Nasser Al Shaali, Chief Executive Officer, Dubai International Financial Centre Authority (DIFCA) inaugurated the 2nd Annual World Takaful Conference at an impressive ceremony attended by more than 200 international leaders from the Takaful industry yesterday at the Grand Hyatt Convention Centre in Dubai.
The two-day conference is being held for the second time in Strategic Partnership with Dubai International Financial Centre (DIFC) and has become the pre-eminent platform for debate between insurers, re-insurers, brokers, regulators, bankers, consultants and policy-makers on the policy-makers on the latest market developments and opportunities in the global Takaful landscape.
Nasser Al Shaali, Chief Executive Officer of the DIFC Authority said “The DIFC is committed to actively promoting the growth and development of the Islamic insurance industry in accordance with shari’a principles. The takaful market is one of the fastest growing in the world, and firms domiciled in the DIFC will complement the regional market and help it grow. By providing the right environment and infrastructure to enable the industry to realise its potential, the DIFC is laying the foundation for the future of regional insurance and Islamic banking operations.”
Following the opening plenary session, Lisa Keelart-Courtney, Associate Director – Supervision of Dubai Financial Services Authority (DFSA) delivered a presentation at the first session entitled Scoping the Regulatory & Legal Environment for a Successful International Takaful Industry, and her presentation focused on “Future Prospects of Takaful: Converting Challenges into Opportunities”. Susan Dingwall, a Partner at Norton Rose, led the discussions at this session, which featured additional panelists Paul Warren, Actuary, Warren FAM; and Nadeem Mujtaba, Director of British Islamic Insurance Holdings.
The structure of the conference enabled high quality discussion and delegate interaction through a series of panel sessions that focused on emerging growth opportunities, new business models, regulatory frameworks, and product innovation in the dynamic international Islamic Insurance & Re-Insurance market.
“Seizing the Growth Imperative: How can Takaful Operators capture growth potential?” was addressed at the next session that tackled the current low penetration rate of Takaful products and how this can be leveraged as an opportunity for growth, and seizing market leadership in key product segments. The session presentation was given by Abdallah Kubursi, Regional Vice President of AIG MEMSA, Inc.
During the session on Takaful Product Innovation as a Key to Tapping New Growth Opportunities that followed, Irshied Tayeb, Director- Insurance & Reinsurance, Dubai International Financial Centre; Mohammed Muqeem, Senior Manager – Global Takaful Operations, HSBC Amanah; Ahmed M. Sabbagh, General Manager, Islamic Insurance Co.; Ayman Al Ajmi, General Manager, AIG Takaful – Enaya; Parvaiz Siddiq, General Manager, Salama Islamic Arab Insurance Company; Chris Singleton, Director/Head of Business Development, Swiss Reinsurance Company; and Dawood Yousef Taylor, Assistant General Manager & Head of Takaful Ta’awuni, Bank Al Jazira; assessed the success of global business models employed by leading Takaful operators and overcoming challenges to the development of new Shari’ah compliant insurance products and services.
The Shari’ah and Business Open Forum was the final session of the first day’s proceedings where Dr. Abdulsattar Abu Ghaddah, Shari’ah Board Vice Chairman of Abu Dhabi Islamic Bank; Susan Dingwall, Partner at Norton Rose; Dr. Hussein Hamid Hassan, Chairman – Shari’ah Supervision Board of Dubai Islamic Bank; and Ahmed M. Sabbagh, General Manager of Islamic Insurance Co.; discussed key Shari'ah interpretation and compliance issues related to the development of Takaful products.
The WTC Takaful Leader of the Year Award, in association with KPMG, will be announced at the Gala Dinner tonight, hosted by MEGA (Middle East Global Advisors). This Award is presented to an individual in recognition of their contribution to the development of the Takaful industry and markets through significant achievements or initiatives, such as launching a new entity, product innovation, or commercial success.
Market-leading international organisations again sponsored the 2nd Annual World Takaful Conference. These included Platinum sponsor - SALAMA Islamic Arab Insurance Company; Platinum & Banctakaful Sponsor - HSBC Amanah; Re-Takaful Sponsor Takaful Re; PowerTable Host - Ernst & Young; International Takaful Sponsor - British Islamic Insurance Holdings (BIIH); WTC Award in Association with - KPMG; Gold Sponsors - Abu Dhabi National Takaful Company; and AIG Takaful; Asset Management Sponsor - Calyx Financial; Silver & Lanyard Sponsor - Solidarity; Silver Sponsors - Norton Rose; Sheikan Insurance & Re-Insurance Company; Amana Takaful Limited; and Ratings Sponsor - Standard & Poor’s.
The conference attracted media support from across the globe. The media supporters include Insure, Asia Insurance Review, Middle East Insurance Review, IFIS, Forbes, Eurekahedge, Capital, Islamica, Al Bayan, Investors, Global Risk Regulator, Al Morakeb Al Inmai.
The second day’s conference proceedings will include debate and discussions on : Capturing Growth Opportunities in Key Takaful Product Segments: Assessing the Future Outlook for Life, Pension, & Health Products; Bancassurance & Takaful: Are There Real Distribution Synergies for Leveraging Your Client Base?; Re-Takaful & Risk: Assessing the Re-insurer’s Role in the Takaful Industry; International Financial Principles and Takaful Operators – Challenges Ahead; Alternative Risk Transfer & Securitisation Developments; and The WTC 2007 PowerTable.
