December 2023 Updates

Welcome to the December edition of our newsletter!

Here are some updates on what we have been up to.

Indonesia Sharia Insurance Conference?

On the 12th of December, we had the opportunity to speak at the International Conference on "IFRS 17 Implementation in Indonesian Sharia Insurance," organized by Asosiasi Asuransi Syariah Indonesia ( AASI Indonesia ) in collaboration with the Accounting Standards Board (DSAS-IAI), Financial Services Authority of Indonesia ( Otoritas Jasa Keuangan or OJK), and the National Sharia Council of the Indonesian Council of Ulama (DSN-MUI). ?

The conference aimed to provide new and valuable insights into the potential revision of the PSAK 108 accounting standard and its implications for the Indonesia Sharia Insurance industry. During the conference, the complexities/intricacies of applying IFRS 17 to Takaful business in Malaysia and Brunei were explored. The new accounting standard aims to increase transparency as it will bring more insight into an insurance company’s financial health.??

This event served as a platform to convene industry leaders, stakeholders, and international associations for in-depth discussions in preparation for the sustainable effects of this implementation. Over 100 participants, including?CEOs, shariah scholars, actuaries, insurance professionals and others attended the conference.

We would like to thank the organisers and express our gratitude for allowing us the opportunity to share our experiences and contribute to the discussions towards?shaping the future of IFRS 17 implementation within the Indonesian Sharia Insurance landscape.?

Interaction Session with the Actuarial Society of Nepal?

We also received an invitation from the Actuarial Society of Nepal (ASN) to engage in an interactive discussion with its members. This session was conducted by Hassan Scott Odierno revolved around multiple topics related to the work of an actuary.?

Hassan delved into the intricacies of an actuary's role, highlighting different areas of involvement, such as valuation, risk-based capital and pricing of insurance products. The discussion then extended to other topics such as experience studies and assumption settings, with an emphasis on the importance of accurate, complete, and consistent data. The session concluded?on the subject of IFRS 17 implementation and Asset Liability Management (ALM).?

Prior to the conference, members of ASN were granted exclusive access to a preview course on our online learning platform. This course, tailored to the topic of discussions, such as product development and reserving, helped to enhance participant engagement.?

We would like to extend our thanks and gratitude to the organising committee of the Actuarial Society of Nepal for inviting us to speak.?

IFoA Foundation: China and South-East Asia Scholarship?

We are delighted to announce that two of our junior colleagues, Akmal Haziq and MUHAMMAD ZIKRILHAZIM BIN ZULKIFLI , have recently been awarded?the China and South-East Asia Scholarship from the IFoA Foundation .?

Expressing his gratitude, Akmal shared, ‘I'm grateful to receive this award. It serves as a vital initial step, infusing me with the encouragement to wholeheartedly pursue my dream of becoming a Fellow.’?

?Zikril added, ‘It is an honor to be chosen for the CSEA scholarship. I am truly grateful for the scholarship support from the IFoA Foundation, as it has boosted my motivation to keep pursuing an actuarial career.'?

We are excited to be a part of this journey with Akmal and Zikril as they work towards becoming fully qualified actuaries in the near future.?

A special thank you to the IFoA Foundation for creating this commendable initiative.?

Interesting Random Bit?of Information?

“Despite it’s cold temperatures, it rarely snows in Kathmandu.”?

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Conclusion?

As we are nearing the end of 2023, we hope that you are able to enjoy the year-end holiday season with friends and family, wherever you are in the world. With that we would like to take this opportunity to?wish you all the best for the upcoming new year. Here’s?to an eventful and prosperous 2024! ?

Thank you for being a part of our community and stay tuned for more updates.??