• Learn strategies to set up and implement Takaful in your organisation• Find out what is happening currently in the Takaful market• Religion in Takaful : How this impacts the cause• Get to know the main Takaful products in major Takaful markets • Highlight the key Actuarial Auditing shortfalls found in Takaful Operators (and Insurance companies)• Takaful operator as part of M&A• Bancassurance and Takaful bancassurance models• You will have further exposure to current and potential upcoming regulatory changes taking place in major Takaful markets• Hear case studies in setting up Takaful• Get a blow by blow road map into starting and embarking on Takaful• Regulating Takaful and corporate Governance

• Life & General Insurance & Reinsurance Companies (both Takaful and Conventional)• Takaful Companies and those providing Takaful insurance services• Islamic Banking Institutions & Islamic Finance Players• Regulators• Shariah Scholars• Management Consultants• Reinsurance & Insurance Brokers• Service Providers to the Takaful Industry, ie Lawyers, Technology Companies, Loss Adjusters, etc.

• Knowledge of the issues in setting up takaful to implement takaful in their company• Investigate the introduction of products found in other major Takaful markets. • Consider the required modelling and pricing components specific to Takaful as compared to Conventional insurance

29 & 30 September 2014 Intercontinental Hotel, Nairobi, Kenya

BENEFITS OF ATTENDING:

WHO SHOULD ATTEND?

WHAT WILL ATTENDEES GET OUT OF THIS MASTERCLASS?

TAKAFUL INSURANCEMASTER CLASS

TAKAFUL INSURANCEMASTER CLASS

09:00 Registration

Outline of session • Overview of M&A activity of Takaful operators in major Takaful markets • Focus areas and common areas of concern in the appraisal valuation of a Takaful operator as part of M&A • Overview of Regulatory developments in major Takaful markets

Practical application • Attendees can look to address potential areas of concern in preparation of any future M&A and valuation of Takaful operators • Attendees will be able to consider the potential impacts of potential regulatory changes taking place in their markets, based on regulatory changes taking place in other markets

13:30 Session Two Resumes

16:30 End Of Master Class Day One

09:00Chairperson’s Remarks

09:15 Foundations for Takaful

• Religion in insurance• Basics of takaful • Comparison of takaful versus conventional insurance• Takaful models currently in use• Current takaful market• Roadmap for starting takaful • Regulating takaful and corporate governance

09:00 Making a success of Takaful in Africa

• Case studies in setting up takaful• Current issues in takaful• Creating a unique customer experience • Potential for micro takaful

10:30Tea Break & Networking

12:30Networking Lunch

15:00Tea & Coffee Break

• Main Takaful products in major Takaful markets • Recap of main differences between Takaful and Conventional products • Key considerations in assessing the pricing and profitability of Takaful products • Key actuarial modelling changes required to Conventional models and methodology• Highlight the key Actuarial Auditing shortfalls found in Takaful Operators (and Insurance companies)

Benefits of attending session • Attendees will have a further understanding of the various product options being implemented in some of the major Takaful markets. • Attendees will have a further understanding of the required modelling and pricing components specific to Takaful as compared to Conventional insurance. • Attendees will be aware of the key Auditing shortfalls found in Takaful Operators (and Insurance companies)

Practical application • Attendees will be aware of the key Auditing shortfalls found in Takaful Operators (and Insurance companies), and look to more consistently provide Auditors with sufficient and detailed information to sign off Actuarial results.

15:30Overview Of Size Of Takaful Markets ComparedTo Insurance Markets In Major Takaful Markets

Hassan Odierno About Your Facilitator:

Hassan Scott Odierno has been a partner with Actuarial Partners Consulting in Malaysia and involved in Takaful since 1996.

His specialties are in life and Takaful consulting.He is the appointed actuary for both Takaful Operators as well as conventional insurers, extending from Malaysia to Mauritius and Kenya to Hong Kong. He has been involved in assisting companies set up Takaful operations from feasibility studies to product and model development and business projections in countries such as Malaysia, Indonesia, Saudi Arabia and Bahrain for both local companies as well as multinationals.

He has also been involved in merger & acquisition exercises for insurers in countries such as Malaysia, Taiwan, Thailand, Singapore and Bahrain. He is a co-author of the World Bank book Takaful and Mutual Insurance, co-author of the book Essential Guide to Takaful and a contributing author to the book Health Insurance in Asia and frequently writes articles and gives presentations on Takaful. He is also the external advisor to two universities in Malaysia to their risk management and actuarial science programs. Hassan is a Fellow of the Society of Actuaries, and has a Bachelor of Science degree with high distinction in Mathematics from Worcester Polytechnic Institute in the USA.

Daniel StoneAbout Your Facilitator:

Daniel is a Life Insurance specialist and qualified actuary with 11+ years of experience in a wide range of fields including varied-sized life offices, reinsurance, consulting and expert-level Prophet modelling and project experience. Fellow of the Institute of Actuaries and BBusSci Actuarial Science, UCT

Experience Daniel is the founder of Stone Actuaries & Consultants, which offer services in: Financial Management, Transactions, Analytics, Sales & Distribution, Modelling, Products Development & Pricing and Specialist Resourcing. He has worked in the insurance markets of South Africa, UK and Asia (ASEAN markets of Singapore, Malaysia, Indonesia, Thailand & Hong Kong) Prior to relaunching Stone Actuaries & Consultants, Daniel was an Associate Director in the EY Singapore Actuarial Advisory covering the ASEAN region. In this role, he was also the actuarial account executive for Indonesia. He actively contributed to industry forums across the ASEAN region where he presented on ALM, Stress testing, ERM, Modelling, Analytics in Insurance and Takaful valuations and modelling. Daniel’s experience with EY included multiple M&A due diligence team leader roles across conventional, composite and Takaful operators in the ASEAN region. He also lead Prophet model review and development projects for Insurance and Takaful. He was the senior manager for a number of Insurance and Takaful audits, including branches of European majority shareholders. Prior to joining EY, Daniel worked at Legal & General UK in a specialist role as the actuarial technical lead for Solvency II Prophet ALS modelling.

08:00Day One – 29 September

12:30 Networking Lunch & End of Masterclass

Dawud Abdus Saboor About Your Facilitator:

Dawud is an actuarial professional with a solid background encompassing healthcare, life insurance, Takaful (Shari'ah Compliant Islamic Insurance), and financial services. He has a proven record of accomplishment in analysing, troubleshooting, and systematizing financial reporting processes. Areas of actuarial expertise include reserving, product development and computer systems. Secondary profession has been as an educator with a specialty in mathematics.

KEY COMPETENCIES: • Building Trust: Honoring my word by doing what I say I am going to do. • Implementation/Execution: Organizing and managing multiple priorities and/or projects by using appropriate methodologies and tools. • Innovation: Introducing new ideas and processes which improve performance and productivity. • Problem Solving: Assessing and diagnosing, with the ability to encourage others in collaborative cooperation.

09:00 Registration

09:00Chairperson’s Remarks

09:15 Bancassurance and Takaful bancassurance models

• Takaful bancassurance Target Operating Model• Sales force and activity management• Key issues in alternative distribution

Benefits Of Attending• Global emerging market perspective of alternative distribution• Understanding of Level 1 and Level 2 components and processes in bancassurance• Identification of Critical Success Factors in sales force structures and management• Understanding of key issues in rapid deployment and long-term partnership development

11:30 Session 2

• Current Models in Use• Product Design Value Proposition – Simplicity vs Complexity• Example Innovative Product Design• Sales’ Illustrations / Sales’ Process Considerations• Pricing and Commissions’ Structure• Regulatory Considerations• Alternative Distribution Channels (Direct, On-Line, and Social Media/IT)

Benefits of Attending• Global Perspective with Implications for Emerging Markets• Appreciation of Local Market Culture to “Best Practice” Product Design • Considerations for Maximizing Synergies between Takaful Operators and Banking Partners• Interaction with Authorities to Contribute to the Regulatory Framework• Takaful Operators’ Commitment to Increasing Public Awareness of Takaful Products

10:00Tea & Coffee Break

08:00Day Two – 30 September

Dawud Abdus-Saboor is an Associate of the U.S. based Society of Actuaries and has been a member of the American Academy of Actuaries, with thirty years of professional actuarial experience in the field of pensions, life insurance, health insurance, and family Takaful (Islamic life insurance).

Dawud is currently a co-founder and director at Takaful Outsource, LTD, a "boutique" professional consultancy registered in the UK as well as the Netherlands, comprised of experienced product developers, actuaries, chartered accountants, and business analysts servicing the global insurance/takaful industry. Prior to the launching of Takaful Outsource, Dawud was the Head of the Actuarial Services Department at Bank Al Jazira – Takaful Ta’awuni Division, the trail blazing pioneering company that introduced takaful to Saudi Arabia. Some of the other positions Dawud has held include: Director of Actuarial Services for a Health Maintenance Organization (HMO) in Philadelphia, PA, USA (his home town); Pensions’ Actuarial Analyst for a brokerage firm; Actuarial Analyst at Colonial Penn Group, one of the leading life insurance carriers in the US; and Pensions’ Actuarial Analyst at the internationally renowned firm of Towers, Perrin, Forster and Crosby (now known as Towers Watson). Dawud’s years of expertise cover a wide spectrum of management and actuarial responsibilities including data collection for statistical analysis, experience studies, illustrations, product design and pricing, actuarial valuations, financial forecasting, reserving and reserve estimations, reinsurance/retakaful treaty negotiations, and financial reporting.

Dawud is an active participant in takaful industry gatherings and was a speaker at the 9th Annual International Takaful Summit (2014) in Abu Dhabi. During his spare time he contributes articles as a correspondent to Islamic Finance News, a few of which are: “Holistic Takaful Product Life Cycle Management”; “Nigeria, Striving to be Africa’s Islamic Finance Hub” [An Exclusive Interview with His Excellency Shuaib Ahmed, Nigeria’s Ambassador to Qatar]; and “Takaful Innovation at Its Finest – Africa’s First Livestock Takaful Scheme” [An Exclusive Interview with Hassan Bashir, CEO Takaful Insurance Africa, Kenya].

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