152
No Item Policy recommendations Implementing agencies
Developing Shari'ah
standards for Takaful
 Saudi Arabia: SAMA
 UK: Financial Conduct
Authority (FCA),
complemented by the
Islamic Insurance
Association of London (IIAL)
 Turkey: Ministry of Treasury
and Finance
Harmonizing the existing
legal framework with Shari'ah
requirements
 Saudi Arabia: SAMA
 UK: Financial Conduct
Authority (FCA),
complemented by the
Islamic Insurance
Association of London (IIAL)
 Turkey: Ministry of Treasury
and Finance
 Malaysia: BNM
Establishing Shari'ah units for
conflict resolutions and
empowering Shari'ah
committees
 Saudi Arabia: SAMA
 UK: Financial Conduct
Authority (FCA),
complemented by the
Islamic Insurance
Association of London (IIAL)
 Turkey: Ministry of Treasury
and Finance
3 Product and
Services
Developing unique and
original products
 TOs in the four countries
Investing in technology
Awareness campaign among
the public and in schools and
colleges
Promote the use of
technology particularly
InsurTech, and mobile apps
for micro-Takaful
Diversify products to include
trade insurance
 TOs in the four countries
Offer more Re-Takaful
businesses
 TOs in the four countries
4 Talent
Development
Develop certificate and in-
house training programs for
the relevant Takaful
stakeholders [executives,
managers, agents and
brokers]
 Saudi Arabia: SAMA
 UK: Financial Conduct
Authority (FCA),
complemented by the
Islamic Insurance
Association of London (IIAL)
 Turkey: Ministry of Treasury
and Finance, and ITC