Islamic Insurance Leaders to Meet in Dubai for World Takaful Conference

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DUBAI – About 400 key players and stake holders in the global Islamic insurance industry, also called the takaful industry, will be meeting in Dubai for the World Takaful Conference on April 13 and 14.

The 10th anniversary special edition of the World Takaful Conference (WTC 2015), under the theme ‘Revitalising the Industry: A New Way Forward For Takaful,’ will take place on April 13 and 14 at the Dusit Thani.

The conference will set the stage for discussions that will strive to improve the competitive performance of takaful players and will also seek answers to questions such as the increasing product demand based on consumer demographics, rising income levels and an increasing appetite for shari’ah-compliant products.

The Islamic insurance industry, also called the takaful industry, is facing a number of challenges like any other growing industry, said Ehsan Abbas, chairman of the WTC.

Among the challenges that hound the industry are the need of skilled professionals, intense competition, depreciating profit margins, a deeper pool of Shari’ah-compliant investment opportunities, and operating efficiency and scalability, Abbas said.

“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,” he said.

The WTC 2015 will allow participants to discuss issues and topics that will improve the performance of takaful players.

Among the topics that will be discussed are the increasing product demand based on consumer demographics, rising income levels and the increasing appetite for shariah-compliant products.

“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.”

WTC 2015 is now in its 10th successful year as the world’s largest gathering of international Takaful industry leaders and the place where all stakeholders from across the international industry come together to map the future direction of the Islamic insurance industry.

With huge untapped growth potential in the Islamic insurance industry and the increasing interest of the leading conventional insurance players and major banks in the sector, the 10th Anniversary gathering promises to be even more pivotal in charting the future direction of the industry.

The World Takaful Conference will again set the stage for more than 400 industry leaders to gather to showcase cutting edge innovations, and also address the key enablers that will boost growth and profitability in the international Takaful market. – BusinessNewsAsia.com