Kuala Lumpur, October 18, 2011 – The International Shari’ah Research Academy for Islamic Finance (ISRA) in collaboration with Malaysian Takaful Association (MTA) conducted a half-day Thematic Workshop on Permissible Risks in Takaful on 20 Zulkaedah, 1432 H (18 October 2011) at Theatrette Academy Ikhlas and was hosted by Takaful Ikhlas Sdn. Bhd. The workshop was an event supporting the Islamic finance agenda by serving as a platform for takaful experts to discuss the Shari‘ah issues concerning permissible risks in takaful institutions. They further explored the challenges faced by takaful institutions in determining permissible risks and discussed the proposed parameters on the permissible risks in takaful.

The workshop was well attended, with about 80 participants comprising takaful practitioners, Shari’ah advisors, regulatory bodies, as well as academics. The workshop started with a recitation of verses from the Holy Qur’an, followed by welcoming and introductory remarks by Assoc. Prof. Dr. Asyraf Wajdi Dusuki, the Head of Research at ISRA. The first session consisted of three presentations from Mr. Muhd Noor Sukaimi, Acting Head, General Operation, Takaful Ikhlas Sdn Bhd; Mr. Delil Khairat, Head of Underwriting, ACR Retakaful SEA Bhd and Mr. Muhammad Ali Jinnah Ahmad, Researcher at ISRA The presentation of all speakers was followed by comments from four panelists.

They are Dr. Azman Mohd Noor, IIUM; Mr. Faisal Muchtar, Syarikat Takaful Malaysia Berhad; Mr. Azman Ismail, IIFIN and Mr. Hazruddin Hassan, MAA Takaful The session was moderated by Mr. Ezamshah Ismail from INCEIF. Many constructive comments and feedback were received from the panelists and participants in order to further develop and strengthen the proposed guidelines.

At the end of the workshop, Tuan Haji Wan Mohd Fadzullah Wan Abdullah, Executive Vice President, Takaful Ikhlas Sdn Bhd gave the closing remarks and thanked all the participants and presenters for making the event a success.