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Committees

Islamic Finance (Expert Panel)

Created - 30 August 2011, revised 31 January 2012

1.  Membership

Membership of the Expert Panel is open to all individuals with the relevant expertise and interest.

A Steering Committee, comprising a limited number of actuaries who have practical experience and are representative of the major areas and jurisdictions in which Islamic finance (including takaful) is offered, is appointed to facilitate the coordination of activities.

2.  Purpose

  • identifying compatibility issues, if any, of actuarial principles with Shariah principles as applied to risk sharing for the mutual benefit of actuaries, regulatory or standard setting bodies and the wider community.
  • assisting in resolving potential issues to ensure better harmonisation and provide clarity and transparency for actuaries in this area of practice.

3.  Role

  • At the request of IAA Council, or one of the IA Committees or Sections, provide advice and make recommendations on specific issues related to the harmonisation of actuarial principles with the underlying principles of Islamic finance.

  • Monitor major developments of interest to the actuarial profession and to actuaries practising in domains related to Islamic finance and inform interested parties via the IAA web site.

4.  Decision-making authority

The Expert Panel operates within the IAA Statutes and Internal Regulations and reports to the Insurance Accounting Committee.

5.  Operational Matters

The Expert Panel will collect and assemble existing relevant information about Islamic finance to extend the body of knowledge of the international actuarial community and to facilitate access to information by individual actuaries.

The Expert Panel will operate via a list-server.