(MENAFN-Khaleej Times) leading industry players thought leaders and key regulators in the international takaful islamic insurance industry will take part in the 9th annual world takaful conference or wtc 2014 which will be held on april 14 and 15 in dubai
Announcing new innovations to be featured at the conference david mclean chief executive of the wtc said that “the takaful industry attracted nearly $ 11 billion in gross contributions worldwide in 2012 and recent reports indicate that the industry is expected to grow by 16 per cent annually in the coming years to hit $17 billion by 2015.”
“however this projection indicates a slight deceleration when compared to the average 22 per cent growth rate that the industry achieved between 2007 and 2011. though the industry has achieved significant market share in its key markets including saudi arabia malaysia bahrain and the uae the acquisition of market share has not necessarily translated into sustainable profitability levels in many instances. financial performance roe and the quality of growth remain key challenges for takaful operators in many markets.”
Mclean also said that “with key rapid-growth markets poised to become the new centres of islamic finance development in the next decade and with the development of supporting regulatory infrastructure in key markets the global takaful industry has significant opportunities for growth.”
Wtc 2014 will be opened on the with a special inaugural address by abdulla mohammed al awar chief executive officer of the dubai islamic economy development centre.
The inaugural session will then be followed by a high-profile keynote plenary session featuring dr bassel hindawi immediate past insurance commissioner of jordan and member of the steering committee of the mena insurance ceo club; and zainudin ishak chairman of the malaysian takaful association.
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