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The IFSB Organises its 6^th Executive Programme Effective Regulation and Supervision of Takāful Institutions

Date posted: 8 March 2023

Kuala Lumpur, 8 March 2023 - The Islamic Financial Services Board (IFSB) will be conducting its 6^th Executive Programme, focusing on ‘Effective Regulation and Supervision of Takāful Institutions on 23 – 24 May 2023, in Kuala Lumpur, Malaysia.

Although the takāful sector has undergone structural developments, especially on the digital front, and the regulatory framework for the takāful sector has much improved in recent years, its share of the total of the Islamic financial services industry (IFSI) assets remains small.  

To reflect progression in the industry, the IFSB has issued a set of Takāful Core Principles (TCPs), closely aligned with the Insurance Core Principles (ICPs), for the effective regulation and supervision of the takāful sector but with additions where necessary to reflect the application of Sharī’ah principles in takāful. The TCPs provide an international benchmark standard to promote a sound regulatory and supervisory system and maintain a fair, safe, and stable takāful sector. Given developments in supervisory practice regarding solvency, including valuation, classification of capital resources, and setting capital requirements; the IFSB has also recently issued revised Solvency Requirements for Takāful/Retakāful Undertakings.

The programme intends to provide a platform for industry leaders, top management, and regulators to engage in high-level discussions and share practical industry experiences and challenges in adopting and implementing these standards in the takāful sector. At the end of the two-day programme, participants will be updated on the primary elements of sound regulatory and supervisory practices in the takāful industry to address the Sharīʻah specificities and unique aspects of takāful – with key takeaway of cumulation of best practices from different countries.

For further information and registration, please visit www.ifsb.org, or contact Ms. Nur Khairun Nissa Md Zawawi at [email protected]