HOLT consultancy today attended Day One of the 12th World Takaful Conference, held at the Dusit Thani Hotel in Dubai. Session 3 of the day was led by Peter Hodgins, Partner at Clyde and Co discussing 'Enhancing the Authenticity of Takaful'.
The session discussed the underlying principles of mutuality in the current Takaful models and probed into the causes for divergences from Shariah standards such as investing in non-Shariah compliant asset classes, not sharing surplus and reinsuring instead of ceding risk to ReTakaful operators.
Peter Hodgins is a partner in Clyde & Co's MENA Financial Services Group with a specific focus on non-contentious Insurance and Reinsurance matters, including Islamic Insurance (Takaful).
Peter is an English qualified lawyer, with over 14 years of experience in insurance and reinsurance working for insurers, brokers and third party administrators in the Lloyd’s London and international company market.
He is also a specialist in Takaful and routinely advises Takaful operators on the establishment and day-to-day regulation of their operations, compliance (including Shariah compliance) and product development. He has advised many insurers in relation to the establishment, structuring and regulatory compliance of their operations across the GCC and has particular expertise in relation to the insurance laws of the UAE (including the Dubai International Financial Centre) and the Kingdom of Saudi Arabia.