Manama: With forecasts of double-digit growth, the outlook of Takaful industry remains positive, according to an expert.
“The industry continues to gain market share across several high value rapid-growth markets, which still show significant untapped potential. However, a number of key challenges are still being tackled by the industry as Takaful operators seek to build scale and deliver a sustainably profitable business model,” David McLean, Chief Executive of the Middle East Takaful, said.
He was speaking as the 3rd Annual Middle East Takaful Forum (METF 2014) opened fat the Gulf Convention Centre of the Gulf Hotel in the Kingdom of Bahrain.
This year METF 2014 attracted more than 200 senior decision-makers from over 100 organizations for discussions that focused on building scale, and boosting the efficiency, profitability and scale of Takaful operators in the Middle East.
Convened under the patronage of the Central Bank of Bahrain,
The two day event was kicked off with a keynote address delivered by Abdul Rahman Mohammed Al Baker, Executive Director – Financial Institutions Supervision at the Central Bank of Bahrain.
Al Baker’s inaugural address provided key insights on the next steps in strengthening the regulatory framework for the Takaful Industry as well as assessing new measures and initiatives to enhance the success of the Takaful industry in the Middle East.
METF 2014 also saw an International keynote speech delivered by Dr. Eddy Chong Siong Choy, Director of the Accreditation Division of the Finance Accreditation Agency (FAA) in Malaysia. Dr. Chong provided an international perspective on the progress of the global Takaful industry and the critical success factors that have driven the industry forward in other key centres.
A major highlight of this year’s METF 2014 was the industry leaders’ power debate session which featured significant debates and discussions on how the Takaful industry in the Middle East can move to the next level of development. The debate led by Ammar Radhi, Research Manager – Emerging Markets Specialist, Thomson Reuters, and featuring Mohamed Radhi, Board member / Treasurer, Bahrain Insurance Association; Safder Jaffer, Managing Director & Consulting Actuary – Middle East and Africa, Milliman; Omar Gouda, Managing Director, Africa Retakaful; and Mohamed Hussein El-Dishish, Chief Executive Officer, Emirates Retakaful Limited (Emirates RE) discussed key strategies for balancing competitive pressures with the need for risk-based pricing.