Decision-makers Seek New Growth Map for Islamic Insurance

944458_s_PRLog (Press Release) – Mar 01, 2009 – United Arab Emirates- Dubai: A record number of industry leaders have already confirmed their partnership with The 4th Annual World Takaful Conference (WTC 2009), testimony of the overall significance of the forum in shaping the future of the global Takaful industry.

The 4th Annual World Takaful Conference (WTC 2009), the world’s largest gathering of Islamic insurance leaders, builds on 4 years of successfully meeting industry needs. At this critical juncture in the international financial markets, WTC 2009 is bringing together more than 300 global industry leaders representing key international Takaful operators, insurance institutions, Re-Takaful and Re-Insurance players, Captive insurance firms, underwriters, major brokers, and leading legal and advisory firms to debate how business models will change in the Shari’ah-compliant insurance industry in the context of the global economic crisis.

The World Takaful Conference (WTC 2009) is again held in strategic partnership with DIFC (Dubai International Financial Centre). HSBC Amanah, SALAMA Islamic Arab Insurance, Noor Takaful, and Takaful Re have already confirmed their participation in the conference as platinum sponsors. With new record level participation being achieved, WTC 2009 has set the stage for its most important industry gathering since its inception 4 years ago. Other leading sponsors at WTC 2009 include: ACR Re Takaful, Allianz Takaful Co., MNRB Takaful, Abu Dhabi National Takaful Co, t’azur, Munich Re Retakaful, enaya AIG Takaful, Ernst & Young, A.M. Best, Norton Rose, Hannover Re, and GIC Re.

Speaking ahead of the conference Parvaiz Siddiq, Chief Executive Officer, Noor Takaful stated that:

“Shari’ah compliant insurance solutions are fast gaining wide-spread popularity and acceptance across diverse customer profile. Noor Takaful comes at a strategic time when we are positioned to harvest the manifold possibilities existing in the financial environment in the UAE, the GCC and the wider world. The phenomenal growth of the Takaful industry signals the need for a service-focused provider that will raise the bar on international best practices in this sector.”

Chakib Abouzaid, Chief Executive Officer , Takaful Re noted that “The fourth annual edition of the World Takaful Conference is a great opportunity for Takaful and insurance professionals to discuss the current status of the nascent Takaful industry, which has witnessed a tremendous development in the past few years. Should this momentum continue during the current crisis?

Islamic finance should be in principle less impacted by the current crisis, as it doesn’t allow non backed investments and speculation. As part of the Islamic Finance industry, Takaful should be less affected; however, as players within the global insurance industry, Takaful players must revisit their strategies, and come back to the basics.

The WTC 2009 should be a forum to discuss the achievements, with enough self criticism, and explore the ways to take advantage of the current situation to market the essence of Takaful i.e. the values of solidarity among the community, which are needed by all”.

The 4th Annual World Takaful Conference is the world’s largest gathering of Takaful industry leaders and will this year focus on renewing growth in a challenging global market.

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