UAE Insurance Authority to organise takaful conference in March

Under the patronage of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the Insurance Authority of the UAE will organize the Abu Dhabi Islamic Insurance Conference on March 8-9 2015, under the theme: "Reality and Prospects for the Development of Islamic Insurance Regulations".

The conference aims to introduce the important role the Islamic insurance sector plays in many ways, including the protection of the national economy, provision of economic protection for the community members, raising awareness and promoting market confidence in Islamic insurance products and Takaful services, and promoting opportunities for growth in the Islamic insurance industry locally, regionally and globally through the introduction of legislation and laws that induce development in both conventional and Islamic legal aspects.

The conference also seeks to identify the real challenges facing the Takaful insurance and determine the means to confront and overcome such challenges, besides exploring ways to develop "the security" provided by the Takaful insurance company to their clients, and expanding the scope of transparency in the operations of the Islamic insurance companies in order to create more links between the company and the clients, thus increasing the size of the insurance sector’s contribution in the GDP.

Moreover, the Abu Dhabi conference aims to establish a scientific and juristic reference that would help in promoting the Islamic insurance industry on the global stage, and achieve a quantum leap in the conventional and Islamic legal rules for the Takaful insurance business.

The Insurance Authority’s organization of this international conference comes amid the positive and optimistic picture painted by insurance experts and specialists with regard to the future of the Islamic insurance industry in the region and the world as a result of the growth and increasing expansion of the industry, as well as the expanding demand for its products by large segments of customers in the regional and global markets, which requires an in-depth study of the industry’s current state and calls for means to overcome the obstacles and difficulties as a prelude to a comprehensive framework for the future that would lead to the establishment of Islamic insurance industry on firm grounds with respect to legal and regulatory aspects.

Accordingly, the conference will seek, through its scientific sessions and participants, including decision-makers, stakeholders and experts in both insurance and Islamic financial transactions, to define the reality of the Islamic insurance industry and develop a comprehensive conception for the future in order to ensure the development of the conventional and Islamic legal bases for the Islamic insurance business, and ultimately guarantee a sustainable growth of Islamic insurance companies and the global Takaful markets.

The conference will focus its two days works on several key topics that will discuss the state of the Islamic insurance industry, the challenges lying ahead, as well as the means to provide current and future basic requirements to advance the industry. These topics represent a new vision in the business of Takaful insurance in the United Arab Emirates, the region and the world.

Other topics will tackle the legal foundations and rules upon which the Islamic insurance is established, and the means to develop the legal foundations and rules of the relationship between the clients and the Takaful insurance companies in terms of the "security" provided by the company to the clients.

Moreover, the event will also shed light on a set of other issues, including the importance of legalising the Takaful sector; the importance of informing the participants on how Takaful insurance companies work and how to involve the clients in the technical and financial control of the companies’ operations; corporate governance in Islamic insurance companies; clients’ accounts (inputs, outputs, results and how to determine costs/fees charged on the client’s account); and the rules based on which the surplus is distributed amongst clients’ accounts.

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