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Global: IFSB seeks feedback on supervision of takaful

Source: Middle East Insurance Review | May 2018

The Islamic Financial Services Board (IFSB) has issued an exposure draft (ED) on takaful/retakaful for a two-month public consultation period which started on 28 March 2018.
 
   The exposure draft is titled ‘Key Elements in the Supervisory Review Process of Takaful / Retakaful Undertakings (Islamic Insurance Segment)’.
 
   The document provides guidance on the implementation of common approaches to the supervision of the takaful/retakaful industry, while addressing the specificities of the takaful/retakaful undertakings. It aims to protect the interests of the contracting parties in these undertakings, and strengthen their stability. The objectives of the exposure draft include:
 
  • To provide guidance to supervisors on minimum standards for an effective and efficient supervisory review process for takaful/retakaful undertakings, addressing the unique elements of these institutions;
  • To promote, by means of supervisory review, fair, safe and stable takaful and retakaful markets for the benefit and protection of participants; and
  • To promote harmonisation of supervision internationally, and hence to enhance cooperation among supervisors.
 
   In addition, the IFSB has issued two other EDs covering Islamic finance regulation (Islamic Capital Market Segment) and revised standards on disclosures to promote transparency and market discipline for institutions offering Islamic financial services (Banking Segment).
 
   The three drafts, published in both English and Arabic, were approved by the IFSB Technical Committee at a meeting in Brunei on 22 March 2018. The drafts and feedback on the drafts will be submitted to the IFSB Council in December, following a public hearing on them on 10 April in Jakarta. 
 
   A webinar on the three EDs will also be held in May, details of which will be announced in due course. Participation in the public hearing and webinar is free and open to all.
 
   The IFSB, based in Kuala Lumpur, is an international body that sets standards and offers guidance for Islamic banking and finance regulatory and supervisory agencies. M 
 
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