ICMIF and Takaful Asian Takaful Group ATG Annual Conference 2006

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ICMIF and Takaful Asian Takaful Group (ATG)
Annual Conference 2006
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Overview of presentation

• About ICMIF
• Services to members
• Takaful services
• Strategy for the future

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About ICMIF

• Established in 1922
• 174 members from 69 countries
• Not-for-profit, voluntary and member driven
• Fees relative to size of company
• Regional offices in Brussels, Tokyo, Tunis
  Washington
• Represents 11 of total global premiums

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Vision statement

• to be actively involved with members and key
  external influencers, thereby creating a
  sustainable environment for the cooperative and
  mutual insurance industry, ensuring its growth
  and prosperity.

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Driving factors

• Enhance and accelerate development of a distinct,
  unified, strong and influential cooperative and
  mutual insurance sector.
• Promote international collaboration to help
  strengthen cooperative and mutual insurers in
  different countries and regions that operate on
  the basis of shared principles.
• Help our members identify with, remain committed
  to and contribute significantly to the
  cooperative movement.

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ICMIF Services - Reinsurance

• Formal brokerage function ceased in 2006
• Facilitates relationships between member insurers
  and reinsures
• Explores possibilities for pooling arrangements
• Advice and training to smaller member companies
• Networking between larger members
• Biennial Meeting of Reinsurance Officials (MORO)

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Intelligence

• Professional networks
• Research publications
• Dissemination of Best Practices
• Knowledge sharing and building cooperation
• Interactive Member Directory
• Biennial CEO Conference

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Training

• Interactive business simulation
• Non-executive training
• Cooperative Management Course
• Study visits between member companies

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Communication

• ICMIF website www.icmif.org
• Quarterly newsletter
• Electronic news
• Press releases

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Capital

• Subordinated Loan programme
• Allnations Capital Support Facility

Lobbying

• Solvency II
• International Association of Insurance
  Supervisors (IAIS)
• Mutual Awareness seminars
• Mutuality Study

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Development

• Assist smaller member companies
• Establish new insurance schemes
• Facilitate the provision of Microinsurance

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Takaful in ICMIF
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The Federations position

• Principles of Takaful in line with cooperative
  and mutual philosophy
• ICMIF should support the development of the
  Takaful sector and increase awareness of
  cooperative and mutual form
• ICMIF Board of Directors meeting 2002

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Building closer ties between the two movements

• Mutuality, Cultural Diversity and Sustainable
  Development Seminar - May 2004, Tunisia
• The best form of Takaful would ideally be an
  existing mutual or
• cooperative insurer which invested its premiums
  compliant with
• Islamic principles.
• Dawood Taylor, Takaful Tawunni
• It is now important for ICMIF to build on the
  findings of this seminar
• and extend the hand of cooperation to the
  Takaful movement and
• support the principles of mutuality in all its
  various forms
• Hans Dahlberg, ICMIF

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ICMIF Objectives

• Help the development of the Takaful sector.
• Support the growth of individual Takaful
  operators.
• Assist Takaful companies to understand mutual and
  cooperative principles.
• Establish new Takaful schemes.
• Encourage the Federations members to set up
  Takaful windows.
• Provide access to microtakaful products for the
  low-income sectors of society.

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ICMIF Takaful Members

• Bangladesh - Prime Islami Life Insurance
• Egypt Egypt Saudi Insurance House
• Indonesia - BumiputeraTakaful
• Malaysia Takaful Ikhlas Takaful Nasional
• Qatar - Islamic Takaful
• Saudi Arabia - International Islamic Insurance,
  Takaful Taawuni SALAMA
• Singapore - NTUC Income
• Sri Lanka - Amana Takaful
• Sudan - Islamic Insurance, Shiekan Insurance
  Reinsurance Watania Cooperative Insurance
• Trinidad and Tobago - Takaaful TT
• Tunisia Best Re

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Current activities

• Assisting members to set up Takaful windows
• Establishing new Takaful schemes
• Responding to needs of existing Takaful members
• Building relationships between Takaful and
  cooperative members
• Promoting microtakaful
• Raising awareness of Takaful concept

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Takaful website

• www.icmif.org/takaful
• Explanation of Takaful
• Articles and presentations
• Links
• Information on meetings

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ICMIF Series of Takaful Articles

• Takaful in the new millenium -Dawood Taylor
• The role of Zakat Mohamed Zamery
• The need for Ijtihad Mortuza Ali
• Malaysia Takaful Agency Zulkifli Zakaria
• NTUC Income experience Tan Kin Lian
• The mixed model Abdulraham Tolefat
• UK Regulatory approach Susan Dingwall

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Future activities

• Takaful network
• Member to member relationships
• Regional Association (AMENA)
• Simulation training tool
• Management course
• Takaful Directory

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A Global reach for local strength

• Thank you
• www.icmif.org/takaful