Takaful practitioners to discuss $20b Islamic Insurance sector

11th International Takaful Summit

Observer Report


The 11th International Takaful Summit will provide a way forward for world’s leading Takaful practitioners to find out the latest trends is in the financial market.
The mega event will be held in London from 11-12 July 2017. For over a decade now the Summits have served as a cornerstone and leading thought forum of the industry. This year’s event will be one of the most significant gatherings to date in light of the ever changing geopolitical climate.
With the UK still coming to grips with the Brexit vote, there has been a concerted effort for the insurance industry to look further afield to leverage its expertise in serving emerging markets and is positioning London as a hub for Takaful.
The conference will be a platform to discuss how the global Islamic insurance sector can capitalise on the experience of London’s insurance market in order to drive growth.
‘The International Takaful Summit has always been a place where the world’s leading practitioners come to find out what the latest trends are in the market as well as discuss the challenges they are facing in order to leave with tangible strategies to improve developments and launch innovations in their home countries.
This year we aim to make this the most comprehensive instalment in order to accelerate the growth of the industry,’ commented M Iqbal Asaria, Lead Manager for the ITS at Afkar Consulting.
He added, ‘there is rapid growth in Malaysia, however with the exception of Saudi Arabia, the Middle East has lagged slightly in the growth of premium values. We will seek to identify the causes of this inertia and discuss how to overcome this’.
In addition to the challenges specific to Takaful companies such as low penetration rates, distribution channels, suitable investment vehicles and the lack of qualified practitioners, the conference this year will discuss a number of operational issues that are affecting global business such as cyber security, digital disruption, data analytics and the use of robotics to reduce costs.
Randa Buaras, Conference Director at Afkar Consulting, said the conference priority this year will be “to produce a practical industry guide that both identifies and tackles the full spectrum of challenges and opportunities which lie ahead of the industry.” Adding, “It is with this in mind that we are proud to introduce a new Executive Round Table on Monday 10th July, sponsored by Norton Rose Fulbright, where a select number of the leading Takaful and insurance experts will construct a set of recommendations for the industry’.
“I look forward to welcoming the industry in July and would like to thank all our supporters. The International Takaful Summit will also feature the International Takaful Awards. We will celebrate the 10th anniversary of these Awards which still remain the only dedicated awards ceremony for the Takaful industry.
The gala awards ceremony, which is the social highlight of the Summit will take place on the evening of 11th July and is sure to be a glitzy affair celebrating outstanding achievement and innovation in the global takaful industry”, added Ms Buaras.

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