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MAY­BANK AGEAS AP­POINTS CEO

Source: Ber­nama On­line, 4 De­cem­ber 2013 May­bank Ageas Hold­ings Bhd has ap­pointed Ka­maludin Ah­mad as CEO. Ka­maludin, 46, will over­see the en­tire in­sur­ance and Taka­ful businesses of the May­bank Group that in­cludes Etiqa In­sur­ance Bhd and Etiqa Taka­ful Bhd. Ka­maludin, who has served as act­ing CEO of both Etiqa en­ti­ties since March 2013, now helms 2,200 em­ploy­ees and is set to lead the growth and ex­pan­sion of Etiqa, lo­cally and in­ter­na­tion­ally. The 20-year vet­eran in the fi­nan­cial in­dus­try joined the May­bank Group in June 2012 as CEO of Etiqa In­sur­ance and Head of Gen­eral Busi­ness.

PIDM REPS AP­POINTED TO KEY PO­SI­TIONS

Source: Per­badanan In­surans De­posit Malaysia Press Re­lease, 17 De­cem­ber 2013 Per­badanan In­surans De­posit Malaysia (PIDM) has ap­pointed se­nior of­fi­cials to key po­si­tions in the In­ter­na­tional As­so­ci­a­tion of De­posit In­sur­ers (IADI) and the In­ter­na­tional Fo­rum of In­sur­ance Guar­an­tee Schemes (IFIGS). En­cik Rafiz Azuan Ab­dul­lah, GM of In­sur­ance, Risk As­sess­ment and Mon­i­tor­ing, was ap­pointed as chair­man of the Is­lamic De­posit In­sur­ance Group (IDIG) of IADI. IDIG con­ducts re­search on Is­lamic de­posit in­sur­ance and is­sues guid­ance and core prin­ci­ples to help pol­icy mak­ers de­velop ef­fec­tive Is­lamic de­posit in­sur­ance sys­tems. Ms. Lee Yee Ming, GM of Pol­icy and In­ter­na­tional, was ap­pointed as chair of the IADI Data and Sur­vey Stand­ing Com­mit­tee for a three-year term. She has also been an elected mem­ber of IADI’s ex­ec­u­tive coun­cil, the gov­ern­ing body of IADI, since 2011. IADI, which was founded in 2002, is a fo­rum for de­posit in­sur­ers from around the globe to gather and share knowl­edge and ex­per­tise. Ms Lee has also been ap­pointed as ex­ec­u­tive com­mit­tee mem­ber of the In­ter­na­tional Fo­rum of In­sur­ance Guar­an­tee Schemes (IFIGS). The Ex­ec­u­tive Com­mit­tee di­rects the ac­tiv­i­ties of IFIGS. PIDM ad­min­is­ters the na­tional De­posit In­sur­ance Sys­tem (DIS) and the Taka­ful and In­sur­ance Ben­e­fits Pro­tec­tion Sys­tem (TIPS) in Malaysia.

REP AD­VISES YOUTHS TO TAKE UP IN­SUR­ANCE

Source: The Bor­neo Post, 12 De­cem­ber 2013 Sarawak Na­tional Youth Or­gan­i­sa­tion (Saberkas) Deputy Sec­re­tary-gen­eral Den­nis Ngau Jok said that it would be a loss if people did not take up in­sur­ance poli­cies when they are still young. “Hav­ing an in­sur­ance pol­icy will bring great ben­e­fits to ev­ery level of so­ci­ety, es­pe­cially youths,” he said dur­ing the open­ing cer­e­mony of an in­sur­ance sem­i­nar for Saberkas mem­bers con­ducted by Taka­ful Ikhlas Sdn Bhd in De­cem­ber. He lamented that many young people per­ceived in­sur­ance schemes as only for el­derly people, which should be changed since cur­rent sta­tis­tics show de­te­ri­o­rat­ing health among young people. “I’m wor­ried, as there are cases of chronic dis­ease at young age, as early as the 20s, be­fore they even reach their 30s,” he added. He said hav­ing an in­sur­ance pol­icy would greatly re­lieve the pol­i­cy­holder dur­ing times of emer­gency. “In­sur­ance would at least cover the med­i­cal cost,” he said. Also present at the event was Taka­ful Ikhlas (East Malaysia) Vice Pres­i­dent Sham­sul Bahrin Sugimin.

TWO NEW STAN­DARDS ADOPTED FOR IS­LAMIC FI­NAN­CIAL SER­VICES IN­DUS­TRY

Source: Is­lamic Fi­nan­cial Ser­vices Board Press Re­lease,

11 De­cem­ber 2013 The Coun­cil of the Is­lamic Fi­nan­cial Ser­vices Board (IFSB) re­solved to ap­prove the adop­tion of two new Stan­dards in its 23rd Meet­ing in Doha, Qatar. The two documents are: • IFSB-14 aims to pro­vide guid­ance to the in­dus­try in un­der­stand­ing the types of risks that the Takā­ful in­dus­try is ex­posed to. The cur­rent global mar­ket con­di­tions ne­ces­si­tate the rel­e­vant reg­u­la­tory and su­per­vi­sory au­thor­i­ties to con­tinue strength­en­ing the in­dus­try. With the best prac­tices set forth by this stan­dard, it pro­vides a Sharī`ah-com­pli­ant mech­a­nism in the de­vel­op­ment of a risk man­age­ment frame­work for Takā­ful un­der­tak­ings. • IFSB-15 is a re­vised and en­hanced ver­sion of two pre­vi­ous IFSB Stan­dards on cap­i­tal ad­e­quacy, namely IFSB-2: Cap­i­tal Ad­e­quacy Stan­dard for IIFS (pub­lished in 2005) and IFSB-7: Cap­i­tal Ad­e­quacy Re­quire­ments for Sukūk, Se­cu­ri­ti­sa­tions and Real Es­tate In­vest­ments (pub­lished in 2009). IFSB-15 also adopts key Basel III pro­pos­als on cap­i­tal com­po­nents and macro pru­den­tial tools for the IIFS. This Stan­dard aims to as­sist the im­ple­men­ta­tion of a cap­i­tal ad­e­quacy frame­work that will en­sure ef­fec­tive cov­er­age of risk ex­po­sures of the IIFS and al­lo­ca­tion of ap­pro­pri­ate cap­i­tal to cover these risks, based pre­dom­i­nantly on the Stan­dard­ised Ap­proach. Both IFSB-14 and IFSB-15 are avail­able on the IFSB web­site, www.ifsb.org.

STA­BLE IN­SUR­ANCE SEC­TOR IN MALAYSIA

Source: The Star, 11 De­cem­ber 2013 Fitch Rat­ings, while ex­pect­ing fur­ther con­sol­i­da­tion in the lo­cal in­sur­ance mar­ket, says the sec­tor and rat­ing out­looks for Malaysia’s life in­sur­ance, gen­eral in­sur­ance and Taka­ful sec­tors re­main sta­ble for next year. In its lat­est re­port, the rat­ing agency said mar­ket growth, sound op­er­at­ing mar­gins and ad­e­quate cap­i­tal buf­fers would con­tinue to re­in­force the credit pro­file of in­sur­ers or Taka­ful oper­a­tors, and that fur­ther con­sol­i­da­tion was likely due to the en­act­ment of new in­sur­ance reg­u­la­tions and a Taka­ful cap­i­tal regime. De­mand for in­sur­ance prod­ucts is likely to con­tinue to grow in the near term be­cause of steadily ris­ing dis­posal in­come and pri­vate con­sump­tion, the re­port added. Fitch said the growth in the fam­ily Taka­ful sec­tor would re­main strong, as Taka­ful oper­a­tors fur­ther ex­panded their prod­uct reach and of­fer­ings. Less volatile eq­uity mar­kets and a low in­ter­est rate en­vi­ron­ment would sus­tain the de­mand for investmentlinked poli­cies, it noted. The rat­ings agency said the in­tro­duc­tion of a risk-based cap­i­tal regime for the Taka­ful sec­tor and the re­quire­ment for com­pos­ite in­sur­ers to seg­re­gate their op­er­a­tions into separately li­censed life and gen­eral in­sur­ance units could ini­ti­ate an­other round of mar­ket con­sol­i­da­tion, es­pe­cially in the Taka­ful sec­tor.

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