Al Hilal Takaful discusses industry growth drivers

Over 400 industry leaders share strategic imperatives for Islamic insurance

17/04/2014 11:15 AST

Al Hilal Takaful, an affiliate of Al Hilal Bank, has joined a global gathering of ‘Takaful’ leaders, experts and decision-makers to discuss the challenges, potentials and future of Islamic insurance at the 9th World Takaful Conference which began on Monday, April 14, 2014 and runs until April 15, 2014 at the Dusit Thani Dubai hotel. Over 400 industry leaders are participating in the event to showcase innovations and highlight key growth and profitability enablers for the international Takaful market.

Takaful is a cooperative system of reimbursement that adheres to Islamic law. The past few years have seen the relatively young Takaful industry achieve sizable growth in terms of gross written contributions, with the Kingdom of Saudi Arabia, the UAE and Malaysia emerging as its three key markets. This conference is a vital platform for gaining valuable insights on strategic imperatives for the Takaful sector moving forward.

Al Hilal Takaful, a Platinum Sponsor of the 9th World Takaful Conference, actively engaged in discussions on this year’s theme of ‘Scalability and Profitable Growth: Improving RoE and the Quality of Growth in the Global Islamic Insurance Industry.’ Amer Daya, Chief Executive Officer of Al Hilal Takaful, was a guest speaker at Monday’s 6th Session on ‘Market Growth Engines & Product Innovation: Which Business Lines Will Drive the Next Wave of Exciting Growth?’

“The Takaful industry is still in its infancy and yet shows huge potential in replacing conventional insurance in leading Islamic finance markets such as the UAE. Dubai is the ideal platform to discuss the right directions to pursue industry and market growth given the emirate’s recent declaration of its goal to become a global hub for Islamic finance. The Conference offers Al Hilal Takaful an excellent opportunity to share our experiences and successes in the Takaful business and help drive the sector to sustained and robust growth,” said Daya.

The previous 8th edition of the World Takaful Conference gathered 421 international industry leaders representing over 180 leading international and regional organizations. Among this year’s highlights is the unveiling of the 8th Edition of Middle East Insurance Review’s World Islamic Insurance Directory (WIID) - the only Islamic Insurance Directory in circulation. Complete event details can be viewed at http://worldtakaful.megaevents.net/index.php. Al Hilal Takaful was established as the first affiliate of Al Hilal Bank. The subsidiary’s portfolio includes General, Medical, Property, Liability/Casualty, Engineering, Marine and Motor Takaful Products. Parent company Al Hilal Bank is fully owned by the Abu Dhabi Investment Council, the investment arm of the Government of Abu Dhabi. It operates a network of 22 branches strategically located across the UAE as well as 3 other branches in Kazakhstan.

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