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In addition to innovative disruptions in technology transforming the operations of
insurance and Takaful, the industry also has a major role to play in enabling countries
and institutions to develop their responsive capacity to economic, pandemic and climate
shocks.
Concurrently, international accounting standard-setting bodies have completed multiple
projects related to the accounting of insurance. In light of this, AAOIFI has undertaken
multiple initiatives to develop standards on Takaful recognition and measurement, as well
as presentation and disclosures in the financial statements of Takaful institution.
This session aims to explore the disruptions, both internal and external, affecting the
Takaful industry. Additionally, the panel will discuss issues related to product development,
regulatory supervision, disclosure and transparency.
Main topics:
Opportunities and challenges for Takaful created by technological disruptions in
insurance and Takaful industry
Applicability of IFRS 17 on the Takaful industry
Updates on the development of AAOIFI Takaful standards and core differences with IFRS 17
Presentation and disclosures in the financial statements of Takaful institutions
Innovative products that help build resilience to economic, pandemic and climate shocks
Information technology challenges – availability of IT system for Takaful (under IFRS and
AAOIFI FASs)
Capacity challenge: HR availability including actuaries and underwriters qualified with
the right knowledge of Takaful and AAOIFI FASs
