MORE THAN 250 INTERNATIONAL PARTICIPANTS ATTEND THE

10 April 2007, Dubai: Nasser Al Shaali, Chief Executive Officer, Dubai International Financial Centre Authority (DIFCA) inaugurated the 2nd Annual World Takaful Conference at an impressive ceremony attended by more than 200 international leaders from the Takaful industry yesterday at the Grand Hyatt Convention Centre in Dubai.

The two-day conference is being held for the second time in Strategic Partnership with Dubai International Financial Centre (DIFC) and has become the pre-eminent platform for debate between insurers, re-insurers, brokers, regulators, bankers, consultants and

policy-makers on the policy-makers on the latest market developments and opportunities in the global Takaful landscape.

Nasser Al Shaali, Chief Executive Officer of the DIFC Authority said “The DIFC is committed to actively promoting the growth and development of the Islamic insurance industry in accordance with shari’a principles. The takaful market is one of the fastest growing in the world, and firms domiciled in the DIFC will complement the regional market and help it grow. By providing the right environment and infrastructure to enable the industry to realise its potential, the DIFC is laying the foundation for the future of regional insurance and Islamic banking operations.”

Following the opening plenary session, Lisa Keelart-Courtney, Associate Director – Supervision of Dubai Financial Services Authority (DFSA) delivered a presentation at the first session entitled Scoping the Regulatory & Legal Environment for a Successful International Takaful Industry, and her presentation focused on “Future Prospects of Takaful: Converting Challenges into Opportunities”. Susan Dingwall, a Partner at Norton Rose, led the discussions at this session, which featured additional panelists Paul Warren, Actuary, Warren FAM; and Nadeem Mujtaba, Director of British Islamic Insurance Holdings.

The structure of the conference enabled high quality discussion and delegate interaction through a series of panel sessions that focused on emerging growth opportunities, new business models, regulatory frameworks, and product innovation in the dynamic international Islamic Insurance & Re-Insurance market.

“Seizing the Growth Imperative: How can Takaful Operators capture growth potential?” was addressed at the next session that tackled the current low penetration rate of Takaful products and how this can be leveraged as an opportunity for growth, and seizing market leadership in key product segments. The session presentation was given by Abdallah Kubursi, Regional Vice President of AIG MEMSA, Inc.

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