HE Sheikh Abullah Salim Al Salmi, Executive President of the Capital Market Authority expressed his confidence in the creation of real Takaful industry pointing out to the responsibility of Takaful companies in upgrading the industry in the Sultanate through contribution to directing the public toward diversified products away from compulsory insurance products which are limited to motor insurance.
Al Salmi said in the opening speech of the training programme on “Accounting Solutions for the Business of Takaful Companies” that training and enabling national cadres and improving their knowledge and technical capabilities is the right onset toward best future for Takaful industry in view of the appropriate environment for the growth of such companies.
Al Salmi pointed out that the end user of the insurance service is the most important element in the market and hence the Takaful companies are required to build the confidence for market participants through provision of best insurance services to ensure the success of the industry.
The training programme which is organized by CMA and Al Madinah Takaful has started yesterday in collaboration with Minhaj Consultancies and will continue until June 5th.
Osama Eissa Al Barwani, Vice Chief Executive Officer of Al Madinah Takaful gave speech in which he said the company believes that training national cadres on the technical and managerial issues in the real investment and the key factor for improved performance. He added the programmes executed by Minhaj in coordination with Maqasid Managerial Consultancies aims to explaining accounting entries and highlights the importance of disclosure of Takaful companies to the regulators and the public. The programmed would introduce to the participants the Sharia and accounting standards of AAOIFI with regard to Takaful and Retakaful and the standards for provisions and reserves for Takaful companies in addition to the standards for contributions in Takaful.