Actuarial Partners has been active in takaful insurance consulting since 1984. We have been involved in all aspects of takaful from company setup to Appointed Actuary work.
Countries we have performed takaful assignments include: Malaysia, Brunei, Pakistan, Sri Lanka, Bangladesh, Afghanistan, Maldives, Mauritius, Jordan, Saudi Arabia, Bahrain, Qatar, UAE, Türkiye, Somalia, Ethiopia, Kenya, Sudan, Egypt, Algeria, Nigeria, Tanzania and UK .
For many assignments we were involved from the conceptual stage until product launch and continued to remain involved throughout the actuarial control cycle.
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Interested to know how IFRS 17 can be implemented in Takaful?

Understand the underlying issues involved as well as attempts to connect the technical concepts underlying Takaful to the reporting required under IFRS 17 standards.

Subject Matter Experts

Case Study: Consultant Services to Establish Legal and Regulatory Framework for Islamic Insurance (Takaful) in Tanzania

The objectives and output was the design of Takaful Regulations as well as the development of Guidelines on Valuation of Assets and Liabilities for Takaful Operators, Guidelines on Takaful Operational Framework, Monitoring Framework for Takaful Operators, Annual Takaful Filings and Quarterly Takaful Filings.  Our scope included detailed discussions with life and general insurers in the country to understand their interests and concerns over Takaful.  We similarly had active discussions with the association of insurance brokers, the Islamic bank in Tanzania, insurance and banking regulators in Tanzania and Zanzibar as well as shariah scholars.   

Case Study: Rehabilitation of a family takaful operator in Indonesia

The objective of this project was to firstly understand the reasons for the worsening financial position of the Takaful operator and recommend steps to rejuvenate its operations. We started with performing detailed experience analysis of the various assumptions, on an overall basis as well as segmented to the extent possible to understand the underlying reasons for any worsening experience.  We then recalculated the actuarial reserves on our revised assumptions and our fine tuned methodology.  Using this we then analyzed the solvency position of the company on a local Indonesian solvency basis as well as on an economic capital basis.  We also performed profitability testing of the various subsegments of the business on an as is basis as well as required adjustments in order to achieve profitability. We also reviewed the potential of each segment of business including the level of competition and any particular strengths the operator has relative to other Takaful operators. Based on this we provided recommendations by subsegment of business.  Finally we provided an appraisal valuation on an as is basis as well as potential value should our recommendations be implemented.   

Related Blog Articles

IFRS 17 and Takaful – RiskTransfer or Risk Sharing:Conclusion (1/1/2022) The question of whether takaful involves risk transfer or risk sharing is fundamental to the accounting of takaful. It is not satisfactory to just say that takaful is about risk sharing and yet it is accounted as risk transfer. You know that there is risk transfer being accounted under IFRS 17 when the Revenue Account… Read More
Light at the end of the tunnel (but we are not there yet) (11/1/2020) My first article of this series on applying IFRS 17 to takaful was posted on November 13 2019. Exactly one year on, and after ten such postings, I can report that Malaysia is moving somewhat in the right direction as to satisfying the two guiding principles of accounting for takaful: That the presentation of the… Read More
Accounting for Takaful under IFRS17 (9/1/2020) Accounting for insurance is a complicated matter. It took the IASB nearly 20 years to produce IFRS17. Over the period during which IFRS17 was formulated, no submission was made to the IASB to determine its applicability to takaful. Now that the standard is out, takaful companies are scrambling to determine how to apply the standard… Read More

Takaful online courses.

For more information on our Takaful online courses, please visit our learn@AP site.