Kuala Lumpur, 1 November 2008 - Rating methodologies and the claiming of advancement solvency are a allotment of acute issues for the Takâful and Retakâful industy, which are important in managing the risks inherent in the industry. These two issues are the accountable of the afterward two seminars which the Islamic Financial Services Board (IFSB) is organising. The Monetary Authority of Singapore is hosting the Seminars which will be captivated at the Grand Hyatt, Singapore.
Seminar on Rating of Takâful and Retakâful Firms (25 November 2008)
This Seminar will focus on the abstruse issues apropos to the appraisement of Takâful and Retakâful firms. It will accompany calm regulators and arch bazaar practitioners to altercate the appliance of appraisement methodologies of these firms. The Seminar is of appliance to chief abstruse admiral of Takâful firms, allowance and Takâful regulators as able-bodied as professionals of appraisement agencies.
The Seminar will abode the afterward capacity :
·The amplification of Takâful and Retakâful and the charge for ratings
·Ratings agencies methodologies for Takâful and Retakâful firms
·Perspectives of rated institutions
·Building transparency, compassionate and trust: Next accomplish in an industry dialogue
The console of accepted chairpersons and speakers include:
1. Abdullah Haron, Assistant Secretary-General, IFSB
2. Dr. Abdul Rahman Khalil Tolefat, Allianz Takaful, Bahrain
3. Dr. Aida Othman, Zaid Ibrahim & Co., Malaysia
4. Andrew Cunningham, Financial Services Corps, Egypt
5. Connie Wong, Financial Institutions Ratings, Hong Kong
6. Ismail Mahbob, Malaysian National Reinsurance Berhad
7. J. M. McMullen, Islamic International Rating Agency, Bahrain
8. Milly Leong, Malaysia Rating Corporation Berhad
9. Dato’ Mohamed Hassan Md. Kamil, Syarikat Takaful Malaysia Berhad
10. Pervez Rivzi, HSBC Amanah Takaful (Malaysia) Sdn. Bhd.
11. Mohammad Azam, Islamic Corporation for the Insurance of Investment
and Export Credit, Saudi Arabia
12. Professor Simon Archer, University of Reading, UK
13. Sobia Maqbool, JCR-VIS Credit Rating Co. Ltd., Pakistan
14. Wan Siew Wai, Fitch Ratings, Singapore
15. Wing Chew, Moody’s Investors Services, Australia
16. Vasilis Katsipis, A.M. Best, UK
4th Seminar on the Regulation of Takâful (26 – 27 November 2008)
This Seminar, the fourth in the alternation of IFSB Takâful Seminars, will altercate issues apropos to the solvency of Takâful operators. This is a pertinent affair for the industry due to it’s affiliation to the accommodation and adequacy of the Takâful firms to accommodated their obligations to the Takâful participants. The IFSB is currently advancing a accepted on solvency for the Takâful operators, which is accepted to be issued as an acknowledgment abstract for accessible appointment by the end of 2009. The Seminar will accommodate a belvedere for the IFSB to apprentice added from the angle of the assorted stakeholders on this important issue.
The capacity that will be discussed are:
· Risk Management – Managing Takâful Risk
Discussion on accident administration practices by Takâful Operators to fulfil solvency requirements. This includes accident administration practices to abutment solvency and the specificities of these practices.
· Treatment of Underwriting Surplus
Discussion will awning the approaches on the analysis of underwriting surplus by Takâful practitioners. This includes buying of the underwriting surplus, appulse of the administration of underwriting surplus on solvency requirements and underwriting surplus as an aspect of incentive.
· Retakâful – Issues and Opportunities
Discussions focus on Retakâful arrange and how they abutment the solvency of Takâful undertaking. This will cover types of reinsurance that fit into Retakâful solutions, role of Retakâful adjustment in solvency of Takâful adventure and appliance of article of call for Retakâful.
· Solvency Framework
Discussions will analyze the absolute solvency framework that clothing the attributes of Takâful undertaking. This includes basic adequacy and solvency requirements.
· Regulatory Issues
Discussions aim to analyse the factors affecting the solvency authoritative framework for the Takâful undertaking. Topics cover the acknowledged issues surrounding the solvency claim and the enforceability of Qard ability in affair arrears of the Takâful fund.
The console of accepted chairpersons and speakers include:
1. Professor Rifaat Ahmed Ahmed Karim, IFSB
2. Teo Swee Lian, Monetary Authority of Singapore
3. Chia Der Jiun, Monetary Authority of Singapore
4. Abdullah Haron, IFSB
5. Peter Casey, Dubai Financial Services Authority
6. Professsor Volker Nienhaus, University of Marburg, Germany
7. Dr. Omar Zuhair Hafiz, Allied Cooperative Insurance Group, Saudi Arabia
8. Syed Moheeb Syed Kamarulzaman, Takaful Ikhlas, Malaysia
9. Dr. Abdul Rahman Khalil Tolefat, Allianz Takaful, Bahrain
10. Dr. Abdul Sattar Abu Ghuddah, Unified Sharia Board, Albaraka Banking Group
11. Alfadino Akbar Ali Akbar, Bank Negara Malaysia
12. James Smith, Ernst & Young, Hong Kong
13. Kamsani Tati, Tokio Marine Nichido Retakaful, Singapore
14. Martin Roberts, Beachcroft Consulting, UK
15. Murad Al Haj Mahmoud, Insurance Commission of Jordan
16. Salah El Din Musa Mohamed, Shiekan Insurance Company, Sudan
17. Professor Simon Archer, University of Reading, UK
18. Vasilis Katsipis, A.M. Best, UK
For added advice on the Seminars, amuse appointment www.ifsb.org/takaful2008
The Islamic Financial Services Board (IFSB) is an all-embracing standard-setting organisation that promotes and enhances the acumen and adherence of the Islamic banking casework industry by arising all-around prudential standards and allegorical attempt for the industry, broadly authentic to cover banking, basic markets and allowance sectors.
The associates of the IFSB comprise authoritative and authoritative authorities, all-embracing inter-governmental organisations as able-bodied as bazaar players and able firms operating in assorted jurisdictions worldwide. The IFSB aswell conducts analysis and coordinates initiatives on industry-related issues, as able-bodied as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works carefully with accordant international, bounded and civic organisations, research/educational institutions and bazaar players.
Siham Ismail
Email: siham@ifsb.org
Tel: + 60326984248 ext: 119
Islamic Financial Services Board
Kuala Lumpur, Malaysia
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