The increasing sophistication of the region's wealth management and protection markets, combined with the demand for more tailored products in areas such as Islamic finance, is making the Middle East's financial sector one of the most interesting in the world for international companies.

That was the conclusion reached by the Million Dollar Round Table (MDRT) – a premier association of financial professionals – at its 2008 Conference, held in Toronto, Canada, earlier this month.
 
Representatives from across the Gulf region were invited to share their perspectives, including a large delegation from the Nexus Group of Companies in the United Arab Emirates and The Kingdom of Bahrain.

Founded in 1927, MDRT provides its members with the resources to improve their technical knowledge and client services, while maintaining a culture of high ethical standards. 
 
"As long-term supporters of MDRT, it is very interesting to note that the balance has shifted slightly. Originally, Gulf-based members would attend international meetings to learn about global standards and practices.

"Increasingly, it is now the case that international groups are looking to learn from businesses that are active within the Middle East," said Mahmoud Nodjoumi, chief executive officer of the Nexus Group of Companies.

According to research from global group Swiss Re, the value of personal insurance in the GCC region alone will grow by $2 billion by 2010.

Currently, the industry is worth an estimated $5.1 billion, with growth expected to reach $7.1 billion in four years.

For the UAE, new research shows that the total insurance market value is growing from an estimated $2 billion in 2006 to $2.9 billion by 2010.

Large scale expansion in life insurance value is also shown - from an estimated $386 million in 2006 to $676 million by 2010. 

"The GCC market is rapidly maturing with more investors seeking new opportunities to increase their funds and secure their assets while expecting a world-class levels of support from their local advisors and providers," added Nodjoumi. 

Nexus, a leading independent Financial Advisor in the Middle East has senior experts and qualified professionals to provide the highest level of service standards and advice to both commercial and personal clients across the region.

Several Nexus employees held Chair and ‘Top of the Table’ positions at the MDRT meeting in Canada. 

For the first time, Ramesh Kinger and D Srinivasa Sarma from Nexus' Bahrain office qualified to the "Top of the Table" forum.

Additionally, Ramesh Kinger who has been a qualifying and life member of MDRT since 1996 has been the zone chairman for Middle East and Pakistan for the period 2003–2004.

Million Dollar Round Table's Top of the Table is an exclusive forum for the world's most successful life insurance and financial services professionals.

These MDRT members are committed to providing exemplary service to their clients while displaying the highest standards of ethics and professional knowledge.

In total, seven Nexus Consultants from the Bahrain Office attended this year's conference, with more working towards attending the 2009 event.

Kalyanaraman Sridhar of Nexus has been named as Zone Chairman for the 2008 and 2009 Middle East and Africa region. He's been a MDRT member since 2000.

Executives at the MDRT are confident that Middle East membership will continue to rise in 2008.

The financial sector in the UAE currently includes more than 600 financial institutions, with ongoing growth in the number of new entrants to the market.

Originally a body to enable successful insurance people who had completed business transactions of over $1million in a year to meet and exchange information, the MDRT has evolved into a major global professional association, with events held in cities worldwide. - TradeArabia News Service