World Takaful Conference Begins Today
More than 400 key players and thought leaders in the global Takaful industry will be gathering on the 15th and 16th of April 2013 in Dusit Thani, Dubai, for the 8th Annual World Takaful Conference (WTC 2013).
Held under the theme “New Strategic Imperatives for the Takaful Industry: Sustaining Growth and Boosting Profitability”, WTC 2013 aims to set the stage for discussions that will strive to improve the competitive performance of Takaful players and will also seek to identify and capitalize on the new growth drivers for the global Islamic insurance industry.
Speaking ahead of the event, David McLean, Chief Executive of the World Takaful Conference, noted that “the global Takaful market has shown strong growth in the last few years. Driven by increasing consumer awareness and improvements in the quality of products and services being offered, the global Takaful industry has seen a significant increase in its market share. With tremendous growth opportunities yet to be fully tapped, the international Takaful industry is poised to enter a new phase of major growth in the coming years and therefore it is essential to ensure that strong foundations are in place to fully support this growth. A critical challenge facing the industry is that a large number of Takaful operators are finding it difficult to sustain financial performance due to the increase in competition. Though the overall outlook for the global Takaful industry remains positive, it is essential that the mounting challenges posed by increasing competitive pressures and declining underwriting profits combined with the reduction in investment income need to be immediately tackled so that the industry can maintain its exciting growth trajectory.”
McLean also added that “the Takaful industry, like any other growing industry, is facing a number of challenges such as balancing a growth drive with sustainable profitability, the need for skilled professionals, an enhanced regulatory and prudential framework and a deeper pool of Shari’ah-compliant investment opportunities all of which need to be urgently addressed.”
Source: CPI Financial
Speaking ahead of the event, David McLean, Chief Executive of the World Takaful Conference, noted that “the global Takaful market has shown strong growth in the last few years. Driven by increasing consumer awareness and improvements in the quality of products and services being offered, the global Takaful industry has seen a significant increase in its market share. With tremendous growth opportunities yet to be fully tapped, the international Takaful industry is poised to enter a new phase of major growth in the coming years and therefore it is essential to ensure that strong foundations are in place to fully support this growth. A critical challenge facing the industry is that a large number of Takaful operators are finding it difficult to sustain financial performance due to the increase in competition. Though the overall outlook for the global Takaful industry remains positive, it is essential that the mounting challenges posed by increasing competitive pressures and declining underwriting profits combined with the reduction in investment income need to be immediately tackled so that the industry can maintain its exciting growth trajectory.”
McLean also added that “the Takaful industry, like any other growing industry, is facing a number of challenges such as balancing a growth drive with sustainable profitability, the need for skilled professionals, an enhanced regulatory and prudential framework and a deeper pool of Shari’ah-compliant investment opportunities all of which need to be urgently addressed.”
Source: CPI Financial
