The Islamic Insurance Conference
Under the patronage of Mansour bin Zayed and after being organized by the Insurance Authority
The Islamic Insurance Conference in Abu Dhabi aims to develop the sector locally and globally
Abu Dhabi on February 17, 2015
Under the patronage of H. H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the Insurance Authority has organized the Islamic Insurance Conference (IIC), which will be held in Abu Dhabi from 8-9 March 2015 under the motto “Reality and Prospects for the Development of Islamic Insurance Regulations”.
The IIC aims to highlight the important role of the Islamic insurance sector in protecting the national economy, providing economic protection to the members of the society, improving awareness, and boosting the confidence of markets in Islamic insurance products and Takaful services. There are great opportunities to boost growth opportunities in the Islamic insurance industry in the UAE, the region, and the world, by setting the legislation and laws that promote development form the legal and Sharia (legitimate) aspects.
The IIC further aims to capture the real challenges facing the Takaful insurance industry, pinpoint the methods and tools to face and overcome them, and present ways to develop the security provided by Takaful insurance company to its participants. The conference also aims to expand the base of transparency in Takaful insurance company operations, toward creating more bonds between a company and the participants. These efforts will consequently increase the overall contribution of the insurance industry to the gross domestic product of the nation.
The IIC seeks to establish a scientific and jurisprudential reference from Abu Dhabi to develop the Islamic insurance industry worldwide and achieve a turnaround in the Sharia and legal rules governing Takaful insurance activities.
The Insurance Authority has organized this international conference amid the positive and optimistic image drawn by insurance experts, specialists, and professionals as to the future of the Islamic insurance industry in the region and the world. This positive image has arisen due to the growth and increasing penetration achieved by the industry and the growing demand for its products by large segments of customers in all markets of the world. Accordingly, the reality of the industry needs to be studied and its obstacles and difficulties should be overcome in order to begin setting a comprehensive framework for the future. A correctly designed framework could lead to the empowerment of the Islamic insurance industry from legal, regulatory, and Sharia (legitimate) perspectives.
Through its scientific sessions, the contributions of decision makers, stakeholders, and specialized experts in both types of insurance, and the jurisprudence of Islamic financial transactions, the IIC will seek to capture the reality of the Islamic insurance industry and will set a comprehensive outlook for its future. This will ensure the development of the Sharia and legal rules related to the Islamic insurance industry, thereby leading to the sustainable growth of Islamic insurance companies and global Takaful markets.
Within two days, the IIC will focus on many key pillars that address the reality of the Islamic insurance industry and capture the challenges by providing the current and future prerequisites of developing the industry. These pillars represent a new perspective on Takaful insurance activities in the UAE, the region, and the world. Other pillars include the Sharia principles and rules ( which serve as the foundation of Islamic (Takaful) insurance), how to develop the Sharia principles and rules governing the relationship between the participants and the Takaful insurance company (in terms of the security which is provided by the company to the participants), and the importance of codifying the Takaful sector. The conference will also discuss the importance of informing the participants of the Takaful insurance companies’ work progress, how to engage actors in the creation of technical and financial controls to be placed on the company’s business, and governance in Islamic insurance companies. The technical details of participants’ account (inputs, outputs, outcomes, and how to determine the cost a participant’s account is charged with) and the rules governing the distribution of surplus on participants’ accounts will also be discussed.