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Mar 2024

Global: IFSB releases takaful standard for supervisory review process

Source: Middle East Insurance Review | Jan 2019

The IFSB has adopted a new standard called IFSB-20: Key Elements in the Supervisory Review Process of Takaful / Retakaful Undertakings.
 
The standard describes key elements of the supervisory review process which are made up of seven essential elements for supervision of TUs/RTUs. These elements present a clear overview on issues involved in the supervision of takaful and retakaful sector in an integrated form.
 
IFSB-20 has the following main objectives:
  • 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;
  • Promote, by means of supervisory review, fair, safe and stable takaful and retakaful markets for the benefit and protection of participants; and
  • Encourage harmonisation of supervision internationally, and enhance cooperation among supervisors. M 
 
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