More than 350 leading industry leaders from across the Middle East, North Africa and South Asia (Menasa) region are taking part in the 12th edition of the World Takaful Conference (WTC) being held in Dubai, UAE.

The two-day event kicked off yesterday (April 11) at the Dusit Thani Hotel under the theme "Stability, Authenticity & Technological Transformation."

It is being convened by Middle East Global Advisors in strategic partnership with the Dubai International Financial Centre (DIFC) Authority.

Renowned industry regulator Ebrahim Obaid Al Zaabi, director general, Insurance Authority (IA) UAE, delivered the opening address and stressed on the need for more collaboration amongst regulators and standard setters to address the prevalent fragmentation of the Takaful industry.

Al Zaabi said: “Takaful sector is one of the most prominent evidences of the products and services that comply with Islamic Shariah.”

“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 Dh4.323 billion ($1.17 billion) in 2016. The conference is contributing to the Takaful sector consolidation in the region and the world,” he added.

Salmaan Jaffery, chief business development officer, 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 conference, our company is demonstrating its commitment to encouraging dialogue in these areas, supporting the worldwide Islamic economy and helping it achieve long-term, sustainable growth,” he said.

Following the keynote addresses, the Global Takaful Report 2017 by Milliman - one of the world’s largest actuarial and consulting firms, was launched.

The report aims to equip Takaful leaders in the regulatory, economic, demographical and technological landscape by enabling them to take stock of the key industry trends, analyse forecasts and projections, and explore factors that are critical to their organization’s long-term growth, said the organisers.

Speaking on the exclusive launch of the report, Safder Jaffer, managing director and consulting actuary - Middle East and Africa (MEA), Milliman, said: “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 practices.”

The day ensued with a power-packed CEO Debate deliberating on the disruption of the Takaful industry and was followed by a host of panel sessions gravitating around the key themes affecting the Takaful industry at large, said the organisers.

Leading industry experts analysed the challenges at hand and focused on coming up with effective suggestions with the ultimate aim of developing a convergence roadmap for regulators, operators and Sharia’ scholars, they added.

A major highlight of the conference was a dedicated platform called InsurTech Integrated that put focus on the impact of disruptive technologies on the insurance industry.-TradeArabia News Service