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Rating methodologies and challenge of maintaining solvency among pressing issues for Takâful and Retakâful Industry

Kuala Lumpur, 1 November 2008 - Rating methodologies and the challenge of maintaining solvency are among pressing issues for the Takâful and Retakâful industy, which are important in managing the risks inherent in the industry. These two issues are the subject of the following two seminars which the Islamic Financial Services Board (IFSB) is organising. The Monetary Authority of Singapore is hosting the Seminars which will be held at the Grand Hyatt, Singapore.

Seminar on Rating of Takâful and Retakâful Firms (25 November 2008)
This Seminar will focus on the technical issues relating to the rating of Takâful and Retakâful firms. It will bring together regulators and leading market practitioners to discuss the relevance of rating methodologies of these firms. The Seminar is of relevance to senior technical officers of Takâful firms, insurance and Takâful regulators as well as professionals of rating agencies.

The Seminar will address the following topics :
·The expansion of Takâful and Retakâful and the need for ratings
·Ratings agencies methodologies for Takâful and Retakâful firms
·Perspectives of rated institutions
·Building transparency, understanding and trust: Next steps in an industry dialogue

The panel of confirmed 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 series of IFSB Takâful Seminars, will discuss issues relating to the solvency of Takâful operators. This is a pertinent issue for the industry due to it’s relation to the capacity and capability of the Takâful firms to meet their obligations to the Takâful participants. The IFSB is currently preparing a standard on solvency for the Takâful operators, which is expected to be issued as an exposure draft for public consultation by the end of 2009. The Seminar will provide a platform for the IFSB to learn more from the views of the various stakeholders on this important issue.

The topics that will be discussed are:
· Risk Management – Managing Takâful Risk
Discussion on risk management practices by Takâful Operators to fulfil solvency requirements. This includes risk management practices to support solvency and the specificities of these practices.
· Treatment of Underwriting Surplus
Discussion will cover the approaches on the treatment of underwriting surplus by Takâful practitioners. This includes ownership of the underwriting surplus, impact of the distribution of underwriting surplus on solvency requirements and underwriting surplus as an element of incentive.
· Retakâful – Issues and Opportunities
Discussions focus on Retakâful arrangements and how they support the solvency of Takâful undertaking. This will include types of reinsurance that fit into Retakâful solutions, role of Retakâful arrangement in solvency of Takâful undertaking and application of doctrine of necessity for Retakâful.
· Solvency Framework
Discussions will explore the existing solvency framework that suit the nature of Takâful undertaking. This includes capital adequacy and solvency requirements.
· Regulatory Issues
Discussions aim to analyse the factors affecting the solvency regulatory framework for the Takâful undertaking. Topics include the legal issues surrounding the solvency requirement and the enforceability of Qard facility in meeting deficit of the Takâful fund.

The panel of confirmed 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 more information on the Seminars, please visit www.ifsb.org/takaful2008

The Islamic Financial Services Board (IFSB) is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors.

The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations as well as market players and professional firms operating in various jurisdictions worldwide. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.

Siham Ismail
Email: siham@ifsb.org
Tel: + 60326984248 ext: 119
Islamic Financial Services Board
Kuala Lumpur, Malaysia

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