Chairman: Mohammad Nizam Yahya, Malaysian Re Retakaful

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 functions of the ATRWC are the following: 

• Provide a platform for sharing the concept and values of Sharia in helping one another;

• Address the need for an official ASEAN channel for high-profile discussions specific to Takaful and Retakaful among national operators in the region;

• Serve as an avenue for Takaful and Retakaful operators, which are key players in the development of the insurance industry, to craft their responses to various industry issues and their strategies to address such issues;

• Help participants of the ASEAN Insurance Regulators’ meeting engage in more fruitful discussions on Takaful and Retakaful by providing them the viewpoints of Sharia;

• Aid regulators in coming up with more guided decisions which affect both Retakaful and Takaful operators; help regulators in harmonizing regulation within ASEAN; and

• Promote a healthy and cooperative environment among the different stakeholders in the Takaful and Retakaful Industry.

The following Takaful and Retakaful associations and companies were 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