Takaful stakeholders meet in London to discuss Islamic insurance sector

Observer Report

London

The 12th International Takaful Summit will be held in London from 10-11 July 2018. 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 by the insurance industry to look further a field to leverage its expertise in serving emerging markets. This is positioning London as a hub for Takaful. The conference will be a platform to discuss how the global Islamic insurance sector can utilize London’s insurance market capacity 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 the Afkar Group. He added, ‘there is rapid growth in Malaysia, however with the exception of Saudi Arabia, the Middle East has lagged the growth of contributions. We will seek to identify the causes of this inertia and discuss how to overcome the obstacles’.
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.
For this year’s Summit, we plan to introduce a comprehensive look at the role of Takaful in creating financial inclusion. With the increase in involvement from development agencies, this much neglected area of Takaful is now ripe for exploration.
The International Takaful Summit will also feature the International Takaful Awards. We will celebrate the 11th 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 10 July and is sure to be an eventful.

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