According to PRIAO, during a meeting between Dr. Mohammad Mahdi Asgari, CEO of IRC and Dr. Ali Salehabadi, President of IAIF, the two entities met at IRC and signed MOU with the main purpose of ‘academic and professional cooperation on the publication of papers in finance and Islamic finance in Iranian Journal of Insurance Research’.

On Saturday, April 15, 2023, delegates from both entities met at IRC where Dr. Asgari, introduced IRC, its structure, and various activities. He also highlighted the recent launch of takaful in the insurance industry.

The CEO of IRC referred to the formation of Takaful Taskforce at IRC on May 2022 and mentioned that the aim of the taskforce was to localize the operational framework of takaful in Iran insurance industry based on Shia jurisprudence and takaful operational framework of Malaysia. Accordingly, the Iranian insurers were called for to send their localized takaful operational proposal to IRC and after its scrutiny and validation by IRC, they would be able to sell takaful products.  

“Up to now, the proposals of four companies including Dana Insurance Co., Sarmad Insurance Co., Amin Re, and Iran Moein Re have been endorsed by the Takaful Taskforce and they have received certificate from CII to sell takaful products since March.”

Dr. Asgari also referred to the formation of Islamic Jurisprudence Council of the Insurance Industry and added: “So far, the Council has held 20 meetings during which the takaful operational proposals of the insurance companies eager to sell takaful products have been examined.”

Besides, the CEO of IRC gave a brief review of IRC’s international relationships with some renowned academic entities across the world and the educational programs that are set to be conducted by some of them in the coming months.

Dr. Asgari also mentioned about the First International Conference on Insurance and Innovation with the main theme of takaful and conventional insurance on May 2023 and referred to the international academicians participating at the conference. He called for IAIF’s members to participate in the conference as a keynote speakers or paper presenters.

In his speech, Dr. Salaehabadi, initially touched upon the idea and the process of the formation of the Islamic Jurisprudence Committee of the Securities and Exchange Organization and gave a briefing of its activities in the past 16 years since its launch. He also referred to the foundation of IAIF on 2014 and its various educational and research activities. He highlighted the multitude measures in the development of Islamic banking by IAIF.

In presenting various activities of IAIF, Dr. Salaehi mentioned about the various academic certificates that the Association issues and the DBA and MBA programs in Islamic capital market that it offers. He emphasized that the certificates re offered both in English and Persian.

Finally, the President of IAIF welcomed any relevant cooperation with IRC and was delighted to share IAIF’s educational experiences with IRC.