Harmonization of industry regulatory frameworks a key theme at World Takaful Conference 2017
12th edition of conference to spearhead discussions underscoring the need for more collaboration amongst regulators and standard setters to address the prevalent fragmentation of the Takaful industry
The 12th annual World Takaful Conference (WTC), convened by leading financial intelligence platform, Middle East Global Advisors, and held in strategic partnership with the Dubai International Financial Centre (DIFC) will gravitate around the theme of “Stability, Authenticity & Technological Transformation”.
Owing to continued resilience in the estimated US$2 trillion global Islamic finance markets, the global Takaful market is expected to continue its double-digit growth momentum of about 14% in 2014 and is slated to cross over US$20 billion by 2017. Undifferentiated strategies and intense competition are key factors that have adversely affected the short-term financial dynamics of operators in some markets. (EY Global Takaful Insights 2014)
The absence of uniformity in regulatory frameworks is a pressing concern that obstructs a smooth way forward for the presently fragmented Takaful industry. Cross-border cooperation and concurrent operations of standard setters and regulators is paramount to enable full enforcement of robust regulations produced by standard setting bodies, which at present is not being enacted.
Keeping in line with the issue at hand, a host of sessions at WTC will gravitate around discussions with a strong focus on the standardization of regulatory and Sharia’ framework by industry facilitators, and how it is a pre-requisite to enhance growth. Leading industry experts will analyse the challenges at hand and focus on coming up with effective suggestions with the ultimate aim of developing a convergence roadmap for regulators, operators and Sharia’ scholars.
WTC 2017 will build on its decade-long reputation for nurturing the development of the Takaful industry by facilitating thought-provoking discussions, producing quality research and generating actionable insights.
In 2016, WTC convened high profile guests and dignitaries from Dubai Islamic Economy Development Centre, Dubai International Financial Centre, Islamic Insurance Association of London, Insurance Authority UAE, PwC, Moody’s, EY, Swiss Re, Munich Re, Noor Takaful, Emirates RE and many more organisations.
WTC will take place on the 11th and 12th of April at the Dusit Thani Hotel, Dubai. The second day of the conference will take shape in the form of a dedicated stream InsurTech Integrated that will focus on the impact of disruptive technologies on the insurance industry. The stream aims to highlight the importance of developing digital proficiency amongst insurance operators in the light of stiff competition by spearheading a series of insight-generating discussions.
To find out more about WTC, visit www.wtc17.com