The epicentre is back with exciting updates on news and events happening in the world of Islamic finance throughout the month of May, highlighting on Takaful. In Malaysia, according to Malaysian Takaful Association, the domestic takaful industry continued to achieve upward trend in 2018. To further promote the development of the industry, several initiatives have been introduced by various bodies aimed to provide protection for diverse beneficiaries including businesses and underserved Malaysians. The MIFC Team has produced an infographic on Takaful for your reference to better understand the offerings, principles and objectives of the latest initiatives for the industry.
The IFSB issued the Exposure Draft on Core Principles for Effective Islamic Deposit Insurance Systems (CPIDIS) for a public consultation period. The objective of CPIDIS is to provide a set of core principles for the development and implementation of an effective Islamic deposit insurance system.
Global sukuk issuance hit USD39.5 billion for the first three months of 2019, a jump of 38% from the same period last year, according to Malaysia’s RAM Ratings. Malaysia, Indonesia and Saudi Arabia are the top three issuers, but Kuwait and Turkey will also drive the sukuk market this year.
Indonesian Government has unveiled the Indonesian Islamic Economics Masterplan 2019-2024, which recommended four strategic steps with the goal of Indonesia becoming a major producer in the global halal industry by 2024.
Bank Negara Malaysia recently released Trade Credit Takaful policy document that sets out the Bank’s proposed requirements on the offering of trade credit takaful by licensed takaful operators to better meet the protection needs of businesses.
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