The IFSB Issues Exposure Draft of a Standard Aimed at the Global Takaful Industry

On the 25th of March 2020, the Islamic Financial Services Board (IFSB) issued an Exposure Draft (ED-25) of a Standard on Disclosures to Promote Transparency and Market Discipline for Takaful/Retakaful Undertakings. The IFSB expects to receive comments from regulatory and supervisory authorities, international organisations, institutions offering Islamic financial services, academics and other interested parties.

The ED-25s main objectives are as follows:

Facilitating access to timely and reliable information by Takaful operators and Takaful participants to enhance their capacity to monitor and assess the performance of Takaful undertakings; Improving consistency and comparability over disclosures made by Takaful operators; Supporting financial consumer protection...