FAMILY TAKAFUL. (Shariah compliant life insurance) Assessment of Business Risk Financial Risk. Presenter: Amara Gondal
|
|
- Verity Horton
- 5 years ago
- Views:
Transcription
1 FAMILY TAKAFUL (Shariah compliant life insurance) Assessment of Business Risk Financial Risk Presenter: Amara Gondal
2 Contents: SCOPE IFS Rating Takaful Structure Why need a modified rating approach Key risks PACRA s approach Business Risk Financial Risk Snapshot
3 SCOPE how PACRA assesses the business risk and financial risk of a family takaful undertaking, while assigning Insurer Financial Strength (IFS) rating to the undertaking. This presentation covers modifications, to PACRA s rating approach for conventional life insurers, adopted to rate a Family Takaful undertaking.
4 IFS Rating of a Family Takaful undertaking IFS rating of a family takaful undertaking assesses the financial strength of the undertaking and its capacity to meet obligations to the participants on a timely basis. The IFS rating is assigned to the undertaking itself, and no liabilities or obligations of the undertaking are specifically rated unless otherwise stated.
5 FAMILY TAKAFUL MODEL Securities and Exchange Commission of Pakistan has permitted following operational models: WAQALA-WAQF for the management of takaful (insurance) related component; and WAQALA-WAQF or MODARBA or BOTH for the management of investment related component articipants Contribution surplus Participants Takaful Fund (PTF) Operators fee Qard-e-Hasna Takaful Operator (TO) Return* Capital Shareholders Includes Partcipants Investment Fund (PIF) Represents Shareholder s Fund (SHF) *Return on equity (ROE)
6 Why need a modified rating approach Family takaful undertakings share some similarities with conventional life insurers in attempting to serve certain economic objectives Structural difference, which need to be factored in for the IFS rating of a family takaful undertaking, are Segregation of funds (Partcipants Takaful Fund and Shareholders Fund) with some ring fencing; and Varied degree of exposure of these funds to insurance risk (mortality, morbidity, and longevity), and investment risk (interest rate, credit, an liquidity)
7 Key Risks faced by the respective funds Risk PTFs SHF Provisioning and Reserving Risk The risks of underestimation of the underwriting liabilities and adverse claims experiences. losses arising from severity and frequency of claims due to changes in anticipated mortality, morbidity and longevity as well as catastrophic events such as epidemic, major accident or terrorist attack. _ Underwriting Management Risks The risks of poor management of accepting risk and claim payouts. losses arising from poor selection, pricing and acceptance of risks and inappropriate product design. _
8 .Key Risks faced by the respective funds Risks PTFs SHF Operational Risks The risks of loss from inadequate of failed internal processes, people and systems. Shariah non-compliance risk, and failure in TO fiduciary responsibilities Loss of income from tainted income due to Shariah rulings. Losses due to claims fraud. Losses due to legal risk. Administration and acquisition expenses for developing and maintaining the Takaful contracts. This relates to business risk whereby the fund will not have adequate cashflows to meet the operating expenses. Fiduciary risk. Credit Risk The risk for a counterparty failing to meet its obligations according to the agreed terms Takaful contributions receivables; Retakaful recoveries; Profit and capital receivable from invested assets. Wakala Fee (due to contributions receivables); Other debtors, including the risk of non-recovery of a Qard-e-Hasna; Profit and capital receivable from invested assets.
9 .Key Risks faced by the respective funds Risks PTFs SHF Market Risks The risks of losses arising from movement in market prices i.e. fluctuations in values in tradable, marketable assets (including sukuk) and deviation from actual rate of return from the expected rate of return. The risks relate to current and future volatility of market values of assets, and of foreign exchange rates. The risks relate to current and future volatility of market values of assets, and of foreign exchange rates. Liquidity Risk The risk from inability to meets its obligations or to fund increases in assets as they fall due without incurring unacceptable costs or losses Additional costs through raising additional funds at a premium on the market or through the sale of assets which simultaneously affect the overall appropriate provisioning and reserving methodologies of PTF. Additional costs through raising additional funds at a premium on the market or through the sale of assets which simultaneously affect the overall appropriate capitalization and reserving.
10 Pacra s Rating approach Business Risk Industry A thorough understanding of family takaful industry, the extent industry dynamics can impact the rating levels that the takaful industry itself can achieve (industry rating) this includes an assessment of Opportunities and threats within the takaful industry Competitive environment in family takaful industry as well as in conventional life insurance sector, market development and customer loyalty Understanding of the regulatory environment (paritcularly Qard-e- Hasna regulations) effectiveness of the regulatory regime, including the quality of supervision, capital requirement and risk assessment. Relative positioning of the family takaful undertaking, being rated, within the takaful industry as well as in overall insurance market (conventional and takaful)
11 Pacra s Rating approach Business Risk IFS Rating to a family takaful undertaking does not comment on shariah compliance status of the undertaking. However, it only considers other qualitative factors related to Shariah Board and related experience of TO (addressed in the assessment of TO s management quality section) An assessment of Participants Takaful Fund (PTF) Participants Investment Fund (PIF) Shareholders Fund (SHF), and then Combined assessment of the Takaful Operator (TO) along with all the Statutory Funds Performance of any family takaful undertaking (a) Underwriting performance As assessment of products offered group family takaful Vs. Individual Family Takaful
12 Business Risk Underwriting performance PACRA considers performance of funds (PTF, PIF and SHF) separately as well on overall basis; Ratio analysis An assessment of business model adopted by the TO the agreed fee or split of profits between the Takaful fund and the TO the adequacy of management fee income of TO to absorb expenses in order to ensure the ongoing existence of the whole takaful operation; the fee expense of PTF should be lower than difference between contributions received from participants and the claims (i.e. fund is in surplus).» Note:, as per SECP s Takaful rules, 2005, wakala fee to TO should be allocated irrespective of surplus in PTF. This supports the possibility of higher returns to shareholders in early yaers.
13 Business Risk Investments performance The appraisal procedure adopted for investments performance assessment is largely similar to conventional life insurers. (Ratio analysis) takaful undertakings are at competitive disadvantage relative to conventional insurers due to shariah related restrictions (limited avenues) and immature Islamic financial sector in Pakistan, which hampers investment related profitability. Structural features of family takaful products may have some distinctive features due to wakala-waqf or modarba or both models for the investment components, as applicable in Pakistan. PACRA would examine profit participation (amongst PIF and TO) terms.
14 Financial Risk Retakaful Assessment technique for valuing Ratakaful arrangements entered into by a family takaful undertaking is similar as for conventional life insurers. Benefit of retakaful surplus income. Takaful undertakings are exposed to concentration risk due to small number of Retakaful undertakings. Dormant stage of Retakaful industry poses risk of (less experienced) pricing of treaty contracts as compared to conventional alternatives.
15 Financial Risk Liquidity The asset/liability matching policies for PTF and shareholders fund may be significantly different, according to their respective financial liabilities profiles, Therefore, PACRA would evaluate investment portfolio of the shareholders fund, PTF and PIF separately. An evaluation of liquidity of investments is a key area of PACRA s assessment process for takaful undertakings due to relatively greater concerns than for conventional insurers. This includes limited options available for investments decisions to takaful undertakings due to Shariah conditions and regulatory restrictions, creating concentration issues; e.g. as per SECP s Takaful Rules, 2005, every TO is required to invest 80% of PTF portfolio in Government Islamic instruments.
16 Financial Risk Solvency possibility of adverse developments in all areas of risk to which the PTF is exposed that the fund can meet claims (represented by technical reserves) The adequacy and sufficiency of creation of technical reserves in PTF is not subject to PARCA s assessment framework, for which PACRA would develop comfort level on the appointed actuary, responsible for determining appropriate level of reserves. The size of the fund is assessed keeping in view the policyholders liabilities. an assessment of TO available resources to meet its own financial and legal obligations includes the possible need to provide capital by way of a Qard-e-Hasna facility to PTF the terms and conditions of drawing down the facility by PTF, and TO s arrangements to earmark its assets as Qad-e- Hasna reserves remains critical part of this part of assessment.
17 THANK YOU
18
19 _ THANK YOU
20
Methodology 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 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 informationWINDOW TAKAFUL OPERATIONS
WINDOW TAKAFUL OPERATIONS PARTICIPANT TAKAFUL FUND POLICIES 1. SHORT TITLE - These shall be called Participant Takaful Fund Policies 2. DEFINITIONS- Following are the definitions of the terminologies used
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 informationDawood Family Takaful Limited
Powered by TCPDF (www.tcpdf.org) The Pakistan Credit Rating Agency Limited Rating Report Report Contents 1. Rating Analysis 2. Financial Information 3. Rating Scale 4. Regulatory and Supplementary Disclosure
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 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 informationSubject SP1 Health and Care Specialist Principles Syllabus
Subject SP1 Health and Care Specialist Principles Syllabus for the 2019 exams 1 June 2018 Health and Care Specialist Principles Aim The aim of the Health and Care Principles subject is to instil in successful
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 informationPrudential BSN Takaful Berhad (Company No H) (Incorporated in Malaysia)
Unaudited Condensed Interim Financial Statements For The Half-Year Ended 30 June 2013 (in Ringgit Malaysia) Contents Page Statement of financial position 1 Statement of comprehensive income 3 Statement
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 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 informationHALF YEARLY REPORT. June 30, 2016
HALF YEARLY REPORT HALF YEARLY REPORT JUNE 30, Certified True Copy Najam Ul Hassan Janjua Company Secretary www.jubileelife.com Table of Contents 1 Profile Vision, Mission & Core Values 2 Our Company Company
More informationThe development of Takaful is
JCR-VIS GENERAL TAKAFUL Rating Methodology Akin to conventional insurance, an Insurer Financial Strength (IFS) rating is an assessment of a company s capacity to meet its contractual obligations that mainly
More informationInsight into Pakistan Life Insurance Sector
Insight into Pakistan April 2013 life - Profitability - Assets Snapshot Key concepts life Highlights in selected regions of life Profitability Assets Allocation and Investment Strategy Key strengths of
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 informationSubject SP2 Life Insurance Specialist Principles Syllabus
Subject SP2 Life Insurance Specialist Principles Syllabus for the 2019 exams 1 June 2018 Life Insurance Principles Aim The aim of the Life Insurance Principles subject is to instil in successful candidates
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 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 informationThe primary objective of ratings in the life insurance sector is to provide an independent assessment
JCR-VIS LIFE INSURANCE FAMILY TAKAFUL Rating Methodology The primary objective of ratings in the life insurance sector is to provide an independent assessment of the company s ability to pay promised benefits
More informationBERMUDA INSURANCE (PRUDENTIAL STANDARDS) (INSURANCE GROUP SOLVENCY REQUIREMENT) RULES 2011 BR 77 / 2011
QUO FA T A F U E R N T BERMUDA INSURANCE (PRUDENTIAL STANDARDS) (INSURANCE GROUP SOLVENCY BR 77 / 2011 TABLE OF CONTENTS 1 2 3 4 5 6 7 8 9 10 Citation Interpretation ECR Group BSCR model Approved group
More informationMapping of Life Insurance Risks 1/25/02
Federal Reserve Risk Credit Risk The potential that a borrower or counterparty will fail to perform Business Credit Risk Invested Asset Credit Risk Political Risk Mapping of Life Insurance Risks 1/25/02
More informationBERMUDA INSURANCE (GROUP SUPERVISION) RULES 2011 BR 76 / 2011
QUO FA T A F U E R N T BERMUDA INSURANCE (GROUP SUPERVISION) RULES 2011 BR 76 / 2011 TABLE OF CONTENTS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Citation and commencement PART 1 GROUP RESPONSIBILITIES
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Guidance Paper No. 2.2.x INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS GUIDANCE PAPER ON ENTERPRISE RISK MANAGEMENT FOR CAPITAL ADEQUACY AND SOLVENCY PURPOSES DRAFT, MARCH 2008 This document was prepared
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 informationRating Takaful (Shari a Compliant) Companies
BEST S METHODOLOGY AND CRITERIA Rating Takaful (Shari a Compliant) Companies October 13, 2017 Mahesh Mistry: +44 20-7-397-0325 Mahesh.Mistry@ambest.com Salman Siddiqui: +44 20 7 397 0331 Salman.Siddiqui@ambest.com
More informationSampo Group Risk Management Principles. 9 May 2018
Sampo Group Risk Management Principles 9 May 2018 Table of contents 1. The Objectives, Tasks and Motivation of the Risk Management Process 4 2. General Group Level Risk Statements 7 2.1 Risk Appetite 7
More information2.1 Pursuant to article 18D of the Act, an authorised undertaking shall, except where otherwise provided for, value:
Valuation of assets and liabilities, technical provisions, own funds, Solvency Capital Requirement, Minimum Capital Requirement and investment rules (Solvency II Pillar 1 Requirements) 1. Introduction
More informationFor 2018 Examinations
Institute of Actuaries of India Subject ST1 Health and Care Insurance For 2018 Examinations Subject ST1 Health and Care Specialist Technical Syllabus Aim The aim of the Health and Care Specialist Technical
More informationICRA LANKA S RATINGS FOR GENERAL INSURANCE COMPANIES
ICRA LANKA S RATINGS FOR GENERAL INSURANCE COMPANIES Insurance Financial Strength Rating (IFSR) is ICRA Lanka's opinion on the financial strength of the rated insurer and its ability to honour policy-holder
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 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 informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Guidance Paper No. 2.2.6 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS GUIDANCE PAPER ON ENTERPRISE RISK MANAGEMENT FOR CAPITAL ADEQUACY AND SOLVENCY PURPOSES OCTOBER 2007 This document was prepared
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 informationRisk Management and Governance in Takaful
building value together 30 th May 2016 Risk Management and Governance in Takaful Zainal Abidin Mohd. Kassim, FIA WB-IFSB-Turkish Treasury Conference, 30 & 31 May 2016 Istanbul www.actuarialpartners.com
More informationPrudential Standard GOI 3 Risk Management and Internal Controls for Insurers
Prudential Standard GOI 3 Risk Management and Internal Controls for Insurers Objectives and Key Requirements of this Prudential Standard Effective risk management is fundamental to the prudent management
More informationGUIDANCE NOTE ON LICENSED INSURERS OWN SOLVENCY ASSESSMENT
GUIDANCE NOTE ON LICENSED INSURERS OWN SOLVENCY ASSESSMENT 1. Introduction The Commission has the power under The Insurance Business (Bailiwick of Guernsey) Law, 2002 ( the Law ) to require licensed insurers
More informationA Review of the Development of GCC Takaful Rating Fundamentals and Catalysts for Growth Over the Next Decade
10 th Anniversary The A Review of the Development of GCC Takaful Rating Fundamentals and Catalysts for Growth Over the Next Decade Mahesh Mistry Director - Analytics A.M. Best Europe Rating Services Ltd
More informationFramework for a New Standard Approach to Setting Capital Requirements. Joint Committee of OSFI, AMF, and Assuris
Framework for a New Standard Approach to Setting Capital Requirements Joint Committee of OSFI, AMF, and Assuris Table of Contents Background... 3 Minimum Continuing Capital and Surplus Requirements (MCCSR)...
More informationEFU LIFE ASSURANCE LTD.
EFU LIFE ASSURANCE LTD. Window Takaful Operations EFU Life House, Plot No. 112, 8th East Street, Phase I, DHA, Karachi, Pakistan. Tel: (021) 111-EFU-HEM (111-338-436) Fax: (021) 34537519 Website: www.efuhemayahtakaful.com
More informationSOLVENCY ADVISORY COMMITTEE QUÉBEC CHARTERED LIFE INSURERS
SOLVENCY ADVISORY COMMITTEE QUÉBEC CHARTERED LIFE INSURERS March 2008 volume 4 FRAMEWORK FOR A NEW STANDARD APPROACH TO SETTING CAPITAL REQUIREMENTS AUTORITÉ DES MARCHÉS FINANCIERS SOLVENCY ADVISORY COMMITTEE
More informationSubject ST2 Life Insurance Specialist Technical Syllabus
Subject ST2 Life Insurance Specialist Technical Syllabus for the 2018 exams 1 June 2017 Aim The aim of the Life Insurance Specialist Technical subject is to instil in successful candidates the main principles
More informationRISK MANAGEMENT 5 SAMPO GROUP'S STEERING MODEL 7 SAMPO GROUP S OPERATIONS, RISKS AND EARNINGS LOGIC
Risk Management RISK MANAGEMENT 5 SAMPO GROUP'S STEERING MODEL 7 SAMPO GROUP S OPERATIONS, RISKS AND EARNINGS LOGIC 13 RISK MANAGEMENT PROCESS IN SAMPO GROUP COMPANIES 15 Risk Governance 20 Balance between
More informationAl Khaleej Takaful Group Q.S.C. CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS 31 December 2012 INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF AL KHALEEJ TAKAFUL GROUP Q.S.C. We have audited the accompanying consolidated financial statements
More informationAVIVA Solvency and Financial Condition Report ( SFCR )
AVIVA 2016 Solvency and Financial Condition Report ( SFCR ) 2 Disclaimer Cautionary statements: This should be read in conjunction with the documents distributed by Aviva plc (the Company or Aviva ) through
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 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 informationRISK MANAGEMENT MODULE
RISK MANAGEMENT MODULE MODULE RM (Risk Management) Table of Contents RM-A RM-B RM-1 RM-2 RM-3 RM-4 RM-5 RM-6 RM-7 RM-8 Date Last Changed Introduction RM-A.1 Purpose 01/2011 RM-A.2 Module History 04/2014
More informationENTERPRISE RISK MANAGEMENT, INTERNAL MODELS AND OPERATIONAL RISK FOR LIFE INSURERS DISCUSSION PAPER DP14-09
ENTERPRISE RISK MANAGEMENT, INTERNAL MODELS AND FOR LIFE INSURERS DISCUSSION PAPER DP14-09 This paper is issued by the Insurance and Pensions Authority ( the IPA ), the regulatory authority responsible
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 informationPrudential BSN Takaful Berhad. Unaudited condensed interim financial statements for the half-year ended 30 June 2017
Unaudited condensed interim financial statements for the half-year ended 30 June 2017 CONTENTS Page Unaudited statement of financial position 1 Unaudited statement of profit or loss and other comprehensive
More informationGreyCastle Life Reinsurance (SAC) Ltd. Financial Condition Report
GreyCastle Life Reinsurance (SAC) Ltd. Financial Condition Report For the Year Ended December 31, 2016 Issued: April 27, 2017 Contents Introduction 3 Business and Performance 3 Governance Structure 6 Risk
More informationBalcia Insurance SE Public Quarterly Report
Balcia Insurance SE Public Quarterly Report 4 th Quarter 2017 The Report prepared in accordance with the Financial and Capital Market Commission Regulations No. 147 Regulations on Preparation of Public
More information, Riga, Shareholder. Other entities % EUR EUR
Balcia Insurance SE Public Quarterly Report 3 rd Quarter 2018 The Report prepared in accordance with the Financial and Capital Market Commission Regulations No. 147 Regulations on Preparation of Public
More informationLife Insurance And Family Takaful in Pakistan. March 2016
And Family Takaful in Pakistan March 2016 companies in Pakistan are allowed to enter into following types of contracts of life 1. that provides for the payment of money on the death of a person or on the
More informationmeans the Securities and Exchange Commission of Pakistan (SECP). means the amount payable by a Participant to an Operator under a Takaful Contract
@insurance ADAMJEE TNSURANCE CO. LTD.. WINDOW TAKAFUL OPERATIONS 1. 2. SHORT TITLE - These shall be called Participant Takaful Fund Policies. DEFINITIONS - Following are the definitions of the terminologies
More informationGenerali Worldwide Insurance Company Limited Singapore Branch (the Branch )
Generali Worldwide Insurance Company Limited Singapore Branch (the Branch ) This has been prepared to fulfill the mandatory requirements of MAS Notice 124 Public Disclosure Requirements for the financial
More informationPak-Qatar Family Takaful Limited
Rating Report RATING REPORT REPORT DATE: June 30, 2017 RATING ANALYSTS: Muniba Khan muniba.khan@jcrvis.com.pk RATING DETAILS Latest Rating Previous Rating Rating Category Long-term Long-term Entity A A
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 informationIFRS 4 Phase I and II:
building value together 19 th September 2012 IFRS 4 Phase I and II: The issues for takaful, implications for the Mudharabah and Wakala Model Zainal Abidin Mohd Kassim, FIA Senior Partner www.actuarialpartners.com
More informationThe asset side of Takaful and implications on product design
building value together 13 November 2012 The asset side of Takaful and implications on product design Hassan Scott Odierno, FSA Istanbul www.actuarialpartners.com Conventional bonds Bonds are the backbone
More informationRisk Management. 5 Sampo Group s Operations, Risks and Earnings Logic. Sampo Group Steering Model and Risk Management Process. 25 Underwriting Risks
5 Sampo Group s Operations, Risks and Earnings Logic 6 Risks 12 Earnings Logic 13 Sampo Group Steering Model and Process 14 Parent Company's Guidance 15 Subsidiaries Activities and 19 Parent Company s
More informationTakaful. 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 PAKISTAN LIMITED. Half Yearly Report June 30, 2017
TAKAFUL PAKISTAN LIMITED Half Yearly Report June 30, 2017 Takaful Pakistan Limited Half Yearly Report June 2017 CONTENTS Corporation Information 03 Vision, Mission and Ambition 05 Management Team 06 Branches
More informationApplication of Actuarial Methods in Takaful Insurance
14-16 February 2004 Application of Actuarial Methods in Takaful Insurance Zainal Abidin Mohd Kassim, FIA Kuala Lumpur, Malaysia This presentation will cover both Life Takaful and General Takaful Mercer
More informationA.M. BEST METHODOLOGY
A.M. BEST METHODOLOGY December 2, 2011 Contents Principles of Takaful...1 Takaful Models & Structures...2 Main Characteristics of Takaful Companies....3 Analysing a Takaful Company...4 Appendix 1 Sample
More informationSolvency II Insights for North American Insurers. CAS Centennial Meeting Damon Paisley Bill VonSeggern November 10, 2014
Solvency II Insights for North American Insurers CAS Centennial Meeting Damon Paisley Bill VonSeggern November 10, 2014 Agenda 1 Introduction to Solvency II 2 Pillar I 3 Pillar II and Governance 4 North
More informationThe Society of Actuaries in Ireland. Actuarial Standard of Practice INS-1, Actuarial Function Report
The Society of Actuaries in Ireland Actuarial Standard of Practice INS-1, Actuarial Function Report Classification Mandatory MEMBERS ARE REMINDED THAT THEY MUST ALWAYS COMPLY WITH THE CODE OF PROFESSIONAL
More informationACR ReTakaful MEA B.S.C. (c) CONDENSED INTERIM FINANCIAL INFORMATION. 30 JUNE 2018 (Reviewed)
ACR ReTakaful MEA B.S.C. (c) CONDENSED INTERIM FINANCIAL INFORMATION 30 JUNE 2018 (Reviewed) ACR ReTakaful MEA B.S.C. (c) CONDENSED INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2018 CONTENTS
More informationHH Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah
Annual Report 2011 1 Takaful Insurance Company K.S.C. (Closed) State of Kuwait Table Of Contents Table Of Contents Board of Directors Chairman s Message Board of Director's Report Independent Auditort
More informationThe DFSA Rulebook. Prudential Insurance Business Module (PIN) PIN/VER15/01-18
The DFSA Rulebook Prudential Insurance Business Module (PIN) PIN/VER15/01-18 Contents The contents of this module are divided into the following chapters, sections and appendices: 1 APPLICATION... 1 1.1
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 informationInsurance Stress Testing
Life conference and exhibition 2010 Stuart King, Head of Life Insurance, Major Retail Groups, FSA Colin Ledlie, Standard Life Insurance Stress Testing 7-9 November 2010 2010 The Actuarial Profession www.actuaries.org.uk
More informationAAS BTA Baltic Insurance Company Risks and Risk Management
AAS BTA Baltic Insurance Company Risks and Risk Management December 2017 1 RISK MANAGEMENT SYSTEM The business of insurance represents the transfer of risk from the insurance policy holder to the insurer
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 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 information6 Insurance. as gross premiums of conventional insurance sector have flourished
6 Insurance The trend of improved premiums and strengthening of asset base prevailed in the insurance sector during the last two years which are reflected in comfortable stability indicators. Growth in
More informationQuarterly Report March 31,
Quarterly Report March 31, 2017 Our Vision Our Mission Our Core Values Table of Contents Profile Vision, Mission & Core Values Our Company 02 06 07 Company Information Directors Review (English) Directors
More informationRBC and Economic Capital: The Malaysian Experience
building value together 19 th September 2012 RBC and Economic Capital: The Malaysian Experience Farzana Ismail, FIA Principal www.actuarialpartners.com Agenda Introduction to economic capital RBC: The
More informationEnterprise Risk Management Policy Adopted by the AMP Limited Board on 2 February 2017
Enterprise Management Policy Adopted by the AMP Limited Board on 2 February 2017 AMP s promise is to help people own tomorrow. To achieve this promise, risks must be managed effectively within the Board
More information4 Islamic Banking. Islamic Banking continues to grow both globally and domestically
4 Islamic Banking The increase in assets base of Islamic banking outpaces the growth in the overall banking sector as share of Islamic banking reaches 11.4 percent during CY15 in line with the 5 year strategic
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 informationTAKAFUL PAKISTAN LIMITED QUARTERLY REPORT SEPTEMBER 30, 2016
QUARTERLY REPORT SEPTEMBER 30, 2016 CONTENTS Corporate Information 03 Vision, Mission and Ambition 05 Management Team 06 Branches 06 Director s Report 07 Financial Statements 09 2 CORPORATE INFORMATION
More informationCatastrophe Exposures & Insurance Industry Catastrophe Management Practices. American Academy of Actuaries Catastrophe Management Work Group
Catastrophe Exposures & Insurance Industry Catastrophe Management Practices American Academy of Actuaries Catastrophe Management Work Group Overview Introduction What is a Catastrophe? Insurer Capital
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 informationRisk Appetite. What is risk appetite?
Risk Appetite Presented by Mike Claffey 30 March 2011 What is risk appetite? Risk appetite is the degree of risk that an organisation is willing to accept in order to achieve its objectives, both in terms
More informationReinsurance. Moses Ojeisekhoba, CEO Reinsurance Alison Martin, Head L&H Business Management Reinsurance
Reinsurance Moses Ojeisekhoba, CEO Reinsurance Alison Martin, Head L&H Business Management Reinsurance Swiss Re s largest Business Unit continues to deliver strong results in a challenging environment
More informationInsurance Business Rules 2006 (PINS)
() Version No. 9 Effective: 1 July 2011 Includes amendments made by Captive Insurance Business (Consequential Amendments) Rules 2011 QFCRA Rules 2011-2 Insurance Mediation Business (Consequential Amendments)
More informationCincinnati Financial Reports First-Quarter 2013 Results Cincinnati, April 25, 2013 Cincinnati Financial Corporation (Nasdaq: CINF)
The Cincinnati Insurance Company The Cincinnati Indemnity Company The Cincinnati Casualty Company The Cincinnati Specialty Underwriters Insurance Company The Cincinnati Life Insurance Company CFC Investment
More informationRole of the Systemic Risk Regulator
A Public Policy White Paper Role of the Systemic Risk Regulator May 2010 American Academy of Actuaries Financial Regulatory Reform Task Force A PUBLIC POLICY WHITE PAPER Role of the Systemic Risk Regulator
More informationTAKAFUL EMARAT - INSURANCE (PSC) Financial Statements for the year ended 31 December 2015
TAKAFUL EMARAT - INSURANCE (PSC) Financial Statements for the year ended 31 December 2015 TAKAFUL EMARAT - INSURANCE (PSC) Financial statements for the year ended 31 December 2015 Contents Pages Independent
More informationRISK MANAGEMENT 2011
RISK MANAGEMENT 2011 Risk Management 3 Earnings Logic and Risks 43 Liquidity Risks 8 The Objective, Tasks and Motivation of the Risk Management Process 10 Risk Governance Framework 14 Risk and Capital
More informationSupervisory Guidelines and Directives
Part II Supervisory Guidelines and Directives II. 1 II. 2 II. 3 II. 4 II. 5 II. 6 II. 7 II. 8 II.9 Asset Management Appointment of an external auditor Actuarial report and certification of a Life Insurance
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 informationIslamic Finance: Coming of Age. 10/29/13 GAB Annual Islamic Finance Conference
Islamic Finance: Coming of Age 1 Islamic Finance Sector in Kenya 1. A Sector View 2. A Company View 2 Sector View 3 Company View 4 The Takaful Concept What is it? How does it work? How is it different
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 informationEmployee Benefits & Captives. A presentation for the International Employee Benefits Association. London, October 7 th 2008
Employee Benefits & Captives A presentation for the International Employee Benefits Association London, October 7 th 2008 1 Captives: a quick history 1870 Protection & Indemnity clubs (about 100, up until
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 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 informationSupervisory Framework JUNE 2012
Supervisory Framework JUNE 2012 The Financial Institutions Commission of British Columbia (FICOM) is a regulatory agency of the Ministry of Finance, established in 1989 to contribute to the safety and
More information