(MENAFN- Khaleej Times) WTC 2015 was officially inaugurated with an opening keynote address by Abdulla Mohammed Al Awar CEO Dubai Islamic Economy Development Centre (DIEDC).
Delegates at the 10th anniversary special edition of World Takaful Conference in Dubai on Monday. Supplied photo
Dubai: The global takaful industry needs pioneering solutions to cope with its challenges and achieve a long-term stability goal industry specialists said at the 10th anniversary special edition of the World Takaful Conference on Monday in Dubai.
Supported by the Dubai International Financial Centre Authority (DIFC Authority) the event was attended by over 400 international industry leaders and key decision-makers representing over 150 international and regional organisations. A powerful line-up of more than 50 international speakers and industry thought leaders discussed critical issues that the global takaful industry is currently facing and how the industry needs to be reshaped for greater success.
WTC 2015 was officially inaugurated with an opening keynote address by Abdulla Mohammed Al Awar CEO Dubai Islamic Economy Development Centre (DIEDC). This was immediately followed by a special keynote sessions featuring Ebrahim Obaid Al Zaabi director general Insurance Authority and Chirag Shah chief strategy & business development officer DIFC Authority.
Speaking at the keynote session Abdulla Al Awar noted: “The global takaful industry has exhibited an exponential growth over the past few years. One of the major factors is the development of overall Islamic economy others include robust regulatory frameworks increasing customer awareness and low penetration rates. The key challenges that the global takaful industry face are intense competition depreciating profit margins operating efficiency and scalability.”
“For the global takaful industry to achieve its goal of long-term stability it is imperative to find pioneering solutions to cope with the challenges of an increasingly competitive takaful market. This year’s World Takaful Conference (WTC 2015) held under the theme of ‘Revitalising the Industry: A New Way Forward for Takaful’ presents meaningful insights on reenergizing the industry and setting a new way forward” he said.
A major highlight of this year’s edition of WTC was the industry leaders’ power debate session which featured significant debates and discussions on how takaful operators can adapt to revitalise the industry and evaluating new strategies to put the industry on a growth path. The debate was led by Mohamed Hussein El Dishish CEO Emirates Retakaful (EmiratesRE); and featuring Ghassan Marrouche CEO Noor Takaful; Amer Daya CEO Al Hilal Takaful; Firas El Azem GM Takaful Re Limited; Irshied Tayeb head of insurance & reinsurance Bin Shabib & Associates (BSA); and Lakhdar Moussi independent consultant advisor to PineBridge Investments Middle East.
El Dishish said: “The Retakaful market is growing but remains far behind its potential. Additional capital in the conventional market is pressuring on the rates in an unpreceded alarming level. At the same time investment management is not giving the necessary relief. Consolidation would give some relief but no one is taking the initiative. Regulators are aware of the situation and new regulations issued by the Insurance Authority of the UAE are timely and will bear fruits for the UAE market soon. New systems must be put in place and the market needs to support the regulator in its efforts for improvements.”
Amer Daya chief executive officer at Al Hilal Takaful said: “Significant growth has been forecast for the Takaful industry and it is evident that there are opportunities abound. The Takaful industry like any other emergent industry is facing challenges such as an increase in competition the need for skilled professionals a structured regulatory infrastructure and Shariah compliant investment opportunities.”
Speaking at the conference Chirag Shah chief strategy and business development officer Dubai International Financial Centre Authority (DIFC Authority) said: “DIFC is proud to play a contributing role in articulating Dubai’s vision of becoming a global Islamic economy hub. We have achieved a significant milestone with regard to the reinsurance sector crossing the US$1 billion mark of gross written premiums by the end of 2013.”
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