(MENAFN - Arab News) Dubai will host more than 350 international Islamic insurance leaders at the 7 Annual World Takaful Conference which will be held at the Dusit Thani hotel from April 16to 17. The conference will set the stage for discussions that will seek to improve the competitive performance of Takaful players and map new growth horizons in an increasingly competitive global Takaful landscape
Speaking to the media ahead of the event, David McLean, chief executive of the World Takaful Conference, noted that "the global Takaful industry has witnessed tremendous growth and strong performance over the last several years with recent reports indicating that the industry could hit the 25 billion mark provided that the current growth trajectory is maintained.
However, the increasing number of players entering the Takaful market, together with over-concentration in certain business lines, has resulted in the current state of Takaful operators achieving a lower return-on-equity than conventional insurers."
"Comparatively poor profitability and over-reliance on investment income were highlighted as key challenges for Takaful operators in the Ernst & Young World Takaful Report 2011, which was launched at the World Takaful Conference last year", McLean added.
The event will be inaugurated by a special address by Abdulla Mohammed Al-Awar, chief executive officer of the Dubai International Financial Centre Authority (DIFC). The inaugural session will be immediately followed by a keynote plenary session featuring Saleh Malaikah, chairman, Rusd International Holding Group and vice chairman and chief executive officer, Salama Group; Hussein Al-Meeza, managing director and chief executive officer, Dubai Islamic Insurance and Reinsurance Company (AMAN); and Hans De Cuyper, executive director and chief executive officer, Mayban Ageas. The session, which focuses on improving competitive performance, will assess how leading Takaful players are successfully shifting emphasis to sound underwriting profitability and operational efficiency.