More than 350 global Takaful leaders will gather in Dubai at a conference starting tomorrow (April 10) to discuss the next phase of market development for the international Islamic insurance industry.

The sixth annual World Takaful Conference (WTC 2011) will be held on April 10 and 11 at Dusit Thani Dubai.

As the Takaful industry continues to build critical mass as the fastest growing component in the global insurance market, major players in the industry are reassessing their strategies and are focusing on capitalizing on emerging new growth opportunities.

David McLean, managing director of the World Takaful Conference, said: “The theme for this year's WTC focuses on the three key elements - Managing Risk, Innovating Products and Driving Growth in the global Takaful industry, which will be vital in fully realizing and effectively capturing the tremendous potential in the international Shari'ah-compliant insurance industry.”

Dr Saleh Malaikah, vice chairman & chief executive officer, Salama Group, said:  “Salama has been a partner of the World Takaful Conference since the inception of the conference six years ago.”

“As a pioneer in the industry, and as a leading provider of Shari’ah-compliant insurance solutions, Salama is proud to be once again a platinum strategic partner of the World Takaful Conference in 2011.”

The 2011 edition of the World Takaful Report will also be launched on-site at the event. With a principal focus on 'Transforming Operating Performance', the World Takaful Report 2011, developed in collaboration with Ernst & Young, will analyze the key trends shaping the industry, map out the strategic direction of the market leaders and probe the emerging landscape of opportunities.

Ashar Nazim, executive director and MENA head of Islamic Financial Service at Ernst & Young, said: “The growth in the Islamic insurance industry, or Takaful, has beaten the high growth levels of the Islamic finance sector over the last two years.”

“As it rapidly improves competitiveness with respect to conventional insurance, the industry is standardizing its practices and products across the world. In 2011, we expect the industry to rapidly mature and be more integrated into mainstream Islamic finance as more institutions incorporate cross-selling Takaful with other products.”

“This year will see successful Takaful companies transforming their operating performance to deliver on the potential,” he added.

Dr Ahmed Al Janahi, managing director, Noor Takaful and deputy group chief executive officer, Noor Investment Group, said: “The global expansion of Takaful still faces a number of challenges which we must deal with as an industry, if we are to become a powerful competitor to conventional insurance.”

“Over the next year, we will have a renewed opportunity to address challenges, capitalize on opportunities and implement strategies that would advance the Takaful industry to record levels.”

“The World Takaful Conference continues to bring together a tremendous number of very insightful and influential people trying to tackle the many obstacles hindering the true expansion of this sector globally, and we at Noor Takaful promise to continue to contribute to the development of this vital sub-sector,” he added. – TradeArabia News Service