Towards an $8.8bn Islamic Insurance Industry:
Driving Growth and Managing Risk - Feedback from WTC 2010

362 international delegates gathered in Dubai for the hugely successful 5th Annual World Takaful Conference (WTC 2010), which was held on the 12th and 13th April 2010.

Delegates took full advantage of the opportunity to engage in strategic discussions for managing risks and driving growth for the Islamic insurance industry in light of the new economic realities that are fundamentally changing the business landscape. Key messages emerging from WTC 2010 included:
  • The need to manage the shift from investment to premium income as the core driver
    of growth in the industry; and
  • The outlook for consolidation among Takaful industry players.

Industry Leaders Engage the Core Issues: The Success Story of WTC 2010

Dr. Ahmed Al Janahi
Managing Director
Noor Takaful
Deputy Group CEO

Noor Investment Group

Dr. Saleh J. Malaikah
Vice Chairman &
Chief Executive Officer


Mohammed Iqbal Mankani
Chief Operating Officer
Dubai Islamic Insurance & Reinsurance (AMAN)
Sandeep Sachdeva
Global Head - HSBC Amanah Commercial Banking
HSBC Bank Middle East
Chakib Abouzaid
Chief Executive Officer
Takaful Re Limited

In answering the key question on where the industry stood in the global insurance arena, there was unanimous agreement among attendees that the global markets for Takaful remain largely under-penetrated and, even by achieving the growth projections, Takaful operators will only have acquired a very small slice of the global Insurance market, which is valued at over 4 trillion dollars.

Dr. Saleh J. Malaikah, the Vice Chairman and Chief Executive Officer of SALAMA Group said that: "Favourable demographics, increasing affluence, regulation and latent and inherent demand for Sharia'h-compliant products will be the key drivers for growth in this industry."

Dr. Ahmed Al Janahi, the Managing Director of Noor Takaful and the Deputy Group CEO of Noor Investment Group, called on the "operators to offer a complete product portfolio that makes sense to the target markets, aggressively educate consumers about Takaful as well as make the products accessible through aggressive distribution, if they have to unlock the potential of Takaful."

These messages emerged throughout the official proceedings as well as during the high-level networking sessions as the industry leaders continued to deliberate insights from their peers and internationally renowned industry specialists on overcoming the challenges to growth prospects in the industry.

Managing Performance in a Recovery:
The Launch of the 2010 Ernst & Young World Takaful Report

Ashar Nazim
Director and Head, Islamic Financial Services Group Advisory Services
Ernst & Young Bahrain
Justin Balcombe
Middle East
Insurance Leader
Ernst & Young
Mark Stanley
Manager, Islamic Financial Services Group,
Advisory Serivces
Ernst & Young Bahrain

The highly anticipated 3rd annual edition of the Ernst & Young World Takaful Report was officially launched during a special plenary session at the 5th Annual World Takaful Conference. The Report gave a practical overview on how the industry must manage performance in a recovery and push towards achieving the projected $8.8 billion in premiums in 2010; and also how leading players can overcome the challenges inherent in sustaining this growth.

Hear What the Leaders said about the Islamic Insurance Industry: Onsite Interviews at WTC

Make Sure That You Are Part of the Industry's Dynamic Future
Don't Miss the 6th Annual World Takaful Conference 2011

We had tremendous feedback on the importance of WTC in shaping the future landscape of the global Takaful industry and would like to offer our gratitude to all our strategic partners, speakers, sponsors, delegates, exhibitors, and media for making the 5th Annual World Takaful Conference such a huge success. We look forward to working with you again for the 6th Annual WTC 2011.