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3rd International Conference and Exhibition on Islamic Banking and Takaful 2009 2nd Nov 2009 Challenges Issues Faced

Agenda. Introduction / Background Challenges Issues . Introduction / Background. Global Takaful Market. Ernst and Young's World Takaful Report 2009 notes that global Takaful contributions have risen to $3.4bn in 2007 as compared to $2.5bn in 2006 (36% Growth)In 2005, the projections for 2015 wer

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3rd International Conference and Exhibition on Islamic Banking and Takaful 2009 2nd Nov 2009 Challenges Issues Faced

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    1. 3rd International Conference and Exhibition on Islamic Banking and Takaful 2009 2nd Nov 2009 Challenges & Issues Faced by Takaful Industry Presented by: Imtiaz Bhatti MD / CEO Pak – Kuwait Takaful Company Limited

    2. Agenda Introduction / Background Challenges Issues

    3. Introduction / Background

    4. Global Takaful Market Ernst and Young's World Takaful Report 2009 notes that global Takaful contributions have risen to $3.4bn in 2007 as compared to $2.5bn in 2006 (36% Growth) In 2005, the projections for 2015 were US$ 7.7 Billion. The 2009 new projections for 2012 for Takaful Market are US$ 7.7 billion and US$ 11.0 billion by 2015 Projections – an estimated amount of annual contribution by 2012 will be

    5. 5

    6. Challenges

    7. Challenges Awareness – It is required from All Islamic Financial Market Players to establish Islamic Finance Awareness as a “Cause” with dedication & commitment. Re-Takaful Capacity – Takaful entry to bigger & complex Risk is highly dependant on Re-Takaful Operators’ capacity which is very limited compared to Conventional Re-insurers Skilled Human Resource – Takaful Industry’s rapid growth is not backed by required technically skilled Human Resource

    8. Challenges Product Development – New and innovative products meeting participant’s requirement need to be developed Investment Options – Investment options in accordance with Shariah principals are limited Regulatory Framework – The establishment of International standards for Takaful would allow consistency in regulation across jurisdictions

    9. Issues

    10. Issues Lack of uniformity in Shariah Decisions Efforts are required to establish National Shariah Board Comparison of Takaful with Conventional Insurance Companies on various matters (Rates, Service, Commission etc.)

    11. Issues Strong back-office support services such as Strong & Prudent Risk Management Market Intelligence and Market Research Rapid Product Development Integrated Information Technology Efficient Management Accountancy Proactive Brand Management & Communication Strong Human Resource Development

    12. Thank You

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