Indonesia: Takaful association and London counterpart sign cooperation MoU
Source: Middle East Insurance Review | Dec 2022
The Indonesian Shariah Insurance Association (AASI) has signed a memorandum of understanding with the Islamic Insurance Association of London (IIAL) to cooperate on takaful.
AASI executive director Erwin Noekman said that with this collaboration, the association will serve as a door for the Indonesian shariah-compliant insurance industry to seek international partners to increase capacity and resources.
He noted that the collaboration between the two sides is more about data exchange and knowledge transfer. “So the main thing is the exchange of data, then the next collaboration will be carried out between associations to bridge the gap with their respective members when there is a business collaboration,” he said.
Mr Erwin said that the associations cannot carry out business activities directly because they are not profit-oriented organisations. Instead, members of the associations will work together on business opportunities. He added that this collaboration also opens opportunities for domestic reinsurance companies to play a bigger role in big projects. M