🌙Takadao Shariah Board Meeting Report 8

Date: 18 February 2024 / 14:00 PM KSA / GMEETATTENDEES

ATTENDEES

Record of Attendance: Reza, Hamid, Dr Hany

AGENDA

• Takaful Report

Meeting Summary

The meeting covered various topics including concerns raised by Dr Hany about the lack of focus on InsurTech and challenges in promoting Takaful products. Positive feedback from Mufti Billal on the Shariah paper for Takasure with plans to create exploratory graphs. Dr Hany suggested presenting the Takaful model to the Takadao community and organizing a community hall event. Decisions were made to utilize presentation information made by Dr Hany for a FAQ database. Discussions on innovative projects like life underwriting through a phone app using AI took place.

1. Discussion about InsurTech and Takaful Products

• Dr Hany expressed concerns about the lack of focus on InsurTech beyond automation and the challenges in promoting Takaful products due to consumer preference for price over business model.

2. Discussion about Shariah Paper for Takasure

• Positive feedback was received on the Shariah paper for Takasure, with plans to create graphs to explain processes.

3. Presentation on Takaful Model

• Detailed discussion on the content of the presentation, including the AAOIFI model, Shariah principles, Takaful contracts, regulations, transparency issues, and the use of blockchain in addressing conflicts of interest.

4. Utilizing Information for FAQ Database

• Members agreed to use presentation information to create a database with FAQ search for product inquiries and compliance.

• They plan to create a repository of answers and references to address potential questions about product compliance.

5. Exploring Innovative Projects

• Discussion about a company doing life underwriting through a phone app using AI and the interest in including it in the product.

6. Monthly Shariah Board Meeting

• Agreed to go back to monthly meetings for the Shariah Board for more input and detailed discussions.

• Plan to delve deeper into Shariah compliance matters and be more creative in suggestions.

7. Guidelines for Communication and Community Impact

• The team expressed concerns about the potential backlash of not setting clear guidelines for communication, particularly on sensitive topics. The importance of maintaining professionalism and clarity in communication to prevent misunderstandings and negative community impact was highlighted.