Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Riyadh Metro to begin partial operations next Wednesday: Report    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Al Qadsiah hands Al Nassr their first defeat in the Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Downing Street indicates Netanyahu faces arrest if he enters UK    London's Gatwick airport reopens terminal after bomb scare evacuation    Civil Defense warns of thunderstorms across Saudi Arabia until Tuesday    Saudi Arabia, Japan strengthen cultural collaboration with new MoU    Slovak president meets Saudi delegation to bolster trade and investment ties    Saudi defense minister meets with Swedish state secretary    Navigating healthcare's future: Solutions for a sustainable system    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Sixth foreign tourist dies of suspected methanol poisoning in Laos    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws    Al-Jasser: Saudi Arabia to expand rail network to over 8,000 km    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Takaful industry shows double digit growth, yet remains underdeveloped
Published in The Saudi Gazette on 12 - 04 - 2016

The two-day 11th annual World Takaful Conference (WTC) under the theme "Prudent Practices for Global Growth" kicked off Monday at Dusit Thani Hotel, Dubai, packed with over 300 industry leaders from the Middle East, East Asia, Europe and Africa. The event as convened by Middle East Global Advisors, in strategic partnership with the Dubai International Financial Centre (DIFC) Authority.
The growth of the Takaful industry, exhibiting an impressive double digit growth while remaining underdeveloped as compared to the thriving Islamic finance industry, is paramount to strengthening the overall Islamic economy.
Following the keynote addresses was the launch of the groundbreaking "Finance Forward World Takaful Report 2016". Produced by Middle East Global Advisors, and with contributions from Takaful Outsource, the report provides a comprehensive overview of the state of the global Takaful market.
Sahar Kazranian, acting CEO of Middle East Global Advisors, said the Report is based on expert analysis and feedback from the industry's leading practitioners. "Our aim is to shed light on the opportunities and challenges that lie ahead for the takaful market. The Report provides a way forward to addressing various challenges ranging from price wars and pricing regulation, to closing the gap of human capital."
She noted that "we hope that this proves instrumental in helping the Takaful leader navigate the regulatory, economic, demographical and technological landscape in these uncertain and sometimes volatile economic times."
The WTC audience comprised of high profile guests and dignitaries from Dubai Islamic Economy Development Centre, Dubai International Financial Centre, Islamic Insurance Association of London, Insurance Authority UAE, PwC, Moody's, EY, Swiss Re, Munich Re, Noor Takaful, Watania, Emirates RE and many more organizations.
The opening keynote was delivered by Abdulla Mohammed Al Awar, Chief Executive Officer, Dubai Islamic Economy Development Centre (DIEDC), who spoke on the linkages between takaful growth and the overall Islamic economy: "Takaful is a key pillar within the Islamic ecosystem. Although a quantum leap cannot be expected in the takaful Industry within a year, there have been a lot of strategic developments which will pave way for the growth of takaful within the Islamic finance landscape."
Ebrahim Obaid Al Zaabi, Director General of the UAE Insurance Authority, spoke on the UAE regulatory space. He said "the Insurance Authority of UAE has played a pivotal role in setting out key rules to ensure stability of the insurance industry. Adhering to the regulatory requirements - ranging from adjusting the internal systems to appointing internal auditors and actuaries by 2018 - will be challenging for the Insurance and takaful Industry but will lead to its growth and stability."
Strategic Partner Salmaan Jaffrey, Chief Business Development Officer at the Dubai International Financial Centre (DIFC), spoke on the critical role of the DIFC as a global platform for the re-takaful industry to service the economies of the Middle East, Africa and South Asian regions. He said "today, the Islamic insurance industry has gained wider acceptance and appreciation transcending the boundaries of Muslim-based economies. This growing momentum is expected to continue and expand its reach into emerging markets in the MEASA region. Our goal as a leading financial hub is to create a dynamic Islamic financial system that will support this growth and contribute to the overall development of our economy."
An ideal platform to showcase the vast potential of Takaful and re-takaful, this year's World Takaful Conference was a great success. I am confident that our collective efforts to deliberate new solutions and innovations for the long-term development of Islamic insurance will transform the industry into a vibrant and resilient space."
Dave Matcham, Member of Executive Committee, Islamic Insurance Association of London (IIAL), spoke on London as the gateway to takaful in the West: "New horizons for the takaful market lie ahead in the international market space. The establishment of the Islamic Insurance Association of London (IIAL) speaks of a large untapped market for Islamic insurance in the west. While IIAL is taking steps so that Islamic insurance is recognized in the UK, the main agenda is to work on four points, namely: innovation, talent development, promotion and modernization." – SG


Clic here to read the story from its source.