World's Largest Annual Gathering of Takaful Leaders to Discuss Key StrategiesApr 15, 2012 - 03:43 -
WAM Dubai, United Arab Emirates: 15th April 2012: More than 350 key players and thought leaders in the global Takaful industry will be gathering on the 16th and 17th of April 2012 in Dusit Thani, Dubai, for the 7th Annual World Takaful Conference (WTC 2012).
Held under the theme "Improving Competitive Performance: Shifting to Sound Underwriting Profitability", WTC 2012 will set the stage for discussions that will seek to improve the competitive performance of Takaful players and will also seek to identify and capitalize on the key growth drivers for the global Islamic insurance industry.
Speaking ahead of the event, David McLean, Chief Executive of the World Takaful Conference noted that "the Shari-ah compliant insurance industry has witnessed significant internationalization in the last decade with the industry rapidly expanding its footprint beyond the traditional high-growth markets of the GCC and Malaysia. A number of new jurisdictions have modified their legal and regulatory frameworks and issued new guidelines in order to support the growing demand for Takaful products in their domestic markets".
He also said that "though the overall outlook for the global Takaful industry remains positive, it is essential that the mounting challenges posed by increasing competition not only among Takaful operators but also from conventional players entering the Takaful market space, declining underwriting profits and investment portfolios need to be immediately tackled so that the industry can maintain its current growth levels and hit the projected US$ 25 bn mark by 2015." The World Takaful Conference 2012 will begin with an inaugural address by Abdulla Mohammed Al Awar, Chief Executive Officer of the Dubai International Financial Centre Authority.
Speaking ahead of his session Abdulla Mohammed Al Awar noted that "the global Takaful industry is continuing on its high growth trajectory with recent reports estimating that global Takaful contributions could reach US$ 25bn by 2015. Though the industry has seen a significant increase in market share in the key markets of MENA and South East Asia, driven by increasing awareness and improvements in the quality of products and services being offered, increasing competition from both local and international players remains a critical challenge." A similar view was expressed by Parvaiz Siddiq, Chief Executive Officer of Noor Takaful who said that "over the last few years the Takaful industry has experienced increasing prominence as a potential high-growth component of the Islamic finance industry, with the Middle East and Malaysia leading the way as the primary growth markets".
The 2012 edition World Takaful Report will also be launched exclusively on-site at the event. With a principal focus on 'Industry Growth and Preparing for Regulatory Change', the World Takaful Report 2012, developed in collaboration with Ernst '&' Young, will analyze the key trends shaping the industry, map out the strategic direction of the market leaders and probe the emerging landscape of opportunities.
WTC 2012 will feature more than 30 leading industry partners and exhibitors showcasing their latest innovations at the World Takaful Exhibition organised along the sidelines of the conference. The exhibition will be officially inaugurated on the 16th of April. Commenting on their participation at WTC 2012, Ghassan Marrouche, Chief Executive Officer of Takaful Emarat said that "significant growth has been forecast for the Takaful industry in 2012.
The Takaful market makes up just one percent of the global insurance market- so it is evident that opportunities abound. The Takaful industry like any other growing industry is facing challenges like increasing competition, the need for skilled professionals, a regulatory and prudential framework and Shariah compliant investment opportunities.