More than 300 takaful industry leaders from the Middle East, East Asia, Europe and Africa convened at the ongoing World Takaful Conference (WTC) in Dubai, UAE.

 

The 11th edition of the conference will conclude on April 12 at the Dusit Thani Hotel.

 

Convened by Middle East Global Advisors and in strategic partnership with the Dubai International Financial Centre (DIFC) Authority, WTC is held under the theme 'Prudent Practices for Global Growth' and considered to be the world’s most powerful Takaful gathering.

 

The growth of the Takaful industry, exhibiting a double digit growth while remaining underdeveloped as compared to the thriving Islamic finance industry, is paramount to strengthening the overall Islamic economy.

 

The opening keynote was delivered by Abdulla Mohammed Al Awar, chief executive officer, Dubai Islamic Economy Development Centre (DIEDC), who spoke on the linkages between Takaful growth and the overall Islamic economy.

 

“Takaful is a key pillar within the Islamic ecosystem. Although a quantum leap cannot be expected in the Takaful Industry within a year, there have been a lot of strategic developments which will pave way for the growth of Takaful within the Islamic finance landscape,” he said.

 

Ebrahim Obaid Al Zaabi, director general of the UAE Insurance Authority, spoke on the UAE regulatory space.

 

“The Insurance Authority of UAE has played a pivotal role in setting out key rules to ensure stability of the insurance industry. Adhering to the regulatory requirements - ranging from adjusting the internal systems to appointing internal auditors and actuaries by 2018 - will be challenging for the Insurance and Takaful Industry but will lead to its growth and stability,” he said.

 

Meanwhile, Salmaan Jaffrey, chief business development officer at the Dubai International Financial Centre (DIFC), spoke on the critical role of the DIFC as a global platform for the ReTakaful industry to service the economies of the Middle East, Africa and South Asian regions. - TradeArabia News Service