‘Takaful’ geared to deliver on market potential. -

June 15, 2007 (PRLEAP.COM) Business News
Sri Lanka’s flag bearer of the Takaful concept, Amana Takaful Insurance (ATI) was seen as a silver sponsor for the second consecutive occasion at the World Takaful Conference; the biggest event in the Takaful calendar, recently held in Dubai, with the participation of more than 250 international delegates representing more than 70 countries.

‘Takaful’, is known globally as the fastest growing concept of insurance, and its success was confirmed at the recently concluded Conference. The two-day conference was held for the second time in Strategic Partnership with the Dubai International Financial Centre (DIFC) and has become the pre-eminent platform for debate between insurers, re-insurers, brokers, regulators, bankers, consultants and policy-makers, on the latest market developments and opportunities in the global Takaful landscape. The focus of this year’s conference was on ‘Accelerating Growth in the International Takaful Market and gearing up to deliver on market potential’.

The structure of the conference enabled high quality discussion and delegate interaction through a series of panel sessions that focused on emerging growth opportunities, new business models, regulatory frameworks, and product innovation in the dynamic international Islamic Insurance & Re-Insurance market.
According to a senior industry executive at the World Takaful Conference, the Islamic insurance market in the Middle East is poised to grow by 15% every year over the next eight years, as a result of increased demand. While the Middle East accounts for 38% of the total Takaful premium, more than 50% is generated from the Asian region.
The World Takaful Conference is seen as an important forum aimed at shaping the youthful Takaful industry, providing an opportunity for Takaful experts, insurance experts, Islamic scholars and business people to come together to discuss developments taking place in the industry as a whole, as well as about trends specific to their regions and countries.

“The Takaful business has witnessed phenomenal growth in recent years with the entry of a number of new companies in wide spread geographies, and for Amana Takaful Insurance this is a stepping stone to lead the Takaful insurance industry in South Asia,” commented Mr.Ehsan Zaheed, CEO of Amana Takaful Insurance.

With huge growth in the Takaful insurance industry and the increasing interest of conventional insurance players and major banks in the sector, the 2nd annual conference proved to be even more influential in charting the future direction of the industry, and answers were found for many questions on planning on how best to capture growth, practical strategies that could effectively translate market potential to real growth, challenges ahead and more.

Amana Takaful Insurance, in collaboration with Takaful Malaysia, one of the largest Takaful operators in the world, has from inception catered for both Family and General Takaful Insurance. Its success is mirrored in its phenomenal growth and the extent of customer loyalty it commands today. It is also the very first insurance company in Sri Lanka to pioneer the process of refunding the surplus premium at the end of the term. Its operations have expanded to include 15 locations island-wide including the South and East of Sri Lanka, also extending overseas with the setting up of a branch office in the Maldives.