By 2004, the total gross written premium (GWP) for takaful business (life and non-life combined) had grown to just under $1.4 billion.
Takaful Insurance Resources
Understanding Takaful Practice
Takaful originates from Arabic word Kafalah, which means "guaranteeing each other" or "joint guarantee". In principle, the Takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants
Ithmaar banking group sponsors International Takaful Summit in London
The Ithmaar banking group, leaders in financial solutions, sponsored the three-day International Takaful Summit in London.
The event was held under the Patronage of the Mayor of the City of London, Lord Alderman John Stuttard and was attended by high level guests including Dato’ Dr. Awang Adek Hussin, Deputy Finance Minister, and Dato’ Zamani Abdul Ghani, Deputy Governor - the Bank of Negara, both from Malaysia.
Representing the Ithmaar banking group at the summit was Solidarity Head of Corporate Communications and Marketing Bassel Hanbali, who spoke about marketing financial services and the role of marketing in the development of the industry. Hanbali highlighted the importance of communication strategies in building public confidence and knowledge about the role of Islamic insurance, takaful, in providing individuals and businesses with financial stability.
The summit, attended by more than 300 industry experts and decision makers, covered areas related to Islamic finance and takaful including their evolution and potential and the challenges they face in Europe. Distinguished international speakers discussed legal and regulatory frameworks, human resources development and effective distribution channels.
Commenting on his participation in the International Takaful Summit, Bassel Hanbali said:
Sponsoring the Takaful summit in London emphasizes the Ithmaar banking group’s commitment to further supporting the development of the financial services industry worldwide. Being a Bahrain-based group of companies, our participation in this prestigious international summit comes from a desire to strengthen the Kingdom of Bahrain’s image as the capital of financial services in the Middle East.
Corporate communications and marketing have a major role in the development of the Takaful industry. They represent a key success factor in spreading awareness and knowledge about products and services and thus creating demand, added Hanbali. (Source)
