Following its meeting in Bahrain in April 2007, the Hawkamah Institute for Corporate Governance (Hawkamah) and the Arab Forum of Insurance Regulatory Commissions (AFIRC) agreed to establish a Task Force on Corporate Governance of the Insurance and Re-Insurance Industry in the region. The ultimate goal of the Task Force was to undertake a corporate governance assessment of the insurance sector in participating Arab countries; develop an insurance corporate governance Policy Brief to include conventional insurance and "Takaful"; develop corporate governance guidelines for the insurance sector; and build the corporate governance capacity of the industry.

The Task Force members engaged in a discussion of the topic, electronically and at dedicated meetings, and produced in March 2009 the HAWKAMAH-AFIRC, with the support of the Financial Services Volunteer Corps (FSVC)