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Friday, 14 March 2008

World Takaful market set to grow by 20% per year

INTERNATIONAL. With experts predicting annual growth at over 20%, the focus of the 3rd Annual World Takaful Conference will be on expanding the international market for Shari'ah-compliant insurance products, with estimates of the industry growing to US$7.4 billion in global annual contributions by 2015.
The conference, to be held in Dubai on the 14 and 15 of April 2008, is again being hosted in strategic partnership with Dubai International Financial Centre (DIFC) and features industry heavyweights HSBC Amanah Takaful and Islamic Arab Insurance Co (Salama) as platinum sponsors.
Parvaiz Siddiq, General Manager of Salama, noted: "The World Takaful Conference is the ideal platform to spread and educate the market about Takaful and its principles as awareness is still low in the Middle East." Total premiums written by Takaful insurers are projected to reach approximately nine per cent of the world's insurance market share by 2010. The Middle East market is reported to be growing at 15% to 20% a year.
With experts predicting a Takaful boom, this year's conference theme focuses on 'Expanding the International Market for Islamic Insurance: Product Innovation and New Growth Opportunities'.
The opening keynote address will be delivered by Nasser Alshaali, Chief Executive Officer of the Dubai International Financial Centre Authority (DIFCA).
The event will provide practical insights into the next phase in the development of this rapidly growing industry. Key questions that will be answered during the conference sessions include: how to best capture growth opportunities in key Takaful market segments; which innovative new Takaful solutions are being developed internationally; how Takaful operators can more successfully engage conventional insurance players; what is the future development for the Re-Takaful market; and how can Bancassurance models provide opportunities for moving Takaful products to market faster and better.
Other international market leaders partnering with the 3rd Annual World Takaful Conference include FWU International, Solidarity, Takaful Re, Ernst & Young, British Islamic Insurance Holdings (BIIH), Calyx Financial, Amana Takaful Insurance, Abu Dhabi National Takaful Company, AM Best, Sheikan Insurance and Re-insurance, and Norton Rose.
The event will be addressed by a distinguished faculty of international and regional speakers and panellists. The structure of the conference also enables high quality discussion and interaction with more than 200 international delegates.--(BIME)

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