gif Market Review
THE GROWING OPPORTUNITIES IN TAKAFUL
Source:
GlobalIslamicFinanceMagazine.com
The conference was attended by more than 350 international decision-makers from over 150 organisations for discussions that focused on improving the competitive performance of the global Takaful industry and man- aging the essential shift towards sound underwriting profitability. The two-day event was inaugu- rated with a special keynote ad- dress by Abdulla Mohammed Al Awar, chief executive officer of Dubai International Financial Centre Authority, who focused on new growth horizons for the inter- national Takaful market.
“As a global financial hub, it’s critical that we promote Islamic finance, and continue our efforts in creating an environment which eases the development and in- tegration of Shariah-compliant products into global financial markets.
Currently, nine per cent of our regulated firms endorse Islamic business models. There are tre- mendous growth opportunities yet to be fully tapped, and such conferences raise awareness of the importance of insurance and Takaful, and are vital to growing this sector,” Al Awar said in his inaugural address.
The inaugural keynote address was immedi- ately followed by a special opening keynote plenary session. The session featured in- sights covering the industry across the Mid- dle East and Asia from well known industry specialists.
“With the Takaful segment expected to continue growing by leaps and bounds, the future of the industry looks very bright and promising. In order to ensure that the indus- try maintains its growth levels, it is essential to raise the level of awareness on the signifi-
72 Global Islamic Finance May 2012
Cur- r e n t l y ,
nine per cent of our reg-
ulated firms endorse Islamic business models. There are tre- mendous growth opportunities
yet to be fully tapped, and such conferences raise awareness of the importance of insurance and Takaful, and are vital to growing this sector
cant benefits of using Takaful products and services. It is also vital that collective efforts should be made to strengthen underwriting capabilities. In addition to this the industry players should also tap into newer markets and industry verticals and should also act upon the downward price pressure that is brought about by increased market competi- tion,” Hussein Al Meeza, managing director and chief executive officer, Dubai Islamic In- surance and Reinsurance Company (AMAN), said. David McLean, chief executive of the World Takaful Conference said: “Takaful op-
erators are yet to fully achieve critical business volumes de- spite having incurred substan- tial establishment costs. In- creasing competition from not only new Takaful players but also well established global con- ventional insurers entering the Takaful market space, is putting immense pressure on the profit- ability of many existing players.
However, with the Takaful indus- try being currently concentrated only in limited markets, seg- ments and business lines, there is huge potential that is yet to be realised.” The World Takaful Exhibition, which was held along the sidelines of the conference, showcased the latest products, services and innovations from over 30 exhibitors.
Dr. Saleh Malaikah; Chairman, Rusd International Holding Group; vice-chairman and chief executive officer, Salama Group said: “With an expanding global footprint, the Takaful industry is well placed to further capitalise on the industry’s tremendous growth potential. However in order to ensure that we sus- tain the impressive growth rate, which the Takaful industry has enjoyed over the last few years, it is essential to resolve certain
critical issues which may hamper the indus- try’s long term growth.”
A similar view was expressed by Ghassan Marrouche, chief executive officer of Taka- ful Emarat – Insurance who said that in the next five years, global Takaful premiums are predicted to grow rapidly with Takaful com- panies aggressively expanding and provid- ing innovative and value-added products and services.
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