T R U S T . T R A N S PA R E N C Y .

I N D E P E N D E N C E

IIRA TRAINING PROGRAM

Evaluating & Understanding

Ta k a f u l F i r m s
DATE:

15th & 16th January, 2014

LOCATION: Bahrain

www.iirating.com

T R U S T . T R A N S PA R E N C Y . I N D E P E N D E N C E
Islamic finance is a growing phenomenon and holds
5% share of the global finance industry. In tandem
with growth in Islamic finance, demand for Sharia
compliant products for mitigating and managing
risk has risen significantly. Takaful products are
now distributed in around 30 countries through
over 250 operatives (including takaful windows of
conventional insurance providers). Annual global
takaful contributions had increased to US$8.3b
(2005: US$2b) by 2010. Total takaful contributions
are projected to reach US$25b by 2025, if the
current growth momentum is sustained.
Major takaful operators are concentrated in the
GCC countries (US$5.7b) and Malaysia (US$1.4b),
which on an aggregate basis comprises 85% of
the total industry contributions. Within the GCC,
Saudi Arabia (US$4.3b) continues to be the single
largest takaful market representing over half of
the total industry contributions. Outside GCC and
Malaysia, Sudan is the most significant market with
contribution of US$363m in 2010. Going forward,
growth in takaful contributions is also expected
from emerging centers of Islamic Finance like
Indonesia, Egypt, Sudan, Bangladesh, Pakistan and
the African Sub-continent, which are opening up
to takaful products. Compulsory insurance through
legislation, as witnessed in certain GCC countries,
is also expected to spur growth. Family takaful
business, given its small proportion (less than 25%)
in the total takaful contributions, also represents a
major opportunity for growth for takaful operators.
To keep financial professionals abreast with recent
developments, IIRA is conducting a two-day
training program on risk assessment of takaful
operators, which will empower participants to
make well-informed decisions. The training will
give participants exposure to current techniques in
risk management and the ever expanding range of
takaful products.

COURSE AGENDA

The Takaful Market A Snapshot

Takaful Structures in Vogue
Risks underlying Takaful Structures
Comparison of Conventional and Takaful
Operators
Economic Analysis and its Relevance
Industry Analysis
Company Specific Analysis
- Risk based Capital Adequacy in Takaful
- Underwriting Risk
- Credit Risk
- Market Risk
- Liquidity and Cash flows
- Profitability
- Fiduciary Risk (including Sharia Compliance)
- Retakaful Policies
- Qualitative Factors
Case Study of a Takaful Firm

WHO SHOULD ATTEND

Middle & Senior Level Bank Professionals;

Fixed Income Professionals;
Insurance Professionals;
Portfolio and Fund Managers;
Credit Risk Professionals;
Regulators;
Investment professionals;
Equity Analysts;
Shariah Compliance Officers & Advisors.

COURSE FACILITATORS

Team of senior Rating Analysts from IIRA will conduct the training sessions.

WORKSHOP FEES

BD 200 per Participant

For every 2 participants from the same organization
the third will be free.
Registration fee is inclusive of course material, IIRA
workshop certificate, Lunch and refreshments.

For Registration Contact: Mr. Saeed Ramadhan; E-mail: saeed.ramadhan@

iirating.com; AFS Tower, 2nd Floor, Hoora 320, Manama; P.O. Box 20582,
Kingdom of Bahrain; Tel: +973 17211606, Fax: +973 17211605

T R U S T . T R A N S PA R E N C Y . I N D E P E N D E N C E
PROFILES OF THE TRAINERS
Abdur Rahim, ACII

Advisor - JCR-VIS Credit Rating Company Limited

In his over 50 years of insurance career, Abdur Rahim has performed in different management roles and unto the top as
General Manager of Commercial Union (now AVIVA) in Pakistan and Chief Executive Officer of Central Insurance. After his
retirement he spent several years in leading local companies in senior positions. His career consists of the early growth as
professional in underwriting, claims, marketing, risk inspection and interaction with world class reinsurers/brokers.
Abdur Rahim has long served on the Central Committee of the Insurance Association of Pakistan which is a body for seeing
that the member companies conduct insurance business fairly well and with regulated controls seeing that the rights of
the policyholders are well served. He took active part in the initial stages of the development of the current Insurance
Ordinance 2000 which replaced and completely revamped the earlier Insurance Act 1923. The research and implementation
work on the introduction of the Insurance Ordinance 2000 was financed by the Asian Development Bank.
Before joining JCR-VIS, Abdur Rahim had set up his own Insurance Advisory Services IAS with the objective to review and guide the insurance
clients on insurance covers and their portfolio. He helped in brining the gap closer between the insurance companies and their clients to their
mutual interest. He is now fully involved with JCR-VIS as an authority on risk evaluation of insurance companies.
Abdur Rahim is an Associate of Chartered Insurance Institute, England.

Sabeen Saleem, CFA

CEO - Islamic International Rating Agency

Sabeen Saleem, CFA, is the Chief Executive Officer of IIRA, and has been engaged in multi sector company assessments
during the past 15 years of her analytical experience. Sectors that she has covered from an analytical perspective range from
financial institutions including banks and insurance companies to a wide range of industrial concerns in textile, commodities
processing, pharmaceuticals, cement and energy.
Her experience is diverse and covers financial analysis as well as managerial evaluations. These were undertaken often from
a ratings perspective, but also to serve as rationale for underwriting decisions and/or with credit monitoring in view.
Sabeen Saleem has extensive experience working in developing countries, chiefly in Pakistan, but also very notably in Bangladesh and Middle
Eastern countries. Her previous association with an eminent rating agency in Pakistan, in the capacity of Chief Rating Officer for 4 years and Rating
Committee Member for over six years, served to add to her project assessment capabilities across a very wide cross section of industries. She
was also - associated with a Development Financial Institution as the Head of Risk Management. Being a recent entrant in the market, she was
responsible for setting up the department and building the DFIs initial risk framework. As part of this role, she provided risk evaluations for new
and upcoming projects as well as operationally active companies.
Sabeen Sabeen Saleem has been actively involved in writing for reputed journals and speaking at high profile gatherings of finance professionals.

Sobia Maqbool, CFA

Group Head - JCR-VIS Credit Rating Company Limited

Sobia Maqbool, CFA has 10 years of professional experience in the field of credit ratings & risk analytics. As Group Head at
JCR-VIS, she is in charge of a multi-jurisdiction team and supervising rating assignments across a diverse range of sectors,
including corporates, sub-sovereigns and financial institutions. Sobia Maqbool is a Rating Committee member (voting) of
both JCR-VIS and IIRA, which is a body that considers all rating actions.
Sobia Maqbool has been actively involved in research activities, development of methodologies & staff training. Over the
years, she has developed analytical methodologies for various market segments such as Takaful, Public Finance, Non-banking
Finance Companies, Mutual Funds, Bank Loan Ratings, among others. More recently, she provided significant contribution to the development of
Fiduciary Rating System launched from the platform of IIRA; the methodology underpinning the Fiduciary Rating System truly reflects the spirit
of Islamic finance.
She has spoken at both local and international forums and has also been facilitating training courses on the subjects of ratings and credit analysis.
Since the launch of Skills Development Program two years back, aimed at enhancing the skill set of market participants, she has facilitated more
than 10 training programs on the subjects of Corporate Credit Analysis, Bank Risk Analysis, Insurer Risk Analysis and Financial Management. In
addition to this, she also facilitated training on the subject of Analysis of Islamic Financial Institutions, organized by IIRA in collaboration with Union
of Arab Banks, in Turkey.
Sobia Maqbool is represented on the working group from amongst ACRAA (Association of Credit Rating Agencies in Asia) members that had been
assigned the task to identify means to further the Asian Bond Markets Initiative taken in 2002, more specifically in developing an acceptable
mechanism for utilization of Credit Guarantee & Investment Facility, a trust fund of Asian Development Bank (ADB). As part of this project, she
is working on the development of mechanism for mapping national scale ratings from different countries to facilitate cross border fund flows,
whereby first phase of the project has already been completed. The project is being funded by ADB.
She has a Masters degree in Business Administration from the Institute of Business Administration, Pakistan and is also a CFA charter holder.

AFS Tower, 2nd Floor, Hoora 320, Manama, P.O. Box 20582, Kingdom of Bahrain
Tel: +973 17211606, Fax: +973 17211605
Website: www.iirating.com | Email: iira@iirating.com