Islamic insurance (takaful) is part of the Islamic financial services industry. However, because of its unique nature and the need to ensure adequate Shariah compliance, separate guidelines are provided for the governance of the Islamic insurance operations. The IFSB Guiding Principles on Governance for Takaful (Islamic Insurance) Undertakings were released in December 2009. These are meant to promote the soundness and stability of the takaful industry, which is an important segment of the Islamic finance industry Required: a. Briefly explain, why are separate governance standards, and Shariah and corporate guidelines issued for Islamic insurance (takaful)? (10 marks) b. Brieftly explain the THREE (3) major requirements for good corporate governance in takaful undertakings as outlined by IFSB? (10 marks) Islamic insurance (takaful) is part of the Islamic financial services industry. However, because of its unique nature and the need to ensure adequate Shariah compliance, separate guidelines are provided for the governance of the Islamic insurance operations. The IFSB Guiding Principles on Governance for Takaful (Islamic Insurance) Undertakings were released in December 2009. These are meant to promote the soundness and stability of the takaful industry, which is an important segment of the Islamic finance industry Required: a. Briefly explain, why are separate governance standards, and Shariah and corporate guidelines issued for Islamic insurance (takaful)? (10 marks) b. Brieftly explain the THREE (3) major requirements for good corporate governance in takaful undertakings as outlined by IFSB? (10 marks)