153
No Item Policy recommendations Implementing agencies
 Malaysia: BNM
 TOs in the four countries
Develop certificate and in-
house training programs for
Takaful executives, managers
and Shari'ah board members
 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
 Malaysia: BNM
 TOs in the four countries
Develop certificate and in-
house training programs for
Takaful executives and
managers
 TOs in the four countries
Enhancing collaboration
between the Takaful industry
and the academia
 TOs and institutions of
higher learning in the four
countries
Technical assistance from
relevant International Islamic
organizations
 Islamic Development Bank
[IDB]
 Organization of Islamic
Cooperation [OIC]
 Islamic Financial Service
Board [IFSB]
5 Low growth and
lack of
competitiveness
Create mega Takaful Business
through merger and
acquisition
 TOs in the four countries
Create favourable tax
incentives
 TOs in the four countries
Source: Authors