Kuala Lumpur, Malaysia, 17 – 21 October 2022 - A delegation from the Insurance Regulatory Authority (IRA) of Uganda visited Malaysia from 17- 21 October 2022 to familiarize with Malaysian expertise in the regulatory framework in Islamic Finance and Takaful.
The visit, facilitated under the IsDB Technical Cooperation Program, responded to the request of the Government of Uganda to benefit from the expertise of Malaysia in Takaful. It was organized by IsDB Center of Excellence (CoE) in Malaysia, in collaboration with the Regional Hub of Kampala and the Cooperation & Capacity Development Department.
During the visit, the Officials from IRA benefited from the expertise in Islamic Finance and Takaful available at the following institutions: (i) Bank Negara Malaysia (BNM), (ii) Malaysian Takaful Association (MTA), (iii) Islamic Banking & Finance Institute of Malaysia (IBFIM), (iv) International Centre for Education in Islamic Finance (INCEIF University), and (v) Islamic Financial Services Board (IFSB).
The six IRA officials gained a deeper insight into the longstanding developmental experience of the Takaful institutions throughout the 38-year journey of the Takaful ecosystem in Malaysia. The foundation of legal, licensing and regulatory framework was discussed in detail in addition to strengthening their understanding of the underlying Shariah principles and governance, with the solidarity focus being the differentiation factor against conventional insurance. They were familiarized with the best practices and lessons learned in terms of the Takaful business models, education and promotion in cultivating trust among potential Takaful participants, prudential and supervisory framework, and risk management.
The Malaysian stakeholders shared innovative initiatives in terms of efficiency through digitalization, financial inclusion through the design and issuance of micro Takaful products, and sustainability agenda leveraging on the industry-wide deployment of Value-based Intermediation Takaful.