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Mar 2021

Global: IFSB publishes FAQs on risk management standard for takaful undertakings

Source: Middle East Insurance Review | Jan 2021

The Islamic Financial Services Board (IFSB) released frequently asked questions (FAQs) on a risk management standard for takaful undertakings (IFSB-14).
 
In general, FAQs are aimed at enhancing the implementation of IFSB standards among the member jurisdictions through presenting clarifications and explanative directions on the issued standards.
 
The FAQs for IFSB-14 are developed to address the risks specific to takaful and shariah specificities in the risk management process for takaful undertakings, as well as the key elements of the supervisory review process.
 
The IFSB also released FAQs for three other standards, namely:
  • IFSB-3: Guiding principles on corporate governance for institutions offering only Islamic financial services (excluding Islamic insurance (takaful) institutions and Islamic mutual funds);
  • IFSB-6: Guiding principles on governance for Islamic collective investment schemes; and
  • TN-3: Technical note on financial inclusion and Islamic finance.
 
The four FAQs constitute the third such release by the IFSB which 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 the insurance and banking sectors and the capital market. M 
 
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