GCC takaful industry reaches $5.68b

Abdul Rahman Mohammed Al Baker
The global Takaful industry has seen tremendous growth in the last few years and the recent figures from the Ernst & Young World Takaful Report 2012, confirm that global Takaful contributions grew by 19 per cent to $8.3 billion in 2010, out of which, the GCC contributed $5.68billon. The Report, however, noted that maintaining growth momentum while boosting profitability remains a key challenge for Takaful players in the Middle East.

“With the growth rate in the GCC Takaful industry slowing to 16% in 2010 compared to a CAGR of 41% in 2005-2009, industry leaders are looking for fresh thinking and innovative strategies for generating further growth momentum. It is also becoming increasingly imperative that Takaful players in the Middle East get to grips with managing the challenges of an increasingly competitive Takaful market, drive operational efficiencies and financial performance improvement in their business, and successfully shift to sound sustainable underwriting profitability,” David McLean, Chief Executive of the Middle East Takaful Forum (METF 2012), said.

“It is against this background that we are launching the Middle East Takaful Forum (METF 2012, which will be held on the 17th and 18th of October 2012 in the Kingdom of Bahrain under the patronage of the Central Bank of Bahrain,” he added.

Held under the theme “Tackling the Profitability Challenge: Fresh Thinking for Islamic and Cooperative Insurance in the Middle East”, METF 2012, which builds on the 9 years successful history of the Middle East Insurance Forum (MEIF), is set to gather over 200 high-level senior decision-makers from the regional insurance industry for discussions that will seek to overcome the profitability challenge for the Middle East Takaful operators and achieve sound and sustainable underwriting profitability.

“The global Takaful market has shown strong growth in the last few years. Driven by increasing awareness and improvements in the quality of products and services being offered, the Middle East Takaful industry has seen a significant increase in its market share. With tremendous growth opportunities yet to be fully tapped, the Middle East Takaful industry is poised for major growth in the coming years and therefore it is essential to ensure that strong foundations are in place to support this growth. We hope that the discussions at the Middle East Takaful Forum (METF 2012) will provide insights as the industry players seek to overcome the profitability challenge and achieve sustainable underwriting profits. The Central Bank of Bahrain is delighted to be hosting this prestigious event,” Abdul Rahman Mohammed Al Baker, Executive Director Financial Institutions Supervision at the CBB, said.

A key highlight of METF 2012 will be the special keynote address by Haji Syed Moheeb Kamarulzaman; President / Chief Executive Officer and Director of Takaful Ikhlas and Chairman of the Malaysian Takaful Association. The session titled “International Strengths and Weaknesses: What can be Learnt from Takaful Operators in the Middle East and Malaysia” will analyze the parallels and points of difference between the Takaful markets in Malaysia and the Middle East and will explore comparative growth drivers in these key markets.

Peter van den Broeke, Principal Administrator of the International Association of Insurance Supervisors (IAIS) has also confirmed his participation in the opening keynote plenary session of METF 2012.

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