Takaful operators must focus on improving the quality of their product offerings, Takaful awareness and investment discipline to help in sustaining the rapid growth expected in 2012, said an expert.
Ghassan Marrouche, general manager at UAE-headquartered Takaful Emarat, a Shariah compliant life and health insurance company, will be a panellist at the forthcoming eighth Middle East Insurance Forum which is set to take place on the February 7 and 8 at the Gulf Hotel in Bahrain.
The panel session titled ‘Advancing the Takaful Industry to the Next Level’ will take place on the second day of the conference and will discuss how the Takaful industry can achieve critical mass, international trends in the Takaful industry and their implications for regional players.
“Significant growth has been forecast for the Takaful industry in 2012. The Takaful market makes up just one percent of the global insurance market– so it is evident that opportunities abound. However, Takaful operators need to ensure that they have strong foundations in place to sustain financial performance,” said Marrouche.
“It is encouraging to see Takaful on the agenda of the region’s largest and most influential annual gathering of international and regional insurance leaders. This highlights the growing importance of Takaful sector.”
“The Takaful industry like any other growing industry is facing challenges like increasing competition, the need for skilled professionals, a regulatory and prudential framework and Shariah compliant investment opportunities which need to be addressed in such prestigious forums. We look forward to sharing our experience and gaining knowledge from other industry professionals to establish a solid foundation for the growth of the Takaful industry,” he added.