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̙331 H@P(     xr0e0e?Rectangle 2v   Contents   xr0e0e?Rectangle 3  2 Existing Takaful & Re-Takaful market Re-Takaful current debate Proposition Proposed structure Advantages of proposed structure Aon s Global Capabilities^  O  @`H  0޽h ? T`z"1 H@`(  8   xk0e0e?Rectangle 2v  P l$Existing Takaful & Re-Takaful Market,`   xk0e0e?Rectangle 3P  Approximately 107 Takaful entities Predominately small local players with modest capitalisation Limited expertise and global standardisation Darurah or  necessity principle has afforded Takaful operators the ability to use conventional insurance Limited number of established players  BEST Re, ARIL and Takaful Re Only a few rated operators BEST Re(BBB+), Takaful Re(BBB), Tokio Marine Retakaful(AA). Recent emergence of international players  Tokio Marine Retakaful , Hannover Re Takaful, Swiss Re and Munich Re#ijii<i-iEi#j<-D   t'n-  3   H  0޽h ? T`z" 1 F > p (     x`k0e0e?Rectangle 2  t PRe-Takaful Current Debate    xk0e0e?Rectangle 3px 0TL___PPT9.&  L" iii  @`  nk? ??TextBox 3"@0 TThere is a technical requirement for risk transfer, reduced aggregation, limiting claims volatility and protection of assets Co-insurance and reinsurance between Takaful operators may lead to no real risk transfer outside of the group Capacity and capital Lack of a pool of Re-Takaful operators to spread risk Takaful operators seek conventional reinsurance under the  doctrine of necessity . However, this authorisation from scholars is only a temporary measure Competition is limited Reinsurance contractual terms remain rigid and underdeveloped Non proportional reinsurance may lead to a classic spiral where the risk is not dispersed outside of the market Re-Takaful operators must not adopt a  follower strategy currently there is a lack of underwriting and pricing expertise, limited market knowledge~50 AOi2n0  AOi50 AOi2%0  AOi50 AOi2Z0  AOi~BnBBBB>BBZ B z}$X   [xH  0޽h ? T`z"^1 $(  $ $  x k0e0e?Rectangle 4  T@  Propositionc $  x`k0e0e?Rectangle 5 p ePrinciple of pooling risks is important due to the currently small domestic Takaful markets Establishment of a Re-Takaful captive/mutual Founded on basis of charity and cooperation Reinsurance based on co-operative reinsurance Capitalised by a group of Takaful operators that cede risks to it Compliant retrocession capacity cede excessive risk from the captive is provided by professional reinsurance partners / pool. Shortage of skilled resources such as underwriters, actuaries and investment fund managers makes pooling of risks more attractive Captive outsources insurance management services to 3rd partyii!i^iidi>i!^d5 PL+ ,H  0޽h ? T`z"1 )!#,0 (  , ,  x@k0e0e?Rectangle 2  Y &Proposed Structures 8  #,  , L k?Text Box 9S uTakaful Operators( 2  B  , ^?Line 11 d2  , 3 kɳdXX??Oval 127   Re-Takaful captive/mutual 0( 2E3333(  2 , 3 `k3d)X??Oval 16] b cC   2 , 3 k3d)X??Oval 17   cB 33  2 , 3 k3d)X??Oval 18  cA f  B , ^?Line 28  B ,B ^?Line 29    , Z@k?Text Box 31 7N bObligatory Cession ( 2C ] , S ld?0<P?Text Box 35  'Pool of up to 3 professional reinsurers(( 2(A   ,  xUld??Text Box 36pa gPrimary reinsurance$( 2G b  , hpVlGgH?AutoShape 40  +   R    !, rVld??Text Box 36`  iSecondary reinsurance$( 2G H  0޽h ? T`z"- 1  0](  0 0  xPXl0e0e?Rectangle 2  p 'Proposed Structure * 0 nk? ??TextBox 2"P ~<Re-Takaful operator could be structured on accepted models Wakalah model Operator would act as an agent Administer funds on behalf of participants Receive a fee (over-rider) for operating expenses Mudharabah  profit sharing model Operator acts as Mudarib (entrepeneur) with participants the capital providers Losses paid by participants with a pre-agreed profit sharing agreement Wakalah/Mudharabah combination Wakalah for insurance activities and Mudharaba for investment Waqf shareholders make a donation to establish fund, eg Pakistan,I50 AOi2~0  AOi#50 AOi20  AOi 50 AOi2>0  AOi50 AOi2<0  AOiI@~B#@B @>B @ <B1 ) q  0  xH  0޽h ? T`z"M1  4}(  4 4  x k0e0e?Rectangle 2  ap &Proposed StructureK 4 3 j$k0e0e     ? A@  A5% 8c8c     ??A)BCD|E||Rectangle 3S" ð gInterests of Takaful and Re-Takaful operators aligned Income of Re-Takaful is fully transparent Contracts between Takaful and Re-Takaful operators likely to be based on Wakalah model Investment operations likely to be based on Mudharabah model Interest free loan (Quard Hassan) to cover deficits to be repaid by future surplus Distribution of surplus to should be made once adequate free reserves Choice of adopted model such as Wakalah, Mudharabah or Waqf has an impact on regional acceptance, domicile location for Re-Takaful operator<7*7* !(!2   @ H  0޽h ? T`z"1  /'8(  8 8  x.k0e0e?Rectangle 2   6"Advantages of Proposed Structure } 8  x-k0e0e?Rectangle 30 Ͱ #Compliance Ceding risk to the Re-Takaful captive/mutual ensures that a higher proportion of reinsurance passes into the compliant market Pooling of reinsurance Improved operating margins and increase in capacity of Takaful operators Lead to lower expense ratios for Takaful operators Protect Takaful operator from insolvency Build a close continuing business interest in common between the Takaful and Re-Takaful operators because they are both at risk Increase in level of expertise within Takaful market Represents intermediate solution that can evolve into a Re-Takaful operator that accepts third party risks Using an outsource partner for insurance management helps impart knowledge, deal with expertise/resource shortages and adopt market best practise on good corporate governance & compliance i~ii'i5i'i ~'5'  !*A    ( )C @`H  0޽h ? T`z"21  <b(  < <  xP/k0e0e?Rectangle 4  + 4 Advantages of Proposed Structure" < 3 juk0e0e     ? A@  A5% 8c8c     ??A)BCD|E||Rectangle 5S"P   >Professional reinsurer pool can assist direct writers with underwriting expertise High execution risk through lack of track record and unproven ability is mitigated by arrangements with professional reinsurers Opportunity to achieve insurer credit rating enhanced by well capitalised intermediate solution/entity with robust corporate governance framework National government initiatives encouraging joint ventures and foreign equity participation may help facilitate secondary reinsurance arrangements,  &H  0޽h ? T`z" 1 ME0%(  r  S    +j  %#"*  <.? b. 3333   <@.? y15. Increase in knowledge, expertise and resource22    <.?@  b. 3333    <@.?@  x04. Increased leverage of secondary reinsurance 11    <.?h @  b. 3333    <@;s?h @  #3. Increase in Re-Takaful capacity$$     <`s?h  ?2. Capacity to write more direct business by Takaful operators@@.   <=s? d0 33 33   <Bs? D1. Compliance with Shari ah law & consistency throughout the Takaful and Re-Takaful market\\> !  6@As? V    6As? \MAJOR ATTRIBUTES `B  0o ?ZB  s *1 ?ZB  s *1 ?ZB  s *1 ?h h ZB  s *1 ?@ @ ZB  s *1 ?`B  0o ?`B  0o ?ZB  s *1 ?`B  0o ?H  0޽h ? T`z_1  @(  @, @  xwk0e0e?Rectangle 2   `2Aon s Global Capabilities# @ 3 j yk0e0e     ? A@  A5% 8c8c     ??A)BCD|E||Rectangle 3S"pl l ?Insurance management services providing best practise underwriting services including claims management Direct, reinsurance and retrocession broking including DFA modelling and pricing support Enterprise risk management consulting including Shariah compliance audits Risk Based Capital modelling Capital raising Strategic consulting and market intelligence Support for new distribution channels Rating agency consulting Strong relationships with regulators Training and technical assistanceH  0޽h ? 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