The Islamic Financial Services Board has issued an exposure draft Guidance Note on Recovery and Resolution of Takaful Undertakings (GN-10) for public consultation, setting out application-level guidance for takaful supervisors and the sector. GN-10 provides guidance on Takaful Core Principles 12 on exit from the market and resolution and 16 on enterprise risk management for solvency purposes. It is intended to complement the Financial Stability Board Key Attributes and International Association of Insurance Supervisors application papers on recovery planning and on resolution powers and planning, while covering takaful-specific aspects not addressed in those materials. A public hearing webinar is scheduled for 14 April 2025, and written comments are requested by 1 May 2025.
Islamic Financial Services Board 2025-03-18
Islamic Financial Services Board launches consultation on draft recovery and resolution guidance for takaful undertakings
The Islamic Financial Services Board has released an exposure draft Guidance Note on Recovery and Resolution of Takaful Undertakings (GN-10) for public consultation. GN-10 offers guidance on Takaful Core Principles related to market exit, resolution, and enterprise risk management for solvency, complementing existing international frameworks while addressing takaful-specific issues.