1st Microtakaful Conference Indonesia was held in April 24, 2014, at Hotel Borobudur Jakarta. The 200 participants who shared their learnings, perspectives and experience were composed of insurance regulators, Islamic finance standard setting body, insurance providers and takaful operators, distribution channels for microtakaful and microinsurance, independent insurance experts (Research Centres, Academic Institutions, Development Organizations and relevant institutions) and international (micro) takaful and microinsurance experts.

The conference recognized microtakaful as an important tool in supporting sustainable poverty alleviation and the real impact it contributes on people’s financial risk protection. The conference achieved two important goals:

Microtakaful Conference Speakers

Firdaus Djaelani
Opening Address and Panel Reactor Session 5

CEO of Non-bank Financial Institutions Supervision
Member of the Board of Commissioners
Otoritas Jasa Keuangan (OJK)

Dr. Firdaus Djaelani currently serves as Member of Board of Commissioners - Indonesia Financial Services Authority (OJK) as well as CEO of Non-Bank Financial Industry Supervision. He is responsible in the regulation and supervision of all Non-Bank Financial Institutions, including insurance. Previously he presided as Member of Board of Commissioners and CEO at Indonesia Deposit Insurance Corporation (LPS). Dr. Djaeliani is graduate of Economics from the University of Indonesia. He pursued his Masters in Economics from Ball State University and completed Doctorate degree from the Gajah Mada University. Dr. Firdaus Djaelani's commitment and passion toward development of insurance industry, including microinsurance in Indonesia are rooted back to his previous jobs in various position in Directorate of Insurance Ministry of Finance and as a director in state owned insurance company.

Mohammad Shaifie Zein
Opening Address

Chief Executive Officer - PT Reasuransi Nasional Indonesia
Chairman, Asosiasi Asuransi Syariah Indonesia (AASI)

Zein is the current chairman of Asosiasi Asuransi Syariah Indonesia (AASI). His wide range of experience in banking and insurance include respected posts in PT Binagriya Upakara General Insurance and PT Reasuransi Nasional Indonesia as CEO. Concurrently, he is a trainer and speaker in fields of finance and banking. He has taken eligibility from Islamic Insurance Program and Financial Planning Standards Board (FPSB).

Zein graduated from Glasgow Caledonian University, Scotland-UK


Antonis Malagardis
Opening Address and Panel Reactor Session 1

Program Director, RFPI Asia
Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH

Dr. Antonis Malagardis joined GIZ in 2009 as program manager of the Microinsurance Innovations Program for Social Security (MIPSS) in the Philippines. In January 2013 he was nominated Program Director of a BMZ funded regional Program on Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia’ (RFPI Asia), which aims to advice insurance regulators/supervisors in selected countries in Asia on inclusive insurance, strengthen the capacity development of their staff and enhance knowledge sharing on insurance for the low-income persons with the support of the ADB and the global partnership of ‘Access to Insurance Initiative’ (A2ii) among other institutions. His assignments as advisor in 19 countries covered risk management, social insurance, pension finance, health finance, public-private partnerships (PPP), microfinance and microinsurance and lately climate finance schemes at the policy design, supervision and product development level.

Born in Athens Greece, studied law and economics at the University of Athens and received his PhD in Berlin in the field of Institutional Economics on the topic of 'Sovereign risk and insolvency of states’ (1989).


Muliaman D. Hadad
Keynote Address

Chairman of Board of Commissioners OJK

Muliaman D. Hadad, PhD currently serves as Member of Board of Commissioners- Indonesia Financial Services Authority (OJK) as well as Chairman of Board of Commissioners. Previously, he was the Bank Indonesia Deputy Governor in 2006 and was re-elected for the second term in 2011.

He graduated from Faculty of Economics at University of Indonesia in and continuing his Master’s degree at John F. Kennedy School of Government of Harvard University in Massachusetts, USA and earned Master of Public Administration degree a year later. He had a Ph.D. degree in Business and Economics from Monash University in Melbourne, Australia.

Muliaman D. Hadad is active as Head of Indonesian Sharia Economic Community and is a lecturer at several universities, and was once in charge as Head of Alumni Association of Faculty of Economics in 2007-2010. He is the former Secretary General of Central Committee for Indonesian Association of Economists or ISEI (2003-2006 and 2006-2009).

Keynote Speech

Kartina Md Ariffin
Speaker Session 1 and Panel Reactor Session 5

Member of the Secretariat
Technical & Research
Islamic Financial Services Board (IFSB)

Kartina Md Ariffin has 15 years of experience in takaful industry. Currently, she is the project manager for the IFSB’s Working Group for Guiding Principles for Retakaful (Islamic Reinsurance) Undertakings as well as the IFSB’s Microtakaful Joint Working Group with the International Association of Insurance Supervisors (IAIS). She is responsible for the development of takaful prudential framework and facilitated implementation of the takaful standards and guidance notes.

Kartina was attached to Malaysia’s Etiqa Insurance & Takaful (previously known as Takaful Nasional) and Syarikat Takaful Malaysia Berhad, and gained vast experience in corporate planning initiatives. She has shared her wide range experience as speaker in international takaful-related conferences and seminars.

Kartina graduated with bachelor’s degree in Actuarial Science from University of Wisconsin, Madison, United States in 1998. She received her Master in Islamic Finance (MIF) INCEIF from The Global University of Islamic Finance in 2013

IFSB Presentation

Ir. Dumoly F Pardede, MBA
Panel Reactor Session 1

Deputy Commissioner, Non-Bank Financial Institutions Supervision, Indonesia FSA

Pardede began his career as a government official in the Directorate of Investment Funds, Directorate General of Monetary Affairs- Ministry of Finance in 1989. During the 25 years of his career, he held many positions in the Directorate General of Financial Institutions and in Capital Market and Financial Institutions Supervisory Board - Ministry of Finance, the predecessor of currently Financial Services Authority (OJK).

His various roles span from as examiner, reviewer power development financial institutions and most recently as head of the bureau.

In addition, he also serves as chairman of the audit committee in PN Gas and Deposit Insurance Agency. He currently serves as Chief of the Bureau of Pension Funds, Capital Market Supervisory Agency and Financial Institution.

He had a Master Business Administration (MBA) For Finance & Accountancy from Cleveland State University (CSU).

Zuriah Abdul Rahman
Speaker Session 2 and Panel Reactor Session 1 & 5

Microtakaful Expert and Consultant to RFPI Asia/ AFC

A professor, researcher, author and consultant, Rahman is well educated and experienced in Islamic insurance and risk management both in local and international contexts.

Her appointments include program head for Insurance & Risk Management, head for Risk Management Center, and director of the Arshad Ayub Graduate Business School, UiTM. She also serves in the accreditation panel for Finance Accreditation Agency in Malaysia. She has authored and published several books and Journals such as Takaful: The “21st Century Insurance Innovation”, “Wealth Management in Islam”.

Rahman completed Ph.D. in Risk Management from Universiti Utara Malaysia/ University of Memphis, USA. She finished her MBA and bachelor’s degree in Business Administration in Insurance from Bowling Green State University, Ohio, USA

AFC International Summary of Findings

Nick Thornton
Speaker Session 2

Lead Consultant, Microtakaful Market Study in Indonesia

Mr. Thornton’s expertise is in microfinance and economic development. Recent work have brought him to areas surrounding Banda Aceh with local partner IP2M (Institut Pelatihan & Pengembangan Masyarakat), or Institute for Training & Community Development. He managed the local microfinance program, integration of economic development activities, and developing financial literacy training modules.

Mr. Thornton has completed the Islamic Microfinance Manager course through the Al-Huda Center of Islamic Banking & Economics of Pakistan, and a course on SCA promotion through the Chalmers Center for Economic Development.

Mr. Thornton graduated with honors from Covenant College in Georgia, USA with a double major in Economics & Community Development.


Key Findings of Microtakaful Study

Joachim Wessling
Panel Reactor Session 3

CEO, PT Asuransi Allianz Life Indonesia

Joachim Wessling is the current CEO of Allianz Life Indonesia and Country Manager of Allianz Indonesia. His wide experience in insurance had him held significant posts for Allianz in Germany and Middle East, and Ukraine, 2007-2010. He also served as President and CEO for Allianz Fire and Marine in Japan from 2004 to 2007. During this time, he was listed as member of executive committee of Foreign Non-Life Insurance Association (FNLIA) Japan and one of the members of Economist Corporate Network in Japan.

Wessling completed his bachelor’s degree in Business Administration major in Jurisprudence and Finance at Verwaltungs-und Wirtschafts-Akademie (VWA), in Munich, Germany.

Aprillina Triyono
Panel Reactor Session 3

Technical Director
PT Asuransi Tri Pakarta

Mrs. Lina, as fondly called by her colleagues, spent more than 30 years in the insurance industry. She started her life-long career in Tugu Pratama Indonesia Insurance Company in 1982, left the company as the head of Reinsurance Division after 19 years of gainful service before moving to PT. Asuransi Dharma Bangsa as technical director in 2001.

Today, as technical director of PT. Asuransi Tri Pakarta, she joins abled directors in in transforming the company into one of the most outstanding insurance companies in Indonesia.

In span of 3o long years, Mrs. Lina has participated in local and international insurance courses, workshops and seminars and remains an active force in the Indonesian industry.

Agus Haryadi
Panel Reactor Session 3

Commissioner, TAKMIN (network of MFIs distributing takaful) and ASyKi (microtakaful broker)

Haryadi, a takaful expert, is a recognized fellow of Islamic Insurance Society (FIIS), an associate of Society of Actuaries of Indonesia (ASAI) and the Ajun Ahli Asuransi Indonesia – Jiwa (AAAI-J).

He has vast experience in microtakaful insurance and presently involved in distinguished posts as microtakaful advisor for PT. AJS Amanahjiwa Giri Artha, as part of the Islamic Insurance Working Group, National Shariah Board – MUI, as member of Shariah Supervisory Board of BNI Life, Shariah Supervisory Board of Capitalinc Multifinance, and Shariah Supervisory Board of Amanah Multifinance. Haryadi is the current chairman of Tazkia Cendekia foundation/Sekolah Tinggi Ekonomi Islam Tazkia. His work is balanced with further training and workshops, with recent participation to ICMIF DEVELOPMENT WORKSHOP “Microinsurance”, Eureko Conference Centre, in Zeist, Netherlands

He completed his bachelor’s degree in Mathematics from the Institute Technology Bandung in 1988


ASyKi Presentation

Umar Abd Majid
Panel Reactor Session 3

Managing Director, BMT Sidogiri (an Islamic cooperative)

Majid plays a significant role in managing the Cooperative UGT Sidogiri BMT with main focus on saving & loans using Islamic pattern, for nine years now. While appointed as managing director, the Koperasi BMT UGT Sidogiri UGT, also became insurance agency for sharia takaful insurance.

His experience in Islamic microfinance particularly in the field of savings and loans in Sharia begun with his noteworthy involvements in BMT Maslahah in Sidogiri, PT.BPRS UMMU in Bangil Pasuruan and Microfinance Bank ( KKMB ) BI in Malang. In addition, Majid is the sharia supervisor of INKOPSYAH (Parent Cooperative Sharia) in Jakarta from 2008 to 2014. At the same time, he is the coordinator of Partners Bank Financial Consultant (KKMB) BI in Malang since 2004. He completed trainings in Islamic banking (LPPI Jakarta), and KKMB (Financial Consultant Partner Bank).

Majid completed his education at Al Aqeedah University Jakarta. He was a law faculty while taking Economics at Islamic University of Malang.


Response to Market Study, Industry Perspectives and Practices

Ibnu Hasyim
Panel Reactor Session 4

Director of Operations, PT Avrist

Mr. Hasyim is currently responsible for Actuary, Operation and Product development in Avrist Assurance, Indonesia and also as part of Board of Directors. He has worked intensively to develop takaful business with some of strategies in product development, building distribution channels and the operational activities.

He has more than 14 years’ experience in the industry, including life insurance as a multinational actuarial consultant.

He is a certified fellow by Society of Actuary in Indonesia (PAI) and completed his Actuarial Science education at the University of Indonesia.

PT Avrist Assurance Corporate Presentation

Ismi Kushartanto
Panel Reactor Session 4

Executive Director
Economic Shariah Communication Center

Kushartanto is the current executive director of Economic Shariah Communication Center –Pusat Komunikasi Ekonomi Syariah (PKES). PKES has an Islamic Economic Movement program, the Gerakan Ekonomi Syariah (Gres!) a national movement and Islamic economic socialization icon in Indonesia. Through partnerships, he develops his own business in the field of Financial Advisory, Green Energy and New Media.

Kushartanto has 17 years of work experience in the Bank Ekspor Impor Indonesia (The Bank then merging with some other Indonesia Government Owned Bank as Bank Mandiri). He held significant posts in credit field plantation, corporate credit, and credit recovery. Furthermore, he worked in some of the Islamic Bank, Bank Syariah Mandiri as a director, Bank Internasional Indonesia (BII), Permata Bank and Bank BNI with the position as head for the past eleven years.

Kushartanto completed his MBA from the University of Colorado, Denver, USA in 1993 and graduated from the Faculty of Agriculture, Bogor Agricultural University, Department of Agronomy in 1982.


Pisat Komunikasi Economi Syariah

Zainal Abidin Mohd. Kassim, FIA, FASM, ASA
Panel Reactor Session 4

Senior Partner
Actuarial Partners Malaysia

Zainal is the Senior Partner at Actuarial Partners Consulting Sdn Bhd. He has been a consulting actuary with the company since 1982. His consulting experience spans the full spectrum of actuarial services including life and P&C and health insurance consulting, family and P&C and health takaful consulting, retirement benefit consulting, social security consulting and investment consulting.

Zainal’ s experience in Takaful started in 1985 when he was appointed as actuary to the first Takaful Operator in Malaysia. He has extensive experience in the design and pricing of takaful products, including family, P&C and health takaful. He has been involved in strategic analysis and setup of takaful and retakaful operators in Asia, Africa and Europe. As one of the first of the small number actuaries working in takaful and retakaful, he has been on the forefront of the technical development of various takaful contracts and has interacted with many Sharia scholars on the practice of takaful.

He has written many articles and spoken at numerous conferences globally on his experience with the development of takaful. He is a Fellow of the Institute of Actuaries of the UK, Fellow of the Actuarial Society of Malaysia and an Associate of the Society of Actuaries in the USA and is a past president of the Actuarial Society of Malaysia.

Challenges to the Development of Micro Assuransi Shariah- An Actuary's Perspective

Dante Oliver Portula
Moderator Session 1

Senior Advisor- Regional Policy, RFPI Asia
Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH

Mr. Portula has been working closely with the Department of Finance, the Insurance Commission and other financial regulators in the Philippines for more than five years now. His support to these government agencies led to the development of microinsurance regulatory framework and the microinsurance national strategy, including the establishment of a roadmap to financial literacy on microinsurance and alternative dispute resolution mechanisms for microinsurance. Currently, Portula collaborates with various Philippine associations of insurance companies and the MFIs in developing innovative Microinsurance products and on setting up risk-based capital framework and microinsurance performance standards.

As senior advisor in GIZ, with more than 18 years of microfinance experience in countries in Southeast Asia, Portula also handles policy engagements in Nepal, Indonesia and Mongolia on inclusive insurance market development with insurance supervisors and insurance associations. Portula has intensive experience in public and private stakeholders’ collaboration. His recent training is on Stakeholders’ Dialogue from the Collective Leadership Institute (CLI), Germany.

Portula took his Masters in Management and Business Management (MMBM) at the University of the Philippines and Bachelor of Science in Education Major in Mathematics at Philippines Leyte Institute of Technology.


Moch Muchlasin
Closing Speaker, Moderator Session 2 and Panel Reactor Session 5

Directorate of Sharia NBFIs, OJK

Moch. Muchlasin graduated from the Universitas Indonesia with a Bachelor of Economics degree in Accounting. He studied management and employment relation in School of Industrial Relations and Organisation Behaviour (IROB) at the University of New South Wales (UNSW)- Sydney, Australia and completed his Master of Commerce degree in 2004.

He worked in Directorate General of Financial Institutions – Ministry of Finance on various roles as analyst, examiner and enforcement officer between 1994 and 2006 prior to the establishment of Capital Market and Financial Institutions Supervisory Agency (BapepamLK) in 2006. He has been involved in government guarantee scheme project (2004-2005) that lead to the establishment of Indonesian Deposit Insurance Corporation (IDIC) in 2005. Also, he was involved in drafting process of OJK Law in 2006-2011.

Currently, Muchlasin is the director of Sharia Non-Bank Financial Institutions, Indonesia Financial Services Authority. He is responsible for coordinating Task Force on Microinsurance Development since 2013 with the main task to develop and promote microinsurance and microtakaful in Indonesia.

Response to Microtakaful Market Study: Regulator's Perspective

Srikandi Utami, Vice-chairperson, AASI
Moderator Session 3

Vice President and Head of Shariah
PT Sun Life Financial Indonesia

Utami has worked in the life insurance industry for more than 20 years, with a particular focus on marketing management. The past eight years were spent gaining experience in developing takaful business in several multinational companies.

As Vice President and Head of Shariah at PT Sun Life Financial Indonesia, Utami is responsible for developing individual and bancassurance takaful business through the distribution channels of agency and partner distribution and build brand takaful image. She is also responsible for developing and delivering innovative products for each distribution channel, standard of procedures and services.

Utami is active in the Indonesia Shariah Insurance Association, task force micro insurance Indonesia, Islamic Center Forums of Indonesia to develop economic and business to Islamic center communities across Indonesia and in Shariah Economy Society to build standard of competency of human resources for Islamic institution. Her education background includes Marketing Management and professional degrees in insurance and takaful.

Muhammad Faried
Moderator Session 3

Head Statistics Department

Faried is the product owner and head product Underwriter of Sharia Business at PT. Asuransi Central Asia since 2004.

From 1997, he held significant post at PT. Asuransi Central Asia. Also, he is the head of Statistics Department at AASI.

Faried completed short course of Asia Future Leadership at NUS Singapore in 2013