The 8th International Takaful Summit 25 – 26 February 2014
Abu Dhabi- U.A.E
Enhancing the Takaful Proposition:
The continuing evolution of Takaful provision in many countries portends a raft of new emerging challenges for the growth of Islamic banking, finance and insurance. Reflecting on these challenges should enable effective ways to be found to enhance the provision of Takaful. We decided to host the 8th International Takaful Summit in Abu Dhabi to harness the newly invigorated interest in Islamic economy, finance, banking and insurance.
There are two new developments which can assist in the growth of the Takaful and reTakaful industry. We have a potential solution for the provision of Re-Takaful for large real estate and construction projects. We also have the emergence of a much deeper understanding of the kind of technology solutions required to support this industry. We have attempted to capture both these in the agenda of this Summit. We also note that there is a divergence emerging in the range of acceptable Takaful provision models in many countries. This is a result of experience of the recent past and is a debate which needs to be held. This is leading to a fundamental re-think of the key underlying principles of Takaful enunciated over thirty years ago. Thus issues like the balance between risk sharing and risk transfer and provision of Qard Al Hassan by Takaful operators are coming back to the fore. Hitherto, these subtleties have been addressed non-transparently, via Wakala fees, performance incentives and the like. Now many jurisdictions and regulators are keen on addressing these in a transparent manner. In this Summit we have allowed considerable time in this Summit to capture this debate as it could prove to be a watershed moment for the Takaful industry.
The Eighth International Takaful Summit builds on the seven successful events held in November 2007, July 2008, July 2009, July 2010, July 2011, July 2012 and February 2013. In the International Takaful Summits we endeavour to enable market participants from all over the world to capture the potential for Islamic Finance and Insurance in the world. At every Summit, we strive to offer robust thought leadership and the most informed platforms and opportunities for our participants to get maximum benefit from this interaction.
We welcome you to the Eighth International Takaful Summit and hope that you will become one of our many regular participants and supporters.
M. Iqbal Asaria
International Takaful Summit 2014