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May 2020

Indonesia: 94 conventional insurers still operate takaful windows

Source: Asia Insurance Review | Jul 2019

The Financial Services Authority (OJK) says that only four shariah business units (UUS) in conventional insurance companies have been spun off into separate operating entities in the last five years. Two were from the general insurance sector and the other two from the life industry.
Meanwhile, 94 other takaful windows of conventional insurers are yet to be spun off, according to Mr Muchlas, director of supervision of Shariah non-bank financial services. The deadline for doing so is 2024, under legislative amendments introduced in 2014. 
The financial regulator requires insurers to submit a spin-off plan by October 2020. To date, around 10 of the 94 conventional insurers have submitted such plans. A 
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