Chairman: Mohammad Nizam Yahya, Malaysian Re Retakaful
Vice-Chairman: Tati Febriyanti, PT. Reasuransi Syariah Indonesia (ReINDO Syariah)
The newly-formed ASEAN Takaful/Retakaful Working Committee (ATRWC) was approved during 48th AIC Meeting held in Bangkok on 7 December 2022. It is the fifth Working Group of AIC and it will serve as the official ASEAN channel for cooperation among Takaful Associations and Takaful and Retakaful operators in the region.
The Takaful/Retakaful Working Committee will:
- Develop guidelines for national Takaful and Retakaful operators in compiling matrices of Sharia/Takaful regulation in their markets, focusing on pressing industry issues as identified by the Group members; compare these Sharia/Takaful regulations with the best practices in other markets.
- Identify key Takaful and Retakaful regulatory needs common to all or most ASEAN markets and the best practices that may address these needs; summarize and present the Committee’s discussions to the regulators and propose concrete refinements to Sharia/Takaful regulation that could address the region’s needs and foster the development of the ASEAN Economic Community.
- Recommend or initiate activities that will foster the development of the ASEAN Economic Community. Such initiatives may include but not limited to:
- Creation of a mechanism for exchange information and data among ASEAN Takaful and Retakaful operators, including but not limited to Takaful and Retakaful inward and outward.
- Creation of a mechanism for exchange of employees (Takaful and Retakaful professionals) as interns for a certain period of time in another country’s Takaful and Retakaful operators, as this will help each company’s understanding of various market characteristics, and drive unity toward within the ASEAN Economic Community
- Exchange of business among ASEAN Takaful and Retakaful operators; combining Takaful and Retakaful capacity together as a package to have better bargaining power
- Exchange of Takaful and Retakaful related researches among countries
- Discussion on the advancements in technology and how Takaful and Retakaful operators can leverage such technologies for the development of the industry
- Increasing Takaful and Retakaful literacy and penetration
- Report the minutes of its meetings and the results of its initiatives to the ASEAN Insurance Council.
The following Takaful and Retakaful associations and companies involved in the formation of the Working Committee:
- Indonesia Sharia Insurance Association (AASI)
- Brunei Insurance and Takaful Association
- Malaysian Takaful Association
- Malaysian Reinsurance Berhad
- Malaysian Re Retakaful
- PT Reasuransi Syariah Indonesia (ReINDO Syariah)
- Thai General Insurance Association
- The Thai Life Assurance Association