COMCEC STRATEGY For Building an Interdependent Islamic World - - PowerPoint PPT Presentation

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COMCEC STRATEGY For Building an Interdependent Islamic World - - PowerPoint PPT Presentation

Nov 06, 2022 42 likes •186 views

Making Cooperation Work COMCEC STRATEGY For Building an Interdependent Islamic World RESPONSES OF THE MEMBER COUNTRIES TO THE POLICY QUESTIONS ON Improving the Takaful in the OIC Member Countries Mr . Seluk KO, Director- COMCEC

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  • Mr. Selçuk KOÇ,

Director- COMCEC Coordination Office October 17th, 2019

Making Cooperation Work

For Building an Interdependent Islamic World

COMCEC STRATEGY

RESPONSES OF THE MEMBER COUNTRIES TO THE POLICY QUESTIONS ON Improving the Takaful in the OIC Member Countries

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OUTLINE 1.Formulation of Policy Recommendations 2.Policy Questions and Responses of the Member Countries 3.Room Document

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

2

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«..... approximate policies in the cooperation areas to address and find solutions to the economic and social challenges of the Islamic Ummah» (COMCEC Mission) Policy Recommendations:

  • Research reports, policy questions, discussions during the WGs
  • Adopted by the COMCEC Ministerial Sessions
  • Serve to policy approximation

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

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1)FORMULATION OF POLICY RECOMMENDATIONS

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1.Formulation of Policy Recommendations

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

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Findings of Research Reports Responses to the Policy Questions

Room Document

Policy Debate Session (During WGs)

Policy Recommendations

Adoption (COMCEC Ministerial Session)

Member Countries’ Direct Involvement

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  • 2. Policy Questions and Responses

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

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Q1: Takaful/retakaful operators

Country Yes No Afghanistan

(Initiatives for both) Azerbaijan

Brunei Darussalam

(Takaful)

(Retakaful) Iran

(Initiative for Takaful) Pakistan

  • Sierra Leone

Tunisia

  • Turkey

(Takaful )

(Initiative for Retakaful)

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  • 2. Policy Questions and Responses

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

6

Country Sufficient awareness about takaful sector Effective cooperation with key stakeholders

Afghanistan

 

Azerbaijan

  • Brunei Darussalam

  • Iran

  • Pakistan

  • Sierra Leone
  • Tunisia

  • Turkey

 

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  • 2. Policy Questions and Responses

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

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Q3: Does Your Country have a legal and regulatory framework for takaful sector?

Country Yes/No If no, any initiative or plan Afghanistan No Yes Azerbaijan Yes

  • Brunei Darussalam

Yes

  • Iran

No Yes Pakistan Yes

  • Sierra Leone

No Yes Tunisia Yes

  • Turkey

Yes

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  • 2. Policy Questions and Responses

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

8

Q4: Does Your Country have sufficient Islamic capital market products (sukuk, etc.) for Takaful Operators?

Country

Yes/No

Afghanistan

No

Azerbaijan

No

Brunei Darussalam

No

Iran

Yes

Pakistan

No

Sierra Leone

No

Tunisia

No

Turkey

Yes

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  • 2. Policy Questions and Responses

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

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Q5: Does Your Esteemed Country have enough human capital to improve the takaful sector?

Country Yes/No Afghanistan Yes Azerbaijan No Brunei Darussalam No Iran Yes Pakistan Yes Sierra Leone Yes Tunisia No Turkey No

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  • 2. Policy Questions and Responses

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

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Q6: Main issues/problems that negatively affect the development of takaful sector

  • Insufficient awareness
  • Shortage of investors
  • Inadequate sharia-compliant investment opportunities
  • Low level of disposal income and savings
  • Lack of detailed and sufficient regulation, guidelines and research
  • Lack of transparency and information asymmetry
  • Inadequte consumer services and low cost solutions
  • Competition with other non-Islamic insurance institutions
  • Insufficient Islamic Capital Market Products for Takaful Operators
  • Differences between the “fatwas” within Takaful Operators
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  • 2. Policy Questions and Responses

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

11

Q7 -

Country Yes/No Afghanistan No Azerbaijan No Brunei Darussalam Yes Iran No Pakistan Yes (for only retirement products) Sierra Leone No Tunisia Yes Turkey Yes

Takaful operators’ role in addressing the evolving needs of OIC countries such as retirement products and long-term health care benefits

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3- ROOM DOCUMENT

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

12

  • Developing a comprehensive legal and regulatory framework

for the Takaful industry to facilitate the

  • perations,

transparency, and governance in this sector.

Policy Advice 1

  • Promoting product customisation in Takaful Sector and

introducing new products in accordance with the changing needs of the market.

Policy Advice 2

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3- ROOM DOCUMENT

For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work For Building an Interdependent Islamic World

COMCEC STRATEGY

Making Cooperation Work

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  • Encouraging

talent development through programs and projects (i.e. professional certification programmes).and increasing the awareness of stakeholders in Takaful sector.

Policy Advice 3

  • Providing incentives (i.e tax incentives ) to enhance the

competitiveness

  • f

Takaful industry and its business sustainability.

Policy Advice 4

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  • Mr. Selçuk KOÇ,

Director- COMCEC Coordination Office October 17th, 2019

Making Cooperation Work

For Building an Interdependent Islamic World

THANK YOU

finance@comcec.org

COMCEC STRATEGY

www.comcec.org