Microtakaful Advocacy unite OJK, AASI and GIZ in the Microtakaful Confab Indonesia

Committed to help significant portions of Indonesian population who live in poverty, the government, local and international stakeholders, and industry partners will gather to the 1st Microtakaful Conference at Hotel Borobudur Jakarta on April 24, 2014. Highlight of the conference is the presentation of the result of microtakaful market study in Indonesia and the commitment of the Indonesian Government and stakeholders to work together to support the advocacy on microtakaful market development. Over a hundred participants composed of insurance regulators and providers, takaful operators, local and international expert are expected to participate in five sessions in the day.

The conference is jointly organized by the Otoritas Jasa Keuangan (OJK) – the Financial Services Authority of Indonesia, Asosiasi Asuransi Syariah Indonesia (AASI) – the Indonesia Sharia Insurance Association, and the German Development Cooperation (GIZ) through its regional program Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia).

Honorable Muliaman D. Hadad, chairman of the Board of Commissioners, Indonesia Financial Services Authority (OJK) will lead the conference as keynote speaker. He is joined by Dr. Firdaus Djaelani, CEO of Non Non-bank Financial Institutions Supervision and member of the Board of Commissioners, Otoritas Jasa Keuangan (OJK), Mr. Mohammad Shaifie Zein, CEO of PT Reasuransi Nasional Indonesia and chairman, Asosiasi Asuransi Syariah Indonesia (AASI) and Dr. Antonis Malagardis, program director, RFPI Asia.

The one-day conference encourages participants in the takaful industry to work together for the underserved Muslim populations in the country. The conference aims to: Present the key findings and recommendations of the microtakaful market study in Indonesia and draw the commitment of regulators and the insurance industry to support the advocacy on microtakaful market development.

Provide a platform for regulators, insurance providers, international experts and support institutions to exchange ideas on current initiatives on microtakaful, analyze policy and market challenges and discuss opportunities and outlook.

Conference session1 speaker Kartina MD Ariffin, member of the Secretariat and Technical & Research, Islamic Financial Services Board (IFSB) will discuss the rationale and regulatory basis of microtakaful market development. Session 2 will showcase the key findings and recommendations of microtakaful market study in Indonesia presented by Zuriah Abdul Rahman, microtakaful expert and consultant to RFPI Asia/ AFC and Nick Thornton, the lead consultant to the Microtakaful Market Study in Indonesia.

Meanwhile, session 3, 4 and 5 will draw learnings, experiences and commitments from industry, support institutions and regulators respectively.

The conference is a follow through to Indonesia’s milestone efforts in 2013 to promote inclusive insurance for the underprivileged population. One of Indonesia’s outstanding commitments was the launching of Grand Design for microinsurance which outlines the regulatory framework and national strategy.

Consequently, the conference will hope to achieve the creation of an appropriate market for insurance that is compliant with Islamic laws and will cater to the low-income sector, the microtakaful market.