Opportunities For Re-Takaful To Come of Age
Re-Takaful has often been treated as a junior partner to reinsurance. Scholars have always been unhappy with this situation. Now, there are opportunities emerging which can help Re-Takaful come of age.
Re-Takaful has often been treated as a junior partner to reinsurance. Scholars have always been unhappy with this situation. Now, there are opportunities emerging which can help Re-Takaful come of age.
Session III: 11 July 2017
Presentation: Retakaful Environment
Presented By: Mahomed Akoob
Designation: Managing Director - Hannover ReTakaful
Retakaful Environment:
- Supply
- Demand
- Market Issues
- Four Basic Elements
Session III: 11 July 2017
Presentation: Guiding Principles for Retakāful
Presented By: Prof. Dr. Volker Nienhaus
Designation: University of Bochum (Germany)
Guiding Principles for Retakāful
- Governance of Retakaful Undertakings:
1.1 Comprehensive Governance Framework
1.2 Code of Ethics and Conduct
1.3 Truthfulness, Honesty and Fairness
1.4 Due Care and Diligence
1.5 Systems and Procedures
- Compliance with Shariah Principles
2.1 Business is Sharīʿah-Compliant
- Prudential Framework
3.1 Adequate Risk Management Framework
3.2 Solvency of Retakāful Undertakings
3.3 Investment Strategy
- Transparency
4.1 Appropriate Disclosures
- Supervisory Review
Supervision of Retakaful /reinsurance Programmes