Tuesday 11, April 2017 by Georgina Enzer

Director General of Insurance Authority inaugurates world’s largest Takaful gathering

Over 350 key industry leaders from across the MENESEA region gathered at the 12th edition of the World Takaful Conference (WTC).

Convened by Middle East Global Advisors and held in strategic partnership with the Dubai International Financial Centre (DIFC) Authority, the WTC is being held under the theme of Stability, Authenticity & Technological Transformation.

HE Ebrahim Obaid Al Zaabi, Director General, Insurance Authority (IA) UAE, delivered the opening address at the conference and stressed on the need for more collaboration amongst regulators and standard setters to address the prevalent fragmentation of the Takaful industry.

“The Takaful sector is one of the most prominent evidences of the products and services that comply with Islamic Shari'ah. There are a lot of white spots that enlighten the development of this sector during the last stage; most prominent of which are the continued growth of this sector and the increasing demand for various types of Takaful products. However, despite the specific laws that have been issued in many countries, we are still in a bad need of preparing Islamic financial systems that cope with the economic changes and overcome the challenges,” he said. “The UAE is considered a leader in the global Takaful industry and the world’s leader in the Islamic financial transaction codification initiatives. Compared with 2008, the total investments have also increased by 579 per cent to reach AED 4.323 billion in 2016. The World Takaful Conference is contributing to the Takaful sector consolidation in the region and the world.”

Other panels at the conference included the disruption of the Takaful industry and industry experts analysed the challenges at hand and focused on developing a convergence roadmap for regulators, operators and Shari'ah’ scholars.

Speaking on behalf of the conference’s Strategic Partner, Salmaan Jaffery, Chief Business Development Officer, Dubai International Financial Centre (DIFC) Authority, said, “There is an appetite to do more in Islamic Fintech. Islamic Takaful Insurance is growing and is underpenetrated and being taken up by the younger generation who embrace new technology. Innovation in products without innovation in business models, AI, dig data, algorithms - is sub-optimal. By partnering with the World Takaful Conference, DIFC is demonstrating its commitment to encouraging dialogue in these areas, supporting the worldwide Islamic economy and helping it achieve long-term, sustainable growth. The growth in the Takaful industry is double-digit and is here to stay. However, to continue to meet profitability, the industry would need to meet customer needs and embrace modern technology and global best risk management practises.”

Since its inception in 2006, The World Takaful Conference has been a significant contributor to enhancing growth, excellence and innovation in the global Takaful industry. Time and again, the conference has proven to be an ideal launching pad for research and intelligence reports that provide strategic insights to the most pressing issues targeting the industry at large.

WTC is taking place on the 11 and 12 April at the Dusit Thani Hotel, Dubai. The second day of the conference will take shape in the form of a dedicated platform called InsurTech Integrated that will focus on the impact of disruptive technologies on the insurance industry. InsurTech Integrated is the brainchild of the World Takaful Conference aimed at highlighting the importance of developing digital proficiency amongst insurance operators to maintain competitiveness.

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