Co-located with the 3rd Annual Middle East Islamic Finance and Investment Conference (MEIFIC 2013), the two day event was inaugurated with a special keynote address by Jeff Singer, Chief Executive Officer of the Dubai International Financial Center Authority (DIFCA). In his inaugural address Jeff Singer discussed key strategies to achieve the full potential of the global Takaful industry.
The inaugural address was immediately followed by a keynote plenary session. The session featuring Zainudin Ishak, Executive Director and Chief Executive Officer of HSBC Amanah Takaful (Malaysia) Sdn Bhd and Chairman of the Malaysian Takaful Association; Chris Wei, Group Chief Executive Officer of Great Eastern Holdings Limited; and Parvaiz Siddiq, Chief Executive Officer of Noor Takaful, analysed new strategies for sustaining growth in the global Takaful industry and addressed the challenges of slowing growth rates and competitive pressures and assessed how Takaful operators can effectively manage the shift to profitability.
“The global Takaful industry has been experiencing double digit growth rates with the GCC and Malaysia being the major contributors. However the latest industry data reveals a slight deceleration in the growth rates. A critical factor that will determine the success in taking the industry to the next level of development is the existence of players with the right quality and calibre, as well their readiness in terms of capacity and capability to formulate and execute successful strategies in response to new market opportunities. To achieve this, it is essential that key players in the industry remain profitable in the long run and the current slowdown makes it even more challenging for Takaful operators to maintain momentum while boosting profitability. This calls for taking proactive steps and rethinking strategies to overcome diverse challenges to sustain the forward growth momentum,” David McLean, Chief Executive of the World Takaful Conference, said.
A key highlight of the 8th Annual World Takaful Conference (WTC 2013) was the exclusive industry leaders’ power debate featuring an exceptional cross-section of international thought leaders in the global Shari’ah-compliant insurance industry. The session chaired by Irshied Tayeb, Regional Head of Insurance Services – Middle East & North Africa, Bin Shabib & Associates and featuring Dr. Bassel Hindawi, Immediate Past Insurance Commissioner of Jordan; Shahril Azuar Jimin, Senior Executive Vice President / Chief Commercial Officer of Maybank Ageas Holdings Berhad; and Azim Mithani, Chief Executive Officer of Prudential BSN Takaful Berhad, discussed practical solutions to overcoming the key obstacles to the further development of the global Takaful industry.
“The growth potential presented by Takaful is enormous as there is a real opportunity to capitalize on the positive economic dynamics prevalent in key markets for Takaful, not only limited to the traditional markets of South East Asia and the Middle East, but also to new emerging markets such as Africa. However it is essential for key players in the industry to sharpen their business focus, improve their competitiveness and increase market share in order to sustain the current growth rates. With the traditional perception of insurance as a mere means of protection now rapidly changing to include a wider spectrum of financial planning and wealth management, it is imperative that the Takaful industry takes a more proactive approach in understanding the evolving customer and market-specific needs and be willing to re-engineer products and services to meet the evolving needs of the customer,” Shahril Azuar Jimin, Senior Executive Vice President and Chief Commercial Officer of Maybank Ageas Holdings Berhad, said.
“At Etiqa, we are committed to supporting the continued growth and advancement of the Takaful industry and our support for the annual World Takaful Conference, which plays a key role in the development of the global Takaful industry, is a testament to this.”
WTC 2013 also featured the exclusive onsite launch of the Global Family Takaful Report 2013 and the World Islamic Insurance Directory 2013.