WORLD - REGULATIONS - AAOIFI plans reform of takaful standards

www.insuranceinsight.eu -  Khaled Al Fakih, the new secretary-general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, outlined plans for a sweeping review of its guidelines in an interview with Reuters.

"We would like to see insightful debate ... that can help us develop standards that can benefit the industry," Fakih told Reuters, ahead of AAOIFI's annual meeting on 7 and 8 May.
His organisation plans to start consultations on reforming the operations of sharia boards, the groups of Islamic scholars which rule on whether financial institutions' activities and products are religiously acceptable, by the middle of this year. (source)

INDONESIA - TAKAFUL - Great Eastern CEO optimistic about Southeast Asian market

www.insuranceinsight.eu - Asia's oldest insurance group, Great Eastern, remains bullish on the prospects of the industry in Southeast Asia, despite the eurozone crisis, low penetration rates and insufficient coverage in several regions.

According to Asian publication, The Sun Daily, Great Eastern CEO Chris Wei was addressing reporters at the launch of its Live Great loyalty programme on Friday.  (source)