partners (Malaysia) 15 October 2014
Reviving the Cooperative Spirit through Takaful Hassan Scott Odierno, FSA Actuarial Partners (Malaysia) 15 October 2014 1 The cooperative spirit is members helping each other to succeed Discretionary and
More informationAdvanced Diploma in Insurance
THE CHARTERED INSURANCE INSTITUTE 590 Advanced Diploma in Insurance Unit 590 Principles of Takaful October 2013 examination Instructions Three hours are allowed for this paper. Do not begin writing until
More informationTakaful: Concepts and Practical Issues
Takaful: Concepts and Practical Issues Singapore Actuarial Society Inaugural General Insurance Conference 06-07 May 2009, Singapore Hussain Ahmad, FCAS Consulting Actuary Towers Perrin Agenda What is takaful
More informationHelp ye one another in righteousness and piety, but help ye not one another in sin and rancour. (The Holy Quran 5.3)
CONCEPT OF ISLAMIC INSURANCE (TAKAFUL) AND REFORMS REQUIRED IN INSURANCE LAW. INTRODUCTION : Islamic Insurance (Takaful) is an alternative form of conventional insurance based on the concept of trusteeship
More informationTaxation of Islamic financial products in Ireland
Chapter 25 Taxation of Islamic financial products in Ireland 25.1 Introduction During 2010, the Republic of Ireland amended its taxation laws to accommodate Islamic finance more favourably. These amendments
More informationTakaful Accounting. By Omer Morshed September 3, 2003 DISCLAIMER:
By Omer Morshed September 3, 2003 DISCLAIMER: This document is provided for informational purposes only, and the information herein is subject to change without notice. Please report any errors herein
More informationTakaful. Mohammad Khan Head of Islamic Finance in PwC. Mohammad Khan
Takaful Mohammad Khan Mohammad Khan Head of Islamic Finance in PwC Partner in PwC Actuarial Services Head of general insurance personal and commercial lines at PwC Member of PwC s Global Islamic Finance
More informationTakaful and Mutual Insurance
Takaful and Mutual Insurance Business Challenges in Mutual Insurance and Takaful Serap Gonulal November 13, 2012 The four pillars of Takaful Takaful Regulatory and legal framework Transparency and consumer
More informationTakaful Evolution of Unconventional Insurance
Takaful Evolution of Unconventional Insurance Takaful Life Working Party Presenter: Aiza Yasmin Benyamin Farzana Ismail 4 March 2016 Introduction Subject material inherently very large Research remit is
More informationAN EMPIRICAL STUDY OF TAKAFUL PARTICIPANT S PERCEPTION OF THE DISTRIBUTION OF THE UNDERWRITING SURPLUS AND ITS IMPACT ON PARTICIPANTS BEHAVIOUR
International Journal of Economics, Commerce and Management United Kingdom Vol. III, Issue 4, April 2015 http://ijecm.co.uk/ ISSN 2348 0386 AN EMPIRICAL STUDY OF TAKAFUL PARTICIPANT S PERCEPTION OF THE
More informationIn the Name of God. Takaful and Microtakaful: Islamic Instruments for protecting poor And Vulnerable Groups. Sadegh Bakhtiari
In the Name of God Takaful and Microtakaful: Islamic Instruments for protecting poor And Vulnerable Groups Sadegh Bakhtiari Professor of Economics, Islamic Azad University, Khorasgan, Isfahan, Iran The
More informationZaki Hamdan Abu El basher Deputy Managing Director Shiekan Insurance & Reins. Co.
The Sudanese Experience In Takaful The Model, Practice & Development Zaki Hamdan Abu El basher Deputy Managing Director Shiekan Insurance & Reins. Co. Khartoum - Sudan Introduction Sudan started Islamic
More informationISSUES SURROUNDING MANAGEMENT OF TAKAFUL SURPLUS. Sutan Emir Hidayat Senior Lecturer, Islamic Finance University College of Bahrain
ISSUES SURROUNDING MANAGEMENT OF TAKAFUL SURPLUS Sutan Emir Hidayat Senior Lecturer, Islamic Finance University College of Bahrain 1 OBJECTIVES OF THE PRESENTATION To explain the differences in the treatment
More informationTakaful and Micro-Insurance 1. Tsuneo Katayama Professor Tokyo Denki University
Takaful and Micro-Insurance 1 Tsuneo Katayama Professor Tokyo Denki University 1. What is Takaful? Takaful (Islamic insurance) may be defined as a system through which the participants donate part or all
More informationISLAMIC FINANCIAL SERVICES BOARD. and INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Issues paper ISLAMIC FINANCIAL SERVICES BOARD and INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS ISSUES IN REGULATION AND SUPERVISION OF TAKAFUL (ISLAMIC INSURANCE) August 2006 THE JOINT WORKING GROUP:
More informationCooperatives. Perfect alignment of shareholders and consumers interest as they are one and the same entity. Theoretically this should result in;
www.mercer.com Cooperatives Autonomous association of persons united voluntarily to meet their common economic, social & cultural needs and aspirations through a jointly owned democratically controlled
More informationThe Certified Islamic Specialist in Takaful
1 The Certified Islamic Specialist in Takaful Introduction: The necessity for the Islamic world to meet its financial needs has been increasing incessantly as a result of the irregularities and illegalities
More informationIn collaboration with
In collaboration with 7th Annual 16 & 17 April 2012, Dusit Thani Dubai, UAE Dear Insurance Industry Leader, It is with great pleasure that we present to you the 5th annual edition of the World Takaful
More informationIslamic Insurance revisited
Islamic Insurance revisited September 2011 Economic Research & Consulting Published by: Swiss Reinsurance Company Ltd 28th Floor Mevara Keck Seng 203 Jalan Bukit Bintang 55100 Kuala Lumpur Malaysia Telephone
More informationAdvanced Diploma in Insurance
THE CHARTERED INSURANCE INSTITUTE 590 Advanced Diploma in Insurance Unit 590 Principles of Takaful October 2015 examination Instructions Three hours are allowed for this paper. Do not begin writing until
More informationIslamic Finance Rules (IFR)
Islamic Finance Rules (IFR) IFR VER02.150617 TABLE OF CONTENTS The contents of this module are divided into the following chapters, sections and appendices: 1. INTRODUCTION... 1 2. ISLAMIC FINANCE... 2
More informationTAKAFUL AT A CROSSROADS
TAKAFUL AT A CROSSROADS The recent growth of the takaful model is impressive, says Zainal Abidin Mohd Kassim but this is in danger of being restricted by a general lack of understanding of the product
More informationManaging Performance in a Recovery The World Takaful Report 2010
report Managing Performance in a Recovery The World Takaful Report 2010 THE WORLD TAKAFUL REPORT 2010: Managing performance in a recovery Dear Insurance Industry Leader, It is with great pleasure that
More informationIN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF MICHIGAN
IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF MICHIGAN KEVIN J. MURRAY, v. Plaintiff, TIMOTHY F. GEITHNER, in his official capacity as Secretary, U.S. Department of Treasury; BOARD OF
More informationAddress by THE NATIONAL BANK OF KENYA
CENTRAL BANK OF KENYA Address by PROF. NJUGUNA NDUNG U GOVERNOR CENTRAL BANK OF KENYA at the OFFICIAL LAUNCH OF THE NATIONAL BANK OF KENYA SHARIA COMPLIANT BANKING THE NATIONAL AMANAH Sarova Stanley Hotel
More informationMethodology for Takaful & Retakaful Firms
Methodology for Takaful & Retakaful Firms By: Sobia Maqbool Senior Manager JCR-VIS Credit Rating Company Limited Singapore, November 25, 2008 Takaful Market Global Takaful market estimated at $ 4 billion
More informationRBC for Takaful Differences from Conventional, Impact and Opportunities. Charlene Lee Senior Actuary Munich Re Retakaful
RBC for Takaful Differences from Conventional, Impact and Opportunities Charlene Lee Senior Actuary Munich Re Retakaful Agenda Typical Takaful Models in Malaysia Solvency Requirements in Malaysia Evolution
More informationSwiss Re s new sigma study explores the growth of insurance in emerging markets and the prospects for Islamic insurance
Media release ab Swiss Re s new sigma study explores the growth of insurance in emerging markets and the prospects for Islamic insurance Contact: Patrizia Baur, Zurich Telephone +41 43 285 3153 Clarence
More informationFamily Takaful Agents' Certification. Summary of the Syllabus
Family Takaful Agents' Certification Summary of the Syllabus Institute of Financial Markets of Pakistan 2016 OBJECTIVE OF THE EXAMINATION The objective of this course is to equip the trainee with the knowledge
More informationTRUST. TRANSPARENCY. INDEPENDENCE. Takaful Rating Methodology
TRUST. TRANSPARENCY. INDEPENDENCE Takaful Rating Methodology TAKAFUL RATING METHODOLOGY Preamble Shari a (Islamic Laws) may be termed as a rule of law, which fundamentally covers all practical and spiritual
More informationPresentation Outline Copyright Bank Nizwa. All Rights Reserved. 2
Presentation Outline Real Economy VS Capitalism PREAMBLE Overview of Islamic Finance Section 1 Islamic Banks VS Conventional Banks Section 2 A Glimpse Into Islamic Finance Products and Services Section
More informationFAMILY TAKAFUL. Savings PLUS. Jubilee Life Insurance Company Limited-Window Takaful Operations
FAMILY TAKAFUL Savings PLUS Takaful Plan Jubilee Life Insurance Company Limited-Window Takaful Operations As you climb up the success ladder and move on from successfully achieving one milestone after
More informationJCR-VIS Credit Rating Company Limited. Affiliate of Japan Credit Rating Agency, Ltd.
Rating Agencies Methodologies for Takaful and Re-Takaful Firms By Sobia Maqbool Senior Manager JCR-VIS Credit Rating Company Limited Singapore, November 25, 2008 Honorable speakers, distinguished ladies
More informationIslamic Insurance: An Alternative to Conventional Insurance
Islamic Insurance: An Alternative to Conventional Insurance Muamar Dahnoun & Dr. Basil Alqudwa Al-Huda University 1902 Baker Rd, Houston, TX 77094 Abstract The significance and importance of Takaful in
More informationBusiness Operation Model with Sharia Concerns and Proposed Resolution for Takaful
Humanity & Social Sciences Journal 12 (1): 01-06, 2017 ISSN 1818-4960 IDOSI Publications, 2017 DOI: 10.5829/idosi.hssj.2017.01.06 Business Operation Model with Sharia Concerns and Proposed Resolution for
More informationCan Islamic Finance Promotes Sustainable Development and Inclusive Growth?
Can Islamic Finance Promotes Sustainable Development and Inclusive Growth? Dr. Azmi Omar Director General Islamic Research and Training Institute http://www.irti.org Presentation Outline o Value Proposition
More informationIslamic Finance Seminar Wednesday 2 December
Islamic Finance Seminar Wednesday 2 December Islamic Finance Seminar Wednesday 2 December Chris Fletcher Greater Manchester Chamber Policy & Marketing Director Islamic Finance Seminar Wednesday 2 December
More informationSUSTAINABLE DEVELOPMENT THROUGH THE ISLAMIC INSURANCE SYSTEM IN SUDAN. Fatima A. Galal 1 Zuriah A. Rahman 2 Mohamed Azam M.
SUSTAINABLE DEVELOPMENT THROUGH THE ISLAMIC INSURANCE SYSTEM IN SUDAN Fatima A. Galal 1 Zuriah A. Rahman 2 Mohamed Azam M. Adil 3 ABSTRACT Several Islamic insurance and solidarity companies have been established
More informationTakaful Business Challenges and Opportunities
Life Insurance Conference 2012 Takaful Business Challenges and Opportunities 9 November 2012 Amara Sanctuary Resort Sentosa, Singapore By: Hans De Cuyper Chief Executive Officer Etiqa Insurance & Takaful
More informationTakaful & IFRS on insurance contracts. MASB Islamic Finance Master Class 21 November 2013
Takaful & IFRS on insurance contracts MASB Islamic Finance Master Class 21 November 2013 2 COMPETITION LAW CAUTION The participants in this event and the MASB shall not enter into any discussion, activity
More informationRisk Management in the Takaful Industry: An Empirical Study of the Kuwaiti Market
Risk Management in the Takaful Industry: An Empirical Study of the Kuwaiti Market Jassem Alokla 1, Arief Daynes 2 ABSTRACT Takaful insurance companies manage their risks in accordance with Sharia law.
More informationUNDERWRITING AND MANAGING RISKS IN TAKAFUL
UNDERWRITING AND MANAGING RISKS IN TAKAFUL Azman Mohd Noor International Islamic University Malaysia, Seminar on Insurance and Risk in Asia Pacific Kyoto International Community House 24 September 2010
More informationChapter 8: Takaful. Chapter Objectives. Students must be able to: Understand the Sources of Islamic Law. Understand the Concept of Takaful
Chapter 8 Takaful Chapter Objectives Students must be able to: Understand the Sources of Islamic Law Understand the Concept of Takaful Define and Relate to the 3 Principles of Syariah Relating to a Contract
More informationSyarikat Takaful Malaysia Berhad Family Takaful leader
21 November 2013 Initiating Coverage Syarikat Takaful Malaysia Berhad Family Takaful leader BUY Target Price (TP): RM10.90 INVESTMENT HIGHLIGHTS Leader in the group Family Takaful business, with a 40%
More informationIFC WEBINAR ON ISLAMIC FINANCE AND BANKING. Making Islamic Finance and Banking Work for SMEs 17 th May, 2017
IFC WEBINAR ON ISLAMIC FINANCE AND BANKING Making Islamic Finance and Banking Work for SMEs 17 th May, 2017 Topics 1. Why is IFC interested in Islamic Finance and Banking 2. An overview of Islamic Finance
More informationGlossary Of Islamic Finance Terms
January 7, 2008 Glossary Of Islamic Finance Terms Primary Credit Analyst: Mohamed Damak, Paris (33) 1-4420-7322; mohamed_damak@standardandpoors.com Table Of Contents The Five Pillars Of Islamic Finance
More informationHISAAR SAVINGS PLAN. Consumer Banking. Committed to People
HISAAR SAVINGS PLAN Consumer Banking Committed to People HISAAR - meaning Fort and Fence is exactly what this new takaful plan from Jubilee Life Insurance - Window Takaful Operations in partnership with
More informationPenetrating Impenetrable with Takaful
Penetrating Impenetrable with Takaful Family Takaful Focus By: Ravindra Mohan Email : mohan@aetins.com www.aetins.com World Takaful Conference. Dusit Thani. Dubai 13 th April 2015 Agenda 1. Industry Challenges
More informationINSURANCE SOLVENCY SUPERVISION, EUROPEAN REGULATION AND TAKAFUL PRODUCTS
INSURANCE SOLVENCY SUPERVISION, EUROPEAN REGULATION AND TAKAFUL PRODUCTS ALBERTO DREASSI* Abstract This paper investigates the application of global solvency supervisory principles and the European Solvency
More informationTax Treatment of Islamic Financial Transactions
Tax Treatment of Islamic Financial Transactions This document should be read in conjunction with Part 8A Taxes Consolidation Act 1997 Document created November 2018. 1 Table of Contents 1 Introduction
More informationConceptual. Objectives of Parties. Unique Challenges
13th Global Conference of Actuaries 2011 Emerging Risks Daring Solutions Debo Ajayi, FSA, FCIA, MAAA Managing Director & Actuary Milliman LLC UAE February 20 22, 2011 Conceptual Objectives of Parties Models
More informationFAMILY TAKAFUL. (Shariah compliant life insurance) Assessment of Business Risk Financial Risk. Presenter: Amara Gondal
FAMILY TAKAFUL (Shariah compliant life insurance) Assessment of Business Risk Financial Risk Presenter: Amara Gondal Contents: SCOPE IFS Rating Takaful Structure Why need a modified rating approach Key
More informationTITLE OF THE PAPER: IS ISLAMIC INSURANCE AN ALTERNATIVE TO CONVENTIONAL INSURANCE? AUTHORS SHEILA NU NU HTAY 1
TITLE OF THE PAPER: IS ISLAMIC INSURANCE AN ALTERNATIVE TO CONVENTIONAL INSURANCE? AUTHORS SHEILA NU NU HTAY 1 sheila@iium.edu.my SYED AHMED SALMAN 2 salmaniium@gmail.com Contact details SYED AHMED SALMAN
More informationICIEC SUKUK-BASED SOLUTIONS FOR PROJECT FINANCING
ICIEC SUKUK-BASED SOLUTIONS FOR PROJECT FINANCING By: Oussama A. Kaissi CEO, ICIEC Jakarta 17 th May 2016 Sukuk Market Overview Global Sukuk issuances have grown significantly over the past 15 years, Fall
More informationMeasuring the Performance of Insurance Industry in Malaysia: Islamic vis-à-vis Conventional Insurance
Measuring the Performance of Insurance Industry in Malaysia: Islamic vis-à-vis Conventional Insurance Muhamad Abduh 1 Assistant Professor IIUM Institute of Islamic Banking and Finance International Islamic
More informationThe Non- Financial Factors Influencing The Performance of. Islamic Insurance In Kenya: A Case Study of Takaful Insurance.
The Non- Financial Factors Influencing The Performance of Islamic Insurance In Kenya: A Case Study of Takaful Insurance of Africa NABIL SULEIMAN AHMED Department of Business Administration, Jomo Kenyatta
More informationIntroduction & Historical Background How to sell Takaful Products? Recent Developments Bancatakful What is Banca & Why?
November 9 th - 10 th, 2015 Takaful is a fast growing concept of Islamic Insurance and it is not only the Shari ah Compliant risk covering product rather its feature of potential return gives it a competitive
More informationThe Role for Takaful Companies
building value together 22 June 2012 The Role for Takaful Companies Hassan Scott Odierno, FSA Kuala Lumpur www.actuarialpartners.com Takaful is more than just Muslim insurance Takaful is a hybrid with
More informationShariah-Compliant Reporting
IFRS Foundation Shariah-Compliant Reporting Nairobi, Kenya Darrel Scott, IASB Member The views expressed in this presentation are those of the presenter, not necessarily those of the International Accounting
More informationQ: What types of Financial Institutions and transactions are involved in Islamic finance?
Q: What is Islamic Finance Islamic finance is an interest free finance system. There is therefore, no charge for its use. Islamic finance is asset based as opposed to being currency based. A deal is structured
More informationGOVERNMENT NOTICE No.. published on THE INSURANCE ACT (CAP.394) REGULATIONS. (Made under section 167) PART I PRELIMINARY
GOVERNMENT NOTICE No.. published on THE INSURANCE ACT (CAP.394) REGULATIONS (Made under section 167) THE INSURANCE (TAKAFUL) REGULATIONS, 2014 PART I PRELIMINARY Citation 1. These Regulations may be cited
More informationBESTW EEK. Malaysia Seeks Takaful Growth With New Regulations. Asia/Pacific. Takaful in Malaysia. Insurance Newsletter.
www.bestweek.com BESTW Weekly EEK Asia/Pacific Insurance Newsletter November 2011 Malaysia Seeks Takaful Growth With New Regulations Malaysia has laid out a regulatory framework aimed at building a foundation
More informationIslamic Finance Industry: 2010 & Beyond
GIFF IFN Asia Forum 21 Islamic Finance Industry: 21 & Beyond Baljeet Kaur Grewal Managing Director & Vice Chairman KFH RESEARCH LTD 27 OCTOBER 21 CONTENT Overview of the Islamic Finance Industry Opportunities
More informationTAKAFUL CONFERENCE ON ISLAMIC INVESTMENT MANAGEMENT 12 FEBRUARY 2008, DUBAI. KEYNOTE ADDRESS Dr. Nasser Saidi Chief Economist, DIFCA
TAKAFUL CONFERENCE ON ISLAMIC INVESTMENT MANAGEMENT 12 FEBRUARY 2008, DUBAI KEYNOTE ADDRESS Dr. Nasser Saidi Chief Economist, DIFCA It is indeed a pleasure and an honour for me to address participants
More informationTakaful - Reviving the Mutual model
building value together 2 June 2011 Takaful - Reviving the Mutual model Zainal Abidin Mohd Kassim, FIA Global Insurance Conference 2011 www.actuarialpartners.com Proprietary based Insurance Consumers are
More informationDiversification of Islamic Financial Instruments in Turkey
Republic of Turkey Undersecretariat of Treasury Diversification of Islamic Financial Instruments in Turkey Utku ŞEN Treasury Expert 9 th MEETING OF THE COMCEC FINANCIAL COOPERATION WORKING GROUP October
More informationAL MADINA INSURANCE COMPANY SAOG
1 AL MADINA INSURANCE COMPANY SAOG UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH Note Shareholders fund Participants fund General takaful Family takaful Total participants
More informationAdvanced Diploma in Insurance
THE CHARTERED INSURANCE INSTITUTE 590 Advanced Diploma in Insurance Unit 590 Principles of Takaful April 2017 examination Instructions Three hours are allowed for this paper. Do not begin writing until
More information2 ND TAKAFUL SUMMIT JUMEIRAH CARLTON TOWER, LONDON 15 th & 16 th JULY 2008
2 ND TAKAFUL SUMMIT JUMEIRAH CARLTON TOWER, LONDON 15 th & 16 th JULY 2008 THE INSURANCE : HALAL/HARAM CONUNDRUM By: DATO MOHD FADZLI YUSOF Director/Principal Consultant, Malaysia DATO MOHD FADZLI YUSOF
More informationThe State of the Islamic Capital Market & Future Prospects
The State of the Islamic Capital Market & Future Prospects Ijlal Alvi CEO IIFM Contents Global Market Perspective The Islamic Capital Market OIC Equity Market Malaysian Capital Markets Way Forward Future
More informationAL MADINA INSURANCE COMPANY SAOG UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE Participants fund. Total participants
AL MADINA INSURANCE COMPANY SAOG 2 UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE Note Shareholders General takaful Participants fund Family takaful Total participants fund Grand
More informationThe DFSA is the independent financial services regulator for the DIFC
Address by Paul M Koster - Chief Executive Dubai Financial Services Authority (DFSA) at the World Takaful Conference Dusit Hotel, Dubai 14 April 2009 ====================================== The title I
More informationCorporate Profile
www.methaq.ae Corporate Profile Content Brand 5 Vision 6 Values 7 Mission 9 Corporate Governance 10 Organization 11 Takaful 13 Takaful Benefits 15 Takaful Services 17 Takaful Solutions (For Corporations
More informationIslamic finance in Bermuda Bermuda: Islamic finance hub in the western hemisphere
www.pwc.com/bermuda Islamic finance in Bermuda Bermuda: Islamic finance hub in the western hemisphere Contents Page 1. Bermuda: Islamic finance hub in the western hemisphere 2 2. Why Bermuda 3 3. Retakaful
More informationIslamic Finance More Than Window Dressing?
Islamic Finance More Than Window Dressing? This article considers the most common structures employed in Islamic finance and deals with some of the criticisms surrounding its practice. Introduction Islamic
More informationypt Briefings May years, with itself in 1978, 1984). worth noting Islamic penetration
The Dynamics of Takaful Markets of the Middle East and Malaysia: Similar Models, Different Approaches, Contrasting Fortunes A.M. Best Introduction The concept of Sharia compliant insurance has gained significant
More informationShariah Guidelines for Sukuk. Mufti Ismail Ebrahim Shariah Advisor Malta, October 2014
Shariah Guidelines for Sukuk Mufti Ismail Ebrahim Shariah Advisor Malta, October 2014 0 Outline of Presentation Page Credentials Mufti Ismail Ebrahim [2] Islamic Financial Services Products Mufti Ismail
More informationEnjoy your family moments and the flexibility to protect them.
Takaful Elite Takafulink Enjoy your family moments and the flexibility to protect them. Protection that gives you time with your family and the wealth that they deserve. Few things are as precious as your
More informationZeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment
Zeti Akhtar Aziz: Islamic finance a global growth opportunity amidst a challenging environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the State Street Islamic
More informationFactors that are important to the establishment of an Islamic Finance Industry in Australia John Masters PricewaterhouseCoopers
Factors that are important to the establishment of an Islamic Finance Industry in Australia John Masters Islamic Financial Services: What Role for Australia? MCFS Symposium, Melbourne 21 November, 2008
More informationThe Evolution of Islamic Finance
The Evolution of Islamic Finance Islamic finance lexicon/1 Ijara: leasing transaction where the purchase of the leased equipment at the end of the rental period is optional Mudaraba: form of financial
More informationGuide to Islamic Finance in Russia
in Russia Part I: Infrastructure 2009 About the Guide 2 This Islamic Finance Guide in Russia is the result of research work by specialists of IFC Linova, corroborated in practice and expressed for the
More information