Kuala Lumpur, Malaysia, 4 October 2024 – IsDB Center of Excellence Kuala Lumpur (KLCoE) in coordination with the Cooperation and Capacity Development Department (CCD) and Regional Hub Uganda, joined hands with INCEIF University and ISRA Consulting in facilitating a high-level study visit by ten Board Members of the Insurance Regulatory Authority (IRA) of Uganda. The high-level IRA delegation was led by its Chairman, Dr. Isaac Nkote Nabeta. The event took place between 1^st-3^rd October 2024.

The IRA visit aimed to seek support in developing and strengthening the Board’s capacity on Takaful and Re-Takaful. It focused on the structural organization of Malaysia’s Takaful Industry landscape, Shariah Governance, and Compliance while providing valuable practical insights to help enhance their institutions’ business potential.

The programme featured insightful industry-sharing sessions with the Bank Negara Malaysia, Islamic Financial Services Board (IFSB), MIFC Leadership Council, Malaysian Takaful Association, and industry players focusing on the regulatory frameworks governing Takaful operations from a Malaysian perspective.

In addition, a courtesy meeting was organized with Mr. Adnan Zaylani, Deputy Governor of the Central Bank of Malaysia. The discussion centered on collaboration between regulators and financial institutions, specifically focusing on how the Central Bank works with other regulators and the financial sector to oversee and develop the takaful market, including interagency coordination and governance.

As part of the South-South Technical Cooperation initiative, this study visit aims not only to enhance the Takaful sector in Uganda but also to potentially scale up cross-border investment, trade, technology exchange, best practices, and talent development for the benefit of IsDB member countries and the Global South.