The Takaful and retakaful businesses play a crucial role in managing and mitigating the risks in Islamic finance. Takaful operators assume an important role as economic or financial intermediaries as they essentially mobilise long-term funds in the form of policy-holder contributions and invest them in the available Shari’ah compliant investments. • Absence of clear regulatory frameworks, prudential standards and codes of good practice, hinder the Takaful industry’s potential for growth and development. Issues and obstacles include lack of legal and regulatory certainty and transparency, and resultant inadequacies in risk management. • The IFSB will be holding it’s 3rd Seminar on the Regulation of Takaful on 27 November 2007. The Egyptian Insurance Sepervisory Authority is hosting the Seminar, which will be held in Cairo.
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