Monday 16 December 2019

Al Zaabi ... ensuring a robust regulatory framework.

UIA chief to keynote Takaful summit

DUBAI, March 6, 2016

The director general of the UAE Insurance Authority (IA) will keynote the upcoming 11th annual World Takaful Conference (WTC) in Dubai, UAE said event organisers Middle East Global Advisors.

Ebrahim Obaid Al Zaabi will join another industry pioneer, Abdulla Al Awar, CEO of the Dubai Islamic Economy Development Centre, in opening the world’s most influential annual Takaful event.

WTC 2016 will take place on April 11 and 12 at Dusit Thani Hotel, Dubai.

Al Zaabi will set the stage for the regulatory issues important to the industry, addressing the top priorities for regulators to support regional and international Takaful growth. This is highly topical given that the IA is working on finalizing regulations to streamline the sector, which will redefine the competitive and financial strength of Takaful.

In 2010, the IA issued legal and Sharia rules and principles required to regulate the Takaful industry, and as follow up in 2014, the Authority promulgated financial regulations for Takaful operators.

In light of recent regulatory developments, His Excellency will speak on the necessary steps needed to strengthen the industry’s corporate governance framework and improve its asset-liability management to ensure that Takaful operators remain solvent.

Speaking ahead of WTC, Al Zaabi said: “The Insurance Authority is working to ensure a robust and structured regulatory framework is in place to support the long-term growth and stability of the Takaful industry. Indeed, the rules and principles that we have issued over the years for Takaful have set a precedent in the Middle East as they are in line with Solvency II requirements. This regulatory support has enabled UAE-based companies to be viewed favourably by international assessment agencies.”

“We are proud of the UAE’s track record, becoming one of the largest markets in the global Takaful industry. It forms an important part of the Islamic finance proposition which provides appropriate solutions and innovations to support growth in the GCC. For 11 years, the World Takaful Conference (WTC) has served as the perfect platform for Takaful leaders to deliberate strategies for a robust growth trajectory, and the Insurance Authority is proud to support this platform again,” he added. – TradeArabia News Service

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