3rd INTERNATIONAL TAKAFUL SUMMIT 2009 1 – 2 JULY, 2009 LONDON, UNITED KINGDOM
STRENGTHENING TAKAFUL INDUSTRY INNER CAPABILITIES – THE GTG WAY
by MAJID MOHAMAD
LABUAN RE, MALAYSIA
BUILDING CAPABILITIES OF TAKAFUL INDUSTRY FINANCIAL Provide Reliable and Credible Security and Equitable Partnership CUSTOMERS Attain world-wide Acceptance as Alternative to Conventional Insurance PROCESS Attain Operational Excellent thru Standardization and Benchmarking LEARNING + GROWTH Build Expertise and Spread Knowledge
Strong Financial Resources
Reliable + Flexible Capacity Equitable Partnership
Institutionalise Shariah Advisory Council Understanding the Role of TO Brand Image as Equitable and Ethical System / Products
Harmonization of Shariah Ruling
Standardisation of Models & Practices
Comprehensive Prudential Governance Structure
Convergence of Shariah Interpretation
Upgrade HR Expertise
Build Reservoir of Knowledge and Experience
BUILDING CAPABILITIES OF TAKAFUL INDUSTRY AL I C N A N FI
Reliable + Flexible Capacity
Strong Financial Resources
Convergence of Shariah Interpretation
GR OW
ER
S
Institutionalise Shariah Advisory Council Understanding the Role of TO Harmonization of Shariah Ruling
Upgrade HR Expertise
&
TO M
Brand Image
Equitable Partnership
LE AR NI NG
CU S
Standardisation of Models & Practices Build Reservoir of Knowledge and Experience
TH
Comprehensive Prudential Governance Structure
C O PR
S S E
DRIVERS TO ACHIEVING CAPABILITIES
SYARIAH PRINCIPLES +
VALUES
GLOBAL TAKAFUL GROUP • 1995 ASEAN Takaful Group • 2003 Asian Takaful Group • 2007 Global Takaful Group – incorporated as a company limited by guarantee in Labuan, Malaysia • Current membership Target end of 2009 Target end of 2010
44 66 100
GLOBAL TAKAFUL GROUP Initiatives •
Established permanent secretariat (gtg01@malaysiantakaful.com.my)
•
Database on takaful / takaful-related matters – Interactive business portal (to include business exchanges) – operational statistics (work with Insurance Services Malaysia Berhad www.ism.net.my) – takaful / retakaful wordings, products, shariah opinions, models (work with International Shariah Research Academy for Islamic Finance www.isra.my)
•
Trainings and conferences – localised training on j.v basis – attachments / exchange programs
3rd INTERNATIONAL TAKAFUL SUMMIT 2009 1 – 2 JULY, 2009 LONDON, UNITED KINGDOM
STRENGTHENING TAKAFUL INDUSTRY INNER CAPABILITIES – THE GTG WAY
by MAJID MOHAMAD
LABUAN RE, MALAYSIA