Takaful industry in focus at Dubai forum
Dubai, March 25, 2014
Leading industry players, thought leaders and key regulators in the international Takaful (Islamic insurance) industry will discuss key challenges for operators at a conference in Dubai next month.
The ninth annual World Takaful Conference (WTC 2014) will be held on April 14 and 15 at the Dusit Thani.
Under the theme ‘Scalability and Profitable Growth – Improving RoE and the Quality of Growth in the Global Islamic Finance Insurance Industry,’ more than 45 high-profile international speakers will discuss new visions for the global Takaful industry and strategies for capturing the true potential of the international Islamic insurance industry, said a senior executive.
David McLean, chief executive of WTC, said: “The Takaful industry attracted nearly $11 billion in gross contributions worldwide in 2012 and recent reports indicate that the industry is expected to grow by 16 per cent annually in the coming years to hit $17 billion by 2015. However, this projection indicates a slight deceleration when compared to the average 22 per cent growth rate that the industry achieved between 2007 and 2011.
“Though the industry has achieved significant market share in its key markets, including Saudi Arabia, Malaysia, Bahrain and the UAE, the acquisition of market share has not necessarily translated into sustainable profitability levels in many instances. Financial performance, RoE, and the quality of growth remain key challenges for Takaful operators in many markets.”
With key rapid-growth markets poised to become the new centres of Islamic finance development in the next decade and with the development of supporting regulatory infrastructure in key markets, the global Takaful industry has significant opportunities for growth, he said.
A key highlight of the conference will be the high-profile CEO and Industry Leaders’ Power Debate session focusing on tackling the tough issues in the Takaful industry. It will analyse how the Takaful industry is faring in achieving critical mass and scale and how profitable growth can be achieved by balancing competitive pressures with the need for risk based pricing.
It will also feature the exclusive onsite launch of the eighth Annual Edition of the World Islamic Insurance Directory (WIID 2014).
The directory, jointly published by Takaful Re and Middle East Insurance Review, has over the years become a critical reference guide to record the growth and development of the international Islamic insurance industry. It will provide detailed financial and management data on over 200 international Takaful and ReTakaful operators and will encapsulate the most current information primarily sourced from the major players in the market.
The latest products, services and innovations from 35 international exhibitors will be showcased along the sidelines of the conference. - TradeArabia News Service