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What the Industry Leaders are saying about WTC 2014
“The Takaful industry has grown significantly as a viable Islamic alternative to conventional insurance. Though the global Takaful industry has witnessed strong progress, the development of related regulatory and supervisory frameworks has not kept pace and varies substantially between key Takaful markets. In many key countries, the Takaful market is becoming increasingly over-crowded with a number of domestic and international companies competing for a small pool of risks to cover. Industry-wide profit margins have been under pressure and previously strong growth rates have started to decelerate. In line with Dubai’s determination to become the global capital of the Islamic Economy, the Dubai Islamic Economy Development Centre is committed to creating an enabling environment to reignite the growth of the Takaful sector, as part of an integrated vision. The World Takaful Conference (WTC), will play a significant role in shaping the global Takaful industry and I look forward to discussing new strategies that will unlock the true potential of the sector.”
Abdulla Mohammed Al Awar
Chief Executive Officer, Dubai Islamic Economy Development Centre
“Efficiency, profitability and scale have become increasingly critical for the Takaful industry and it is essential to find innovative solutions to manage the challenges of an intensively competitive market and drive operational efficiencies to improve financial performance in the industry. Supported by favorable demographics, the ongoing development of supporting regulatory frameworks, growing affluence, and the overall development of the broader Islamic finance industry in high-growth emerging markets, the international Takaful industry is poised for continued strong growth, with the potential to even surpass the conventional insurance industry in some key markets. At Al Hilal Takaful we are committed to supporting initiatives that will drive the industry forward and we are once again delighted to be supporting the World Takaful Conference, which plays a key role in facilitating dialogues among the key decision makers in the industry on the way forward for the global Takaful industry .”
Chief Executive Officer, Al Hilal Takaful
“A major challenge faced by the global Takaful industry is the lack of added value from the Retakaful industry leading to a over-representation of conventional reinsurers in the market. However, recent developments and the emergence of new sizeable Retakaful companies is an opportunity for the whole takaful industry to have an integrated approach, and move to the next level. As the global Takaful industry is set to grow further, projected to hit the US$ 17 billion mark in 2015, a lot more additional participation and leading role is needed in the Retakaful industry. To meet the demand, Retakaful companies must move from a follower to a more leadership position. We are very delighted to see strengthening Retakaful industry as one of the key areas covered at this year’s World Takaful Conference and we are delighted to be supporting this prestigious gathering of international Takaful leaders as a Platinum Strategic Partner.”
Mohamed Hussein El-Dishish
Chief Executive Officer, Emirates Retakaful Limited (Emirates RE)
“Achieving and sustaining profitable growth poses a number of challenges for the Takaful sector and the question of the lack of scale amongst many industry players has yet to be properly tackled. With Takaful contributions currently around only about 1% of the value of the total global insurance premium universe, Takaful has a long way to go in order to become more mainstreamed – nevertheless this low level of penetration also points to tremendous further growth potential if the industry can successfully address these challenges. This calls for industry leaders to take proactive steps and re-think strategies to realize the true potential of the global Shari’ah-compliant insurance market. As one of the world’s largest Takaful operators, we at SALAMA are continuously expanding our product portfolio, in terms of the breadth of our offering as well as geographically, in order to increase our global footprint and cater to the increasing sophistication of our customers. SALAMA has been a partner of the annual World Takaful Conference since its inception almost a decade ago and we are once again delighted to be supporting this important gathering of global Takful leaders. We hope that this year’s WTC serves as a great platform for leaders in the international Takaful industry to generate quality ideas on taking Takaful to its next growth phase.”
Dr. Saleh Malaikah
Chairman, Rusd International Holding Group
Vice Chairman & Chief Executive Officer, SALAMA Group
“The sector is still poised to sustain impressive double-digit growth in the coming years, although we have recently seen some companies struggling for scale and face increasing competition from existing or new entrants. As we get together at the world’s largest gathering of influential Takaful leaders in the global Islamic insurance industry, I hope discussions at this year’s 9th Annual World Takaful Conference (WTC 2014) will provide meaningful insights on how Takaful market share can be further expanded while strengthening profitability and RoE. We are delighted to be a part of this prestigious gathering”.
CEO NEXtCARE and CEO MEA Allianz Global Assistance