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
Solidarity supports the Federation of Afro-Asian Insurers and Reinsurers
Solidarity, one of the largest Takaful companies in the world, supported the Federation of Afro-Asian Insurers and Reinsurers at their 20th FAIR conference in Morocco - Marrakech with a paper by Sameer Ebrahim Al Wazzan, CEO - Solidarity. Al Wazzan spoke about the challenges facing the Takaful industry and means to overcome these challenges while building solid infrastructure through developing products and services that compete and complement amongst other financial solutions.
The 20th FAIR conference is considered as one of the largest insurance conferences in the region that focuses on industry related issues where experts meet to share knowledge and experiences. The conference took place in Marrakech - Kingdom of Morocco from the 18th to the 20th of October 2007. Industry experts discussed the evolution of insurance and its effect on the economy in Afro-Asian Countries. Besides, they covered topics related to opportunities and threats of insurance and reinsurance.
Commenting on Solidarity’s participation at the 20th FAIR conference, Sameer Al Wazzan said: ‘Solidarity’s participation in this prestigious conference represents the management direction towards supporting the development of this industry. Our faith in the role of the private sector to further take part in spreading awareness and building solid and common platform for development in the global arena leave us with no choice except to take an interactive part making such industry related forums a success. We always plan to provide our experiences with leaders within this industry to support in addressing challenges and draft expectations.’
On the other hand, Ahmed Zinoun, President of the Organizing Committee and Managing Director of the Société Centrale de Réassurance. (S.C.R.) said: ‘This conference is of a particular importance to the Afro-Asian area, as it offers a unique occasion to the delegations to examine their achievements since the nineteenth Conference that was held in India. In an environment marked by the introduction of new prudential rules and the requirement of a new governorship, the conference is also a framework to discuss the opportunities as well as the challenges to overcome in the FAIR area.
