How can Takaful players better position themselves to
capitalise on new opportunities as markets pick up?

There can be no doubt that the effects of the recent global financial turmoil severely impacted financial institutions and curtailed growth forecasts for even the buoyant Takaful industry. However, there is also no doubt that the future of the global Takaful industry remains bright and indeed the leading Takaful operators are now rapidly positioning themselves to capitalise on the new growth opportunities emerging as markets begin to improve. With current global Takaful contributions currently less than 1% of the total insurance premium universe, the scope for growth is huge.

This year's theme for the 5th Annual World Takaful Conference (WTC 2010) picks up on this cautious optimism and focuses on: Islamic Insurance - Managing Risk. Driving Growth. These key elements will determine which Takaful players will be best placed to take advantage of strongly increasing product demand based on consumer demographics, rising income levels and an increasing appetite for Shari'ah-compliant products - factors which Ernst & Young highlighted, in their 2009 World Takaful Report launched at last year's WTC, as potentially driving the size of the industry to USD 8 billion by 2012.

WTC 2010, now in its 5th successful year as the world's largest gathering of Takaful industry leaders, is again being hosted in strategic partnership with Dubai International Financial Centre (DIFC). With huge untapped growth potential in the Islamic insurance industry and the increasing interest of the leading conventional insurance players and major banks in the sector, the 5th Annual Conference promises to be even more influential in charting the future direction of the industry. More than 350 industry leaders will attend WTC 2010 to find insights into the following key issues:

  • How can Takaful players better position themselves to
    capitalise on new opportunities as markets pick up?
  • How can Takaful business models be better aligned
    for new growth horizons?
  • How can Takaful operators engage conventional insurance players?
  • What practical strategies can effectively translate market
    potential to real growth?
  • What innovative new Takaful solutions are being
    developed internationally?
  • How to best capture growth opportunities in key
    Takaful market segments?
  • How can Bancassurance provide opportunities for moving
    our products to market faster and better?
  • What is the future development of the Re-Takaful market?

Chakib Abouzaid
Chief Executive Officer
Takaful Re
"After four editions, the World Takaful Conference (WTC) has become one of the main Takaful events around the world. We in Takaful Re are committed to the Takaful industry; it is our duty to support this event and make it even more successful. With the recent recession, and questions about Islamic Finance in general, and the Takaful industry in particular, Takaful operators and professionals are requested to question their business models and practices, respond to the legitimate customers' questions; and also pave the way for more differentiation from conventional insurance in order to think and act Takaful. The WTC is the best forum to discuss such matters; we would like to see the delegates making the WTC sessions an even more rewarding experience."

Timely & Original Analysis on the Takaful Market:
The Ernst & Young World Takaful Report