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
MiddleEast Insurance Review turns one
The MiddleEast Insurance Review Incorporating Global Takaful (MIR) commemorates its first anniversary in September by holding the first-ever Global Middle East Insurance Summit in London. In its September issue, highlighting the Middle East and North African (Mena) reinsurance market and reviewing the challenges in the takaful market.
Mr Sivam Subramaniam, Editor-in-Chief, MiddleEast Insurance Review and Asia Insurance Review, said: “Over the past 12 months, we have brought our readers 914 pages of news, developments, interviews, trend analyses, market reports and country profiles on the traditional and takaful fronts. It has been a real challenge sometimes, but to us on the team, it has been a labour of hope, love, optimism and more importantly, an exercise in responding to the information needs of the insurance industry in the region in its march towards higher standards and greater professionalism in the face of globalisation, deregulation and the onslaught of more international players entering the market to tap into its booming potential.”
The Global Middle East Insurance Summit will showcase and champion the Mena region in London, the birthplace of the modern-day insurance industry, and provide a platform for greater collaboration and co-operation between the two markets.
To be held on 5-6 September, the Summit will feature H.E. Dr Bassel Hindawi, Chairman, Arab Forum of Insurance Regulatory Commissions & Insurance Commissioner of Jordan as the Keynote Speaker.
H.E. Sheikh Faisal Bin Khalid Sultan Al Qassemi, Chairman of the Executive Council, Co-ordination Commission for Gulf Insurance & Reinsurance Companies and Chairman, Emirates Insurance Association will deliver the Official Address.
Despite the soft market, reinsurers committed to the region are trying earnestly to educate the market on the need to boost underwriting standards and to achieve a technical profit with the right price. In our Cover Story on Reinsurance in the Mena market, some 15 professional entities give their views on the challenges faced and the competitive edge they bring to the marketplace to help the industry grow.
On the takaful front, an active player in the market looks at developments in the last 12 months, and urges takaful operators to position the industry not only from a strict religious point of view, but also from a social and ethical perspective. In our Special Focus on Dubai, we interview two leading Dubai regulatory figures on the lure of the financial center and what makes it tick, as well as on regulatory developments as Dubai moves into the new phase of growth. Meanwhile, the Marine Insurance feature, soon to become a staple of future issues, examines Dubai Drydocks’ purchase of Singapore Shipyard and the implications on the insurance market. (Source)
