Organized by the Insurance Authority on 8-9 March 2015
Insurance experts and financial transaction scholars will discuss the prospects of industry development during the Islamic Insurance Conference in Abu Dhabi
Abu Dhabi- February 25, 2015
The Islamic Insurance Conference (IIC) will be held in Abu Dhabi on 8-9 March 2015 under the patronage of H. H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, During the conference, insurance company CEOs, insurance experts, and scholars of Islamic financial transactions will examine the reality of the Islamic insurance industry in the region and globally. Participants will also examine the prospects for its development amidst the wide penetration of Takaful products in global markets.
A selection of CEOs of the insurance companies operating in the UAE and in the region will take part in the IIC. They will be joined by Islamic Law jurists specialized in financial transactions at the regional and global levels, as well as organizations and specialist Arab and Islamic councils.
The IIC agenda includes many core areas that address the reality of the Islamic insurance industry. It aims to detect the challenges preventing the provision of current and future basic requirements for the development of the industry.
The agenda includes a paper on the new vision for Takaful insurance activities in the UAE, the region, and the world. The paper will be presented by H. E. Ebrahim Obaid Al Zaabi, IA's Director General. The first session will focus on the religious principles and rules of Islamic (Takaful) insurance and will be attended by Dr. Mohamed Abdel Rahim Sultan Al-Olama (Professor of Sharia and Islamic studies at the UAEU), Mr. Saleh Abdel Kader Al-Hashemi (Managing Director of Dar Al Takaful Company), Dr. Mohy Eldin Afifi Ahmed (Secretary General of Al–Azhar's Islamic Research Academy), and Mr. Mohamed Hussein Al-Dashish (CEO of Emirates Re-Takaful Company).
The second session will focus on how to develop the Sharia principles and rules that can govern the relationship between the participants and the Takaful insurance company in terms of the security provided by the company to the participants. The session will involve the participation of Dr. Musa Mustafa, Assistant Professor (teaching courses in Islamic Financial Transactions) from the University of World Islamic Sciences in the Hashemite Kingdom of Jordan and Executive Member of Sharia’s Supervisory Board at Baraka Takaful Company. The event will also be attended by Mr. Jihad Fitrona, Director General of Dubai Islamic Insurance & Reinsurance Company (AMAN), and Dr. Ashraf Mohamed Hashim of the International Academy for Research of Shariah in Malaysia.
The third session will focus on the significance of codifying the Takaful sector. It will be attended by Dr. Khalid Bin Abdul Aziz Al Janahi (General Adviser to the Dubai Islamic Economy Development Centre), and Dr. Salah Al Shalhoub (Faculty Member at the Electronic Saudi University in Riyadh and an Adviser in Islamic finance for Insurance companies, investment funds and financial institutions).
The fourth session will focus on governance in Islamic insurance companies. It will be attended by Dr. Younis Al-Sawalehi, who is a specialist in the Principles of Islamic jurisprudence and Islamic financial issues, Head of the Islamic Legitimate Body of HSBC- Malaysia (branch secretariat), Head of the Islamic Legitimate Body of the German Islamic Re-insurance Company (Munich Re-Takaful), and member of the Islamic Legitimate Body of Bursa Malaysia. The session will also be attended by Dr. Abdel Sattar Al-Khowaildy (General Secretary of the International Islamic Center for Reconciliation and Arbitration), and Dr. Mahmoud Mosleh Al-Sartawy (Faculty Member at the Faculty of Shari'a, University of Jordan).
The fifth session will focus on informing the participants of the work progress made in Takaful insurance companies and how participants can be involved in technical and financial oversight over the company’s operations. The session will be attended by Dr. Ased Al-Kilani (Executive Member of the Fatwa & Shari’a Supervisory Board at Abu Dhabi National Takaful Company), Dr. Mohamed Omar (Director of the Shari’a Department at Al Hilal Takaful Insurance), and Dr. Abbas Abdullah Shuman (Al-Azhar Undersecretary).
The sixth session will focus on the technical calculations associated with participants’ accounts (inputs, outputs, outcomes, and how to determine the costs to be charged to the participants’ accounts). The session will be attended by Dr. Hatem Al-Taher (Manager of the Islamic Financial Group Deloitte & Touche), Mr. Zeal Cassy (an actuarial from Malaysia), and others.
The seventh and final session will focus on the rules of distributing the surplus from the participants’ accounts. It will be attended by Mr. Dawood Tayler (Regional President of the CEOs of Asia Takaful and Hedge Corporation), Mr. Agmal Bahatu (Chairman of Tokyo Marine Middle East), and Dr. Refaat El-Sayed El-Awadi (professor of economy at Al-Azhar University).
The IA (the group which organized the IIC) launched a website (iicevent.ia.gov.ae) to register the specialists, experts, and other interested parties looking to attend the IIC.
The IIC seeks to establish a scientific and juristic reference in Abu Dhabi to develop the Islamic insurance industry worldwide and achieve a turnaround in the Sharia and legal rules associated with Takaful insurance businesses.
This international IIC has been organized amidst the increasing growth and penetration of the Islamic insurance industry in the UAE, the region, and international markets. This growth is due to an expanding demand for the products of Islamic insurance by wide categories of clients in global markets.
The IIC aims to achieve a package of objectives that will serve the Islamic insurance industry, most importantly, by introducing the key role that the Takaful insurance sector can play in protecting the national economy. Other objectives include providing economic protection to the members of society, improving awareness and promoting the confidence of markets in Islamic insurance products and Takaful services, and promoting opportunities for the Islamic insurance industry to grow worldwide. These objectives can be achieved by setting the legislation and laws that promote development from the legal and Sharia perspectives.
The IIC further aims to detect the real challenges that the Takaful insurance industry faces, identifying the techniques and tools needed to address and resolve these, and identifying ways to develop the security provided to participants by Takaful insurance companies. The IIC also aims to expand the transparency shown in Takaful insurance company operations, in order to create more links between the company and the participants and thereby improve the general contribution made by the insurance sector to GDP.