Harmonization of industry regulatory frameworks a key theme at WTC 2017

DUBAI: The 12th annual World Takaful Conference (WTC) will gravitate around the theme of “Stability, Authenticity & Technological Transformation,” said a press statement released on Thursday.
Convened by leading financial intelligence platform, Middle East Global Advisers (MEGA), the WTC is going to be held in strategic partnership with the Dubai International Financial Center (DIFC)
Owing to continued resilience in the estimated $2 trillion global Islamic finance markets, the global Takaful market is expected to continue its double-digit growth momentum of about 14 percent in 2014 and is slated to cross over $20 billion by 2017, according to the press statement.
Undifferentiated strategies and intense competition are key factors that have adversely affected the short-term financial dynamics of operators in some markets.
It said the absence of uniformity in regulatory frameworks is a pressing concern that obstructs a smooth way forward for the presently fragmented Takaful industry.
Cross-border cooperation and concurrent operations of standard setters and regulators is paramount to enable full enforcement of robust regulations produced by standard setting bodies, which at present is not being enacted.
Keeping in line with the issue at hand, a host of sessions at WTC will gravitate around discussions with a strong focus on the standardization of regulatory and Shariah’ framework by industry facilitators, and how it is a pre-requisite to enhance growth. Leading industry experts will analyze the challenges at hand and focus on coming up with effective suggestions with the ultimate aim of developing a convergence roadmap for regulators, operators and Shariah’ scholars.
WTC 2017 will build on its decade-long reputation for nurturing the development of the Takaful industry by facilitating thought-provoking discussions, producing quality research and generating actionable insights.
In 2016, WTC convened high profile guests and dignitaries from Dubai Islamic Economy Development Center, Dubai International Financial Center, Islamic Insurance Association of London, Insurance Authority UAE, PwC, Moody’s, EY, Swiss Re, Munich Re, Noor Takaful, Emirates RE and many more organizations.
WTC will take place on April 11-12 at the Dusit Thani Hotel, Dubai. The second day of the conference will focus on the impact of disruptive technologies on the insurance industry.
The stream aims to highlight the importance of developing digital proficiency among insurance operators in the light of stiff competition by spearheading a series of insight-generating discussions.
WTC is the leading global forum for Takaful and has played an instrumental role in the development of the industry for more than a decade by facilitating thought-provoking discussions, producing quality research and generating actionable insights.
WTC serves as a platform to facilitate idea-sharing among industry leaders gathered from diverse parts of the world ranging from key markets for Takaful such as the GCC and South East Asia to emerging markets such as Africa and Europe.