If you had four days
An interesting opportunity came up recently: if you had four days locked up in a workshop with takaful leaders & middle managers and above in the Middle East, what would you want?
Thinking of it, the first day I would spend discussing the basics of takaful, models, and innovative product development. I would want to discuss why takaful had not taken off for the most part. Is it due to product design, a bad reputation, model problems, or differences of opinion of the differing mazhab?
Day two I would spend on the day to day issues of takaful, and corporate governance issues. I would want to find out what the problems takaful operators face and how we can overcome them. I would also want to stress corporate governance issues and their importance, with the goal of making takaful operators the best, not just an alternative to conventional!
Day three I would spend on risk management in takaful. My gut feeling is that this is where we really need to be careful, especially with the way the world is right now. Imagine if a financial crisis of some sort hit takaful. Could we survive? I would want to know what is being done now and what we feel should be done.
Day four I would spend on the design of proper regulations in takaful. Regulators are the backbone of takaful. We need to work together with them to make this a success. I would want to discuss what the opinions are on the weaknesses of takaful regulations and what can be done about it.
I hope to expand on this over time. So, what would you do if you had four days?
Thinking of it, the first day I would spend discussing the basics of takaful, models, and innovative product development. I would want to discuss why takaful had not taken off for the most part. Is it due to product design, a bad reputation, model problems, or differences of opinion of the differing mazhab?
Day two I would spend on the day to day issues of takaful, and corporate governance issues. I would want to find out what the problems takaful operators face and how we can overcome them. I would also want to stress corporate governance issues and their importance, with the goal of making takaful operators the best, not just an alternative to conventional!
Day three I would spend on risk management in takaful. My gut feeling is that this is where we really need to be careful, especially with the way the world is right now. Imagine if a financial crisis of some sort hit takaful. Could we survive? I would want to know what is being done now and what we feel should be done.
Day four I would spend on the design of proper regulations in takaful. Regulators are the backbone of takaful. We need to work together with them to make this a success. I would want to discuss what the opinions are on the weaknesses of takaful regulations and what can be done about it.
I hope to expand on this over time. So, what would you do if you had four days?