World Takaful Conference (WTC), the leading global forum for Takaful, will take place on the 11th and 12th of April in the Dusit Thani Hotel, Dubai.
Takaful is a type of Islamic insurance, where members contribute money into a pooling system in order to guarantee each other against loss or damage. Takaful-branded insurance is based on Sharia, Islamic religious law, and explains how it is the responsibility of individuals to cooperate and protect each other.
The Takaful industry is still at a nascent stage in its development although its growth has been rapid over the past 7 years and its total assets have doubled in the last 5 years. As the industry navigates through the complex global insurance landscape, there is a greater need for its leaders to share insights and deliberate on new strategies to help it grow beyond its niche status.
H.E. Ebrahim Obaid Al Zaabi, Director General of the UAE Insurance Authority (IA), will keynote the upcoming gathering of the global Takaful industry. H.E. Al Zaabi will join another industry pioneer, Abdulla Al Awar, CEO of the Dubai Islamic Economy Development Centre, in opening the world’s most influential annual Takaful event.
H.E. Al Zaabi will set the stage for the regulatory issues important to the industry, addressing the top priorities for regulators to support regional and international Takaful growth. This is highly topical given that the IA is working on finalizing regulations to streamline the sector, which will redefine the competitive and financial strength of Takaful. In 2010, the IA issued legal and Sharia rules and principles required to regulate the Takaful industry, and as follow up in 2014, the Authority promulgated financial regulations for Takaful operators.
In light of recent regulatory developments, His Excellency will speak on the necessary steps needed to strengthen the industry’s corporate governance framework and improve its asset-liability management to ensure that Takaful operators remain solvent.