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