International Takaful Summit

The 10th International Takaful Summit is set to evaluate the disconnect between the fast-growing pool of Islamic finance assets and their relatively sparse use of Takaful.

The 9th International Takaful Summit is dedicated to critically evaluating the dominant current Takaful model. The Summit looked at the provision of Takaful for large commercial risks. This will require a further adaptation to the present Takaful model which at present primarily caters to personal lines and some family Takaful products.

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 potential challenges should enable effective ways to be found to enhance the provision of Takaful.

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.

The vibrant Takaful industry has continued to display strong growth in recent years with many of the key markets still exhibiting double digit growth often with Takaful outstripping the growth of conventional insurance. This increase though is coming under pressure due to the fallout from the poor performing financial markets and the changing political landscape of the Middle East region. Despite these challenges there still remains fantastic opportunities for increasing market penetration in the core markets of Malaysia and the Middle East as well as harvesting the undoubted potential in South East Asia, Africa and some non Muslim countries with significant Muslim populations. ITS 'New Frontiers' will investigate the obstacles faced by the industry and seek to provide constructive solutions to nurture the continued development of the global industry.

The Sixth International Takaful Summit builds on the four successful events held in November 2007, July 2008, July 2009, July 2010 and July 2011. We are again pleased to play host to the launch of the second Milliman Family Takaful Survey 2011 at this Summit. This survey, intended to be updated annually, fills a gap in the growing body of expert literature specifically addressing the Takaful market. Family Takaful provision is forecast to overtake general Takaful contributions in the next few years. Family Takaful provision is also more amenable to the underlying spirit of Takaful. As such specialist contributions to the sound development of Family Takaful provision are timely.

The Fifth International Takaful Summit builds on the four successful events held in November 2007, July 2008, July 2009 and July 2010. We are honoured to launch the inaugural Milliman Family Takaful Survey 2010 at this Summit. This survey, intended to be updated annually, fills a gap in the growing body of expert literature specifically addressing the Takaful market. Family Takaful provision is forecast to overtake general Takaful contributions in the next few years. Family Takaful provision is also more amenable to the underlying spirit of Takaful. As such specialist contributions to the sound development of Family Takaful provision are timely.