More than 350 industry leaders to gather in Dubai at the 5th Annual World Takaful Conference with focus on managing risk and driving growth

Dubai: Over 350 leaders in the global Takaful market are confirmed to participate in industry-changing discussions at the 5 th Annual World Takaful Conference, which will be held at the Dusit Thani Hotel in Dubai on the 12 th and 13 th of April 2010.

There can be no doubt that the effects of the recent global financial turmoil have impacted financial institutions and curtailed growth forecasts for even the buoyant Takaful industry. However, there is also no doubt that the future of the global Takaful industry remains pight and indeed the leading Takaful operators are now rapidly positioning themselves to capitalise on the new growth opportunities emerging as markets begin to improve. With current global Takaful contributions less than 1% of the total insurance premium universe, the scope for growth is huge.

Talking about the prospects of the global Takaful industry, Abdulla Mohammed Al Awar, CEO of the DIFC Authority said: ""The global Takaful industry today is outpacing the growth of conventional insurance and its growth potential remains huge despite the impact of the global economic crisis. The 5 th Annual World Takaful Conference promises to generate a wealth of new ideas and strategies for tapping the Takaful sector's vast unexploited potential. The Dubai International Financial Centre is keen to support events like the World Takaful Conference that can drive growth and development in the Islamic finance industry, which is one of our key focus sectors."

parvaiz Siddiq, Chief Executive Officer of Noor Takaful, highlighted the challenges and opportunities the industry is now facing. "The World Takaful Conference comes at a crucial time for the Islamic finance industry at large. It pings together global experts to engage in thoughtp-rovoking critical conversations and debates, about the most pressing issues contributing to the growth of the industry such as regulations, changing demographics, and growing affluence trends around the world".

Speaking ahead of the conference David McLean, the managing director of The World Takaful Conference said "This year's theme focuses on Islamic Insurance: Managing Risk; Driving Growth and will provide an interactive platform for discussions amongst leading industry players on the need to re-assess risk, re-align business models and seek new growth markets in a changing industry. WTC 2010 will be a timely forum for industry leaders as they assess recent developments in the global Takaful landscape and as they revise their strategies to further strengthen the position of Takaful on the international financial stage."

Now in its 5 th year, the World Takaful Conference has firmly established its role as the most important think-tank on the global Islamic insurance industry. "After four editions, the World Takaful Conference (WTC) has become one of the main Takaful events around the world. We in Takaful Re are committed to the Takaful industry; it is our duty to support this event and make it even more successful" said Chakib Abouzaid, Chief Executive Officer of Takaful Re Limited.

A major innovation has been the launch of the EY World Takaful Report, a groundp-eaking original research project developed in collaboration with Ernst & Young. The 3 rd annual edition of the Report will be exclusively launched at WTC 2010 and will be made available to all attendees for debate of the findings during an interactive discussion session. This year's Report will probe the 3 key trends that are re-shaping the global Takaful markets:

Dealing with the profit squeeze as Takaful operators shift from unsustainable investment income to profitable underwriting activities;

Consolidation opportunities as Takaful players seek to achieve economies of scale;

Takaful as a global gateway offering a means of accessing key emerging markets.

The EY World Takaful Report will provide pointers on how the Islamic insurance industry can catalyse the next phase of growth, providing industry leaders with new insights as they seek to review their business strategies in a challenging economic climate.

The World Takaful Conference has enjoyed the support of the leading players in the industry with over 20 industry-leading institutions partnering with the event each year. WTC 2010 is held in strategic partnership with the Dubai International Financial Services(DIFC) while Takaful Re, SALAMA Islamic Arab Insurance, HSBC Amanah, Noor Takaful, and Dubai Islamic Insurance & Reinsurance (Aman) are the platinum sponsors of this event. "We have supported the World Takaful Conference since its inception not only as a show of our commitment to the industry but also because we have witnessed its importance in forging meaningful dialogues. The 5 th Annual WTC is a must attend for all stakeholders" said Rafiq Halani, General Manager- General Health & Takaful at SALAMA Islamic Arab Insurance Company.

The opening Keynote plenary on the 12 th of April will set the tone for discussions on positioning the industry to capitalise on new growth opportunities for Takaful. Dr. Ahmed Al Janahi, Managing Director of Noor Takaful and Deputy Group CEO for Noor Investment Group; Dr. Saleh J. Malaikah, Vice Chairman & Chief Executive Office of SALAMA Group; Mohammed Iqbal Mankani, Chief Operating Officer of Dubai Islamic Insurance & Reinsurance (AMAN); and Sandeep Sachdeva, Global Head HSBC Amanah Commercial Banking at HSBC Bank Middle East will pinpoint new growth and global market opportunities for Islamic insurance products as the industry takes advantage of opportunities emerging at this phase of economic recovery.

More than 350 industry leaders from across the world have already confirmed their attendance at the 5 th Annual World Takaful Conference.

-Ends-

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© press Release 2010