In addition, we continue to monitor new recommendations originating from the international standard setting bodies, including the Islamic Financial Services Board and the International Association of Insurance Supervisors. We are currently considering how to implement the standards that the IFSB issued last year on corporate governance and on solvency standards for Takaful companies.
Both of these standards could have a significant impact on Takaful firms. We also continue to play a role in the work of the IAIS in developing international standards and in this regard the CBB’s role has been enhanced by being selected as a member of the IAIS Executive Committee for a two-year term.