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Retakaful Technical Workshop

Presenter:
Swiss Re Retakaful :- Marcel Omar Papp
Fidrus Sukor

Organizer:
Association of Shariah Advisors in Islamic Finance (ASAS)

Date/Place:
4th June 2014/Lanai Kijang, Kuala Lumpur
Questions on Retakaful

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Agenda
Introduction
Essentials
Roles
Benefits
Forms
Markets
BREAK
Reinsurance VS Retakaful
Shariah issues
Conclusion
Q & A Session

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Introduction

Introduction
Swiss Re is a leading and highly diversified global reinsurance company
The World's Leading Reinsurers
Swiss Re At A Glance

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Introduction

The objective of this workshop is to give you an overview of retakaful from a


technical perspective. We will also touch on Shari'a issues and challenges of
retakaful.

You will find that the terms reinsurance and retakaful are used
interchangeably at many parts of the presentation. This is because the
purpose and technical nature of reinsurance/retakaful are largely the same.

However, the specific Shariah issues which will be highlighted are specific to
retakaful.

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Swiss Re is a leading and highly diversified global
reinsurance company

151 years of experience in providing wholesale


re/insurance and risk management solutions

Headquarters, Zurich
We deliver both traditional and innovative offerings
in Property & Casualty and Life & Health that meet our
clients' needs

A pioneer in insurance-based capital market solutions,


Armonk, New York we combine financial strength and unparalleled
expertise for the benefit of our clients

Our financial strength is currently rated:


Standard & Poors: AA-/stable; Moodys: Aa3/stable;
The Gherkin, London A.M. Best: A+/stable

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The World's Leading Reinsurers

Top Ten Reinsurers based on net Net Premium P & C (USD mil) L & H (USD mil)
premium earned 2012 (USD mil)

Munich Reinsurance Co. 36,167 22,038 14,129

Swiss Reinsurance Co. Ltd 25,344 15,117 10,227

Hannover Re 16,231 9,060 7,171


Berkshire Hathaway Inc. 15,059 9,668 5,391
Lloyd's 11,371 11,358 13
SCOR S.E. 11,286 3,390 7,896
Reinsurance Group of America Inc. 7,907 - 7,907
China Reinsurance Group 6,471 4,090 2,381
PartnerRe Ltd. 4,567 3,768 799
Everest Re Group Ltd. 4,081 3,229 852

Sources: - A.M. Best Data & Research Sept 3, 2012 report

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Swiss Retakaful At A Glance

Swiss Re started to write family retakaful business for the Middle


East out of Zurich in 2016 using a modified Wakalah model.

Set up retakaful branch in Kuala Lumpur in 2009 and received


operating licence from BNM effective 1st September 2009.

Offering family & general retakaful solutions on a worldwide


basis.

All Takaful operators in Malaysia (except one) are clients of Swiss


Re Retakaful and several other Takaful companies in Indonesia &
other parts of the world.

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Essentials

Examples of Risks
What retakaful does?
The Origins of reinsurance
How Does reinsurance Work?
How Risks are transferred in reinsurance
How Risks are shared in retakaful
Basic structure of retakaful

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Essentials

Living life and running business involves risks. To mitigate these risks,
individuals and companies buy insurance. Insurers too, need to protect
themselves and do so by buying reinsurance. This industry touches almost
every part of our lives and draws on insight from virtually every scientific
discipline. It's also one of the few industries that is, and always has been,
truly global in nature. Retakaful is the Shari'a compliant 'version' of
reinsurance.

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Examples of risks

Examples

Natural Earthquakes, Floods, Hurricanes, Tornados, ...


catastrophes

Fire, terrorism Arson, Terror attack,

Pandemics SARS, H5N1, H1N1,

Obesity Health, Mortality, Liability,

Financial
Credit, Equity,
market risks

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What retakaful does?

In essence, reinsurance is insurance for insurance company. Hence retakaful is providing


takaful coverage to takaful operators
Sharing some of their risk with retakaful operators (RTOs), it is possible for primary takaful
operator (Tos) to offer cover against the key risks we face today and keep prices at affordable
levels

RTOs provide coverage against all kind of risks all over the world
Risk is shared with individual and companies on the primary side, and with primary TOs to
the RTO on the retakaful side

RTO allows those parties to reduce risk exposure risk & owned capital requirement
Freeing up capital allows TOs to write more business, thus enabling economic growth &
creating more stability

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The Origins of Reinsurance & Retakaful

First reinsurance contract written in Latin (14th Century) affected in Genoa in July
1370

18th Century The Industrial Revolution creates many insurance companies

Cologne Re 1st independent professional reinsurer was established in 1842


in the wake of fire that devastated the city of Hamburg

Swiss Re in 1863 was established also as a response to the fire at Glarus,


Switzerland and Munich Re in 1880

Even though first retakaful operator was established in 1979 retakaful only took off
starting from 2005 with the setting up of several retakaful operators.

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How Does Reinsurance Work?

Under a Reinsurance agreement, a reinsurer takes on part of the risk


that an insurer has written

Reinsurer deals with professional counterparties such as insurers,


brokers and other reinsurers called Captive insurers

They either cover entire insurance portfolios or just related to single


risks

May involve a sharing of all premium and losses or may just cover
losses exceeding a certain threshold

Spreading the risk around the world, can cover particularly large
one-off risk

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How Risks are transferred in reinsurance

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How Risks are shared in retakaful
Motor Home Family Business Transport Catastrophe

Note:
Broadness of risk spread
is as important as
capacity
Non-permissible risks
Takaful Takaful Insurer Takaful may enter the system in
1 2 3 may ways at various
levels (especially for P&C
or General Retakaful)

Retakaful 1

Retakaful Retakaful Reinsurer Capital


2 3 markets?

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Basic structure of retakaful
PARTICIPANTS

Claims or
Contribution Surplus
Distribution

Claims or
TAKAFUL FUND Surplus RE-TAKAFUL FUND
Mutual pool for the Distribution Mutual pool for the collection
collection of contribution of contribution and payment
and payment of claims of claims
Contribution

Qard Wakalah Fee or Qard


Wakalah Fee or
Hasan Share of Profit Hasan
Share of Profit
if required if required

Shareholder of TAKAFUL OPERATOR RETAKAFUL OPERATOR Shareholder of


Takaful Manage the Takaful fund manage the Retakaful fund ReTakaful
Operator operator

Dividends Dividends
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Roles

Roles of retakaful operator


Services provided by retakaful
Value added services by retakaful operators
Video

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Roles of retakaful operator

In essence, the retakaful operators provide takaful coverage to


takaful operators

TOs share their risks with RTOs


Enabling them to offer cover against the key risks we face
today and to keep prices at affordable levels

Types of retakaful cover


General: Property, Marine, Casualty, Engineering, etc
Family: Death, Disability, Critical Illness, Medical, etc

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Services provided by retakaful
Retakaful enables risk-taking that is essential to enterprise and progress

RTOs identify and evaluate risks


Climate change identified as emerging risk almost 20 years ago

RTOs select and take risks


Takaful coverage of many industrial risks

Reinsurance transfer and trade risks


Securitisation of earthquake and hurricane risks (e.g. Insurance-linked
securities ILS)
Shariah compliant solution yet to be found.

RTOs educate and consult on risks


Over 50 risk-related publications during the last 12 months

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Value added services by Retakaful Operators
Retakaful operators can support Takaful operators to achieve a number of goals
Maintain a Increase sales Best in class Efficient claims Robust and Optimise capital
constant stream effectiveness underwriting management extensive management
of new products ERM
framework

Product Marketing, Sales Underwriting Claims Risk Finance


development Management
& Distribution

Medical Takaful Automated Underwriting Management of Support set- Structuring and


rule-based support tools in-force/legacy up and execution of
Accident & Health
point-of-sale businesses review of capital driven
Takaful Tailored
underwriting holistic transactions
underwriting Claims
Mortality systems Enterprise
requirements for management
products Risk
Tailoring specific capabilities via
Management
Takaful specific Family Takaful distribution TPA
system
products products for channels/produc
Reviews/benchma
multi-channel ts Pandemic
Consumer rking
distribution Risk
research Reviews/benchm
Training Modelling
arking
Pricing strategy &
approach Training
Data collection &
analysis

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Video

Economics of climate adaptation


https://www.youtube.com/watch?v=wFnybSWyhMw
Urbanisation in emerging markets: boon and bane for insurers
https://www.youtube.com/watch?v=Eia_IswmK1Y

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Benefits

What are the benefits of retakaful for clients?


What are the benefits of retakaful for society?

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What are the benefits of retakaful for clients?

What RTOs do Benefit to clients

Risk sharing function Stabilise financial results by Companies become a more


smoothing the impact of attractive investment proposition
unexpected major losses and and benefit from reduced cost of
peak risks capital
Risk finance function Offer retakaful support as Capital freed up, thereby
cost effective substitute for increasing underwriting capacity
equity or debt, allowing and enabling growth
clients to take advantage of
global diversification
Information function Support clients in pricing and Accelerate profitable growth
managing risks, developing
new products and expanding
their geographical footprint

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What are the benefits of retakaful for society?

What RTOs do Benefit for society

Risk sharing function Diversify risks on a global Make takaful more broadly
basis available and affordable; enable
economic growth

Risk finance/capital Invest contribution income Provide long-term capital to the


market function according to expected payout economy on a continuous basis

Information function Put a price tag on risks Set incentives for risk-adequate
behaviour

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Forms

Basic Forms of retakaful


Facultative
Obligatory Treaty

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Basic Forms of retakaful

PROPORTIONAL

FACULTATIVE
NON - PROPORTIONAL

BASIC FORMS OF
QUOTA SHARE
RETAKAFUL
PROPORTIONAL

SURPLUS
OBLIGATORY
TREATY
EXCESS LOSS
NON -
PROPORTIONAL
STOP LOSS

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Basic Forms of retakaful Facultative

Proportional Facultative:
Cedants and RTO divide the premium and
losses between them at a contractually
defined ratio.
FACULTATIVE:
Case by Case risk sharing
The term 'risk' is not only to
specific hazards but the actual
object insured
'faculty' means to have the
option to accept or refuse to
take
Non-Proportional Facultative:
Free to choose which risk to
cover
As opposed to proportional facultative
no set of predetermined ratio to divide the
premium and losses
Share of losses depending on actual
amount loss incurred

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Basic Forms of Retakaful Obligatory Treaty
Quota Share:
-Retakaful operator accepts all the risk
within defined categories
-For new companies & new risks that TO
does not deal with
Proportional
Treaty
Surplus:
- RTO does not participate in all risk; up to
OBLIGATORY TREATY: specific amount, TO retains the risks
- RTO is obliged to accept the surplus or
- Both parties are obliged to
amount that exceeds TO retention
cede or accept any risk cover
in treaty that they conclude
- RTO bound by the treaty to
accept share & provide
protection in the policy
Excess Loss:
-Recoveries are available when the loss
occurred EXCEEDS a cedant retention
Non
Proportional
Treaty
Stop Loss:
-RTO covers any part of the total annual
loss burden which exceeds the agreed
deductible or a specified absolute amount

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Markets

Market Figures Takaful and Retakaful Market Malaysia (2012)


Market Players
Kuala Lumpur Based
Labuan Based
Retakaful Operators licensed under IFSA (2013)
Labuan Offshore Financial Services Authority (LOFSA)

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Market Figures Takaful and Retakaful Market Malaysia
(2012)

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Market Players Kuala Lumpur and Labuan Based

Labuan Based
Retakaful
Operator

Kuwait Reinsurance Company

Kuala Lumpur
Based Retakaful
SCOR Reinsurance Group Operator

Allianz Global Reinsurance

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Retakaful Operators licensed under IFSA (2013)

Swiss Re, Munich Re, MNRB and ACR Retakaful

Legal framework: IFSA: Importance of SGF provides


IFSA (2013) Shariah compliance guidelines on Shariah
CBMA (2009) Section 28: Duty of Governance:
institutions to Essential Functions:
ensure compliance Shariah Review,
Guidelines on:
with Shariah Audit, Risk
Takaful Operating Management,
Non-compliance is
Framework Research
an offence
Shariah Governance punishable with
Framework imprisonment not
Risk Based Capital exceeding 8 years,
and/or fine not
exceeding RM25
million

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Labuan Offshore Financial Services Authority (LOFSA)

Labuan Islamic
Financial Services Section 129. The Authority shall not approve an application for an Islamic
and Securities Act banking or Takaful licence by any applicant under this Act unless
(2010)
it is satisfied that

(a) the aims and operations of the business which such applicant
desires to carry on will not involve any element which
is not in compliance with Shariah principles; and

(b) there are, in the articles of association of such applicants, provision for
establishment of an internal Shariah Advisory Board to advise such applicant
on the operations of its business in order to ensure that its operations do not
involve any element which is not in compliance with Shariah principles

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BREAK

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Reinsurance VS Retakaful

Retakaful vs. traditional reinsurance theory


Reasons to use Retakaful
Some Key Differences

Retakaful vs. traditional reinsurance practice


Risk transfer dilemma
Pooling dilemma

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Retakaful vs. traditional reinsurance theory :
Reasons to use retakaful

Foundation of Takaful is Shari'a compliance Other reasons

Islamic Financial Services 2013 (IFSA) Same legal framework, systems, models & processes

AAOIFI Shari'a standard No. 41 Islamic reinsurance - Damage to integrity & image of Islamic insurance
Islamic insurance companies should reinsure first with Islamic industry if conventional reinsurance is used
reinsurance companies, to the largest possible extent

Shari'a resolution No. 47 by Shariah Advisory Council of


BNM (Malaysia) - Priority must be given to a (re)takaful
company

Guiding principles on governance for Takaful


undertakings (IFSB 8) - 'strive to use retakaful
operators, rather than conventional reinsurances, in
support of a fully Shari'a compliant financial system.'

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Retakaful vs. traditional reinsurance theory :
Some Key Differences

Traditional reinsurance Retakaful

1. One 'fund': Shareholders' fund 1. Two funds: Shareholders' and Participants' fund

A) Risk transfer: reinsurer is a risk A) Risk sharing: retakaful operator is a risk


taker. manager only but not a risk taker.

B) Pooling at reinsurance company B) Pooling amongst participants

2. Adherence to national/international 2. Adherence to national/international legislation


legislation & to Islamic law (e.g. Shari'a Board; risk
screening).

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Retakaful vs. traditional reinsurance practice

Risk transfer dilemma

Pooling dilemma

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Risk transfer dilemma unrecoverable qard

Shareholders' fund Qard Participants' fund

The provision of interest-free loan (Qard) is the main connection between shareholders'
and participants' fund (besides of Wakala fee).

Implicit assumptions:
Qard is provided rarely.
Amounts are small.
Loan is paid back quickly and completely.
Participants stay in fund even if fund is in deficit.
Participants stay in fund even if rates have to be increased.

Are these assumptions valid for retakaful?

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Risk transfer dilemma unrecoverable qard (Cont.)

Retakaful/reinsurance mostly needed for volatile risks which tend to have high limits
(especially in general retakaful).

Consequences in respect of Qard:


Qard has to be given frequently as a few claims can put participants' fund into a deficit
especially if it is small and by this lacks critical mass.
Loan amounts given can be high due to high limits provided.
Qard is often not paid back quickly (if at all).
Participants may leave fund if it is in a deficit for a longer time and/or if rates are increased.

Loan becomes unrecoverable for retakaful operator.

Retakaful becomes a risk transfer mechanism like reinsurance.

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Pooling dilemma behaviour of retakaful fund participants

Prerequisites for pooling in Typical characteristics of Consequences for pooling in


(re)takaful to work: pooling in retakaful: retakaful:

Large number of Small number of Participants are reluctant


participants & homogenous participants & to put their business into a
risks in pool heterogenous risks in pool fund with other companies
Participants have sense of (especially in case of as it compromises their
solidarity & forego own general retakaful) competitiveness as the
profit for the benefit of the Pool participants are surplus they receive
entire fund professional companies depends also on the results
Participants remain in fund who compete against each of other operators
even in case of deficit & other lack of solidarity Participants cannot predict
accept an increase in rates Participants are reluctant outcome of results of fund
to stay in fund in case of and by this of their own
deficit as it reduces the business
possibility that they get a
surplus in future

Takaful operators often demand that no pooling is applied for their portfolio
Retakaful pool becomes a single operator 'pool' as practised in traditional reinsurance

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Shariah issues

Leakage
Practices
RT Wording
Recapture
Financing Arrangement

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Shariah Issues Leakage

4%

60.23%

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Shariah Issues some reasons for leakage

1 Insufficient capacity by Lack of risk appetite by RTO's


RTO's for certain risks (e.g. 2 (e.g. for risks with very low
large general risks) rates)
1

3 Insufficient resources by 4 Unattractive rates &


RTO's (e.g. for facultative
conditions offered by RTO's
business)

5 Maintain business
relationship with reinsurers
Big

When are these reasons valid and when are they just an excuse (e.g. is it
acceptable to go for reinsurance if a retakaful operator offers the same
terms and conditions for a rate which is just 10% higher?)

Decision Shari'a compliance vs. commercial viability?

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Shariah Issues Practices

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Shariah Issues RT-wording

Current retakaful wordings worldwide do not accurately reflect the legal relationship between the
involved parties (e.g. retakaful contracts are between TO and RTO whilst they should be between
the risk fund of the TO and the risk fund of the RTO).

However, the risk fund in the Wakala model is not a legal entity and by this cannot enter into a
legally binding arrangement.

One option to overcome this is to set up the risk fund as a Waqf fund.

Waqf is recognised by Islamic law & tradition as legal entity in its own right.

Waqf is legally capable of shouldering the collective burden of compensating participants


under Re/takaful arrangements.

It can accommodate and own the risk fund in form of cash waqf.

A committee has been set up by the Malaysian Takaful Association to look further into this issue.

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Shariah Issues Recapture in family retakaful

In reinsurance, the reinsurer is


A provision in the treaty that When recapture is done, RTO
entitled to recapture fee to
allows cedant to take back loses its future income since it
compensate for the loss
some or all its risks from the is a long term treaty (e.g. 30
income, recognising 'future
RTO years)
profits' it would have made

1. Can the RTO demand a recapture fee?


2. How would the fee be calculated?
3. Can cedant charge for the cost of replacing the
RTO?

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Shariah Issues Financing Arrangement

An example of such projects is


Telemarketing ventures where the
Due to the high initial set up costs,
initial set up costs to set up and
insurers are not able to finance some
operate the telemarketing facilities,
projects themselves
purchase of database and other
marketing costs are high

This is not a problem for reinsurance


as the Life Fund belongs to the
In many cases, insurers require the reinsurers and can be used to finance
involvement of the Reinsurers to the set up costs through reinsurance
finance the initial set up costs commissions. Reinsurers recoup their
capital outlay through future
reinsurance

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Shariah Issues Financing Arrangement

Financing TM ventures in Takaful is challenging because of the separation between Shareholders and
Risk Fund (tabarru')
management expenses,
Shareholder's commissions, profits, etc
Fund

Contribution
can only be used for claims (and
Participants Risk Fund claims related expenses) and
retakaful.

From the diagram above, unlike conventional insurance, we can see that the Risk Fund cannot be
used to pay for any other expenses except for those related to claims

Hence any financing should come from the Shareholder's Fund

What Islamic financing structure can we use?


Is Retakaful Operator licensed to provide such financing?
Would we run the risk of having a 'contingent contract'?

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Conclusion

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Conclusion
Reinsurance was invented to help companies and societies deal with the bigger risks associated
with economic growth in the 19th century. In a similar way reinsurance and retakaful continue to
help companies and society tackle some of the biggest challenges in 21st century.

Whilst there are some similarities between reinsurance and retakaful there are also some distinct
differences (e.g. risk transfer vs risk sharing).

There are no harmonised retakaful practices many retakaful contracts contain elements which
are contentious from a Shariah perspective.

Several Shariah issues have still to be addressed in retakaful (e.g. leakage; contentious practices;
wording; recapture).

The retakaful industry needs the support from Shariah scholars and advisors
to address the challenges (e.g Shariah issues) and
to ensure that credible and Shariah-compliant retakaful solutions are used
by Takaful operators.

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Q & A Session

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Legal notice

2014 Swiss Re. All rights reserved. You are not permitted to create any modifications
or derivative works of this presentation or to use it for commercial or other public purposes
without the prior written permission of Swiss Re.

The information and opinions contained in the presentation are provided as at the date of
the presentation and are subject to change without notice. Although the information used
was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy
or comprehensiveness of the details given. All liability for the accuracy and completeness
thereof or for any damage or loss resulting from the use of the information contained in this
presentation is expressly excluded. Under no circumstances shall Swiss Re or its Group
companies be liable for any financial or consequential loss relating to this presentation.

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