By A Staff Reporter -
MUSCAT — More than 350 key players and thought leaders in the global Takaful industry will be gathering in Dubai today 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 capitalise 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 Sharia-compliant insurance industry has witnessed significant internationalisation 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 $25 billion 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 $25 billion 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.”
“With tremendous growth opportunities yet to be fully tapped, Takaful operators need to ensure that they have strong foundations in place to sustain financial performance. The annual World Takaful Conference (WTC) is regarded as one of the most important events and plays a key role in facilitating dialogues to review evolving trends and chart the future direction for the global Sharia-compliant insurance industry,” he added.
The 2012 edition of the eagerly awaited 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 analyse the key trends shaping the industry, map out the strategic direction of the market leaders and probe the emerging landscape of opportunities.