Takaful maintains momentum in 2010, says S&P

cpifinancial:Standard & Poor's report titled ‘Takaful Insurance Has Long-Term Viability And Benefits From Expected Growth, But Stiff Competition Persists’ sees high expected growth, positive technical results and increasing profitability.

“We consider the potential for sustained growth in this market is significant, buoyed by the still-low insurance penetration and the growing recognition and acceptance of the concept of insurance and its benefits,” said Standard & Poor's credit analyst Neil Gosrani...continue

Call to tap insurance potential

GulfDailyNews: Synergies between Bahrain and Bermuda mean the two countries have the potential to increase their financial sectors, particularly in the field of insurance and reinsurance.

That was the message from Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa at a seminar on developing further relations between the two countries yesterday at the Ritz-Carlton Bahrain Hotel and Spa...continue

Etiqa Takaful On Track To Achieve RM1.4 Billion Premium

Bernama:Etiqa Takaful Bhd is on track to achieve RM1.4 billion premium target for financial year ending June 30 as the life segment is showing continuous growth, Chief Executive Officer Mohd Tarmidzi Ahmad Nordin said today.

For the financial year ended June 30 last year, the company recorded a premium of RM1.044 billion, he said...Read More

Bahrain- Takaful territory

MENAFN.COM:Legal & General joins a growing list of on- and offshore companies that provide both conventional insurance and takaful products in Bahrain...Continue Reading

Takaful wins positive S&P outlook

Gulf Daily News: Standard & Poor's Ratings Services has assigned its long-term 'BBB' counterparty credit and insurer financial strength ratings to Bahrain-based Takaful International Company (TIC).

The outlook is stable.

"The ratings on Bahrain-based composite insurer TIC reflect good operating performance and good financial flexibility," said Standard & Poor's credit analyst Kevin Willis.

"These positive factors are partially offset by the absolute small size of the company, operating in the relatively small market of Bahrain, and only adequate capitalisation at the current level," he added.

"The stable outlook reflects our expectation that TIC will reinforce its current capitalisation next year, thereby supporting its growing business base and expanding competitive position," said Mr Willis.

Earnings will continue to be good, with the takaful fund continuing to deliver surpluses. The assets will reflect good liquidity and provide cover to technical and other liabilities. TIC's competitive position will grow within Bahrain.

Negative rating action would be prompted by failure to strengthen capitalisation in the first half of next year, to a position where capital adequacy was strong. Negative rating action would also result from any weakening of its earnings or competitive position.

Takaful Malaysia gets BNM nod for injection of RM22m into ATK

The Edge Daily: Syarikat Takaful Malaysia Bhd has obtained Bank Negara Malaysia’s approval for the proposed injection of RM21.83 million into PT Asuransi Takaful Keluarga (ATK) instead of the latter’s parent company PT Syarikat Takaful Indonesia (STI).

Takaful Malaysia said yesterday the proposed injection was to strengthen the capital structure of ATK, a 99.9%-owned subsidiary of STI, which in turn is 56%-owned by Takaful Malaysia.

It would address ATK’s minimum solvency ratio requirement deficit to comply with the risk-based capital framework requirement of the Indonesian Ministry of Finance. It intended to use the remaining proceeds from the rights issue in 2003 to fund the proposal, which is subject to the Securities Commission’s approval.

“We are positive on the prospects of ATK given that takaful business is a growth industry in Indonesia, largely untapped with current syariah life insurance premium at 1.1% of the total insurance industry,” Takaful Malaysia said.

S&P Sees Continued Growth of Islamic Takaful in Risk Transfer Market

Standard & Poor's Ratings Services said that it expects the global takaful sector to continue its rapid growth and to become a significant contributor to the global "risk transfer" market place.

The world's Islamic population is estimated to comprise some 25 percent of the global total: a meaningful "risk-transfer" market by any standard, according to S&P. Because Islamic scholars consider the classic risk transfer model through insurance to be unacceptable for use in Islamic communities, the Sharia-compliant "takaful" model has become increasingly popular in a region where insurance markets are otherwise very poorly developed.

"The takaful model has come to be considered a key factor in increasing insurance awareness and delivering a successful, expanding business platform," said Standard & Poor's credit analyst David Willis.

S&P has authored an article, "Takaful Spreads Its Wings As An Alternative Insurance Business Model."

Bahrain grants license to takaful reinsurer

MANAMA, Bahrain—ACR ReTakaful MEA B.S.C., a newly formed reinsurer capitalized at $200 million, has been granted a license by the Central Bank of Bahrain.

The Manama-based company is a subsidiary of ACR ReTakaful Holdings in Dubai, United Arab Emirates, which was recently established by Singapore-based reinsurer ACR Capital Holdings Pte. Ltd. and two of its partners.

ACR ReTakaful MEA will provide Sharia-compliant reinsurance on non-life, large-risk accounts. It will focus on business based in the Middle East, the CBB said in a statement announcing the company’s formation.

STMB targets RM100mil fund

PETALING JAYA: Syarikat Takaful Malaysia Bhd (STMB) is targeting an investment fund size of at least RM100mil for its latest investment-linked product, myAL-AFDHAL, when the subscription period closes on June 15.

Offered to both Muslim and non-Muslim individuals and corporations, STMB's first syariah-compliant closed-end capital protection investment linked fund is open for investment for 45 days beginning yesterday.

Group managing director Datuk Hassan Kamil said he was confident the product would be well received by the public as it had “built-in” benefits.

“This new plan provides investors with a comprehensive five-year “peace-of-mind” syariah-compliant investment structure.

“It is innovatively structured to provide 100% capital protection while returns are benchmarked against the performance of the best performing investment portfolios, combining selected international indices related to global equities, commodities and fixed income,'' he told StarBiz in a telephone interview.

One feature of the product was its consistent income via annual distribution of profits throughout the investment period.

Apart from catering to the needs of investors seeking a sophisticated syariah-compliant investment combined with takaful protection, it also targeted investors interested in exploring an alternative to fixed deposit type products to gain better returns at a relatively low risk, he added.

Chief investment officer Azian Kassim said the reference indices, which would act as the benchmark for the fund's returns, had been “meticulously chosen after thorough analysis.”

“This ensures that STMB is capable of offering a complete portfolio that has a high probability of generating strong returns over the specified investment period,” he said.

The product is managed by STMB, with Citibank as the structure provider, offering an affordable investment instrument ranging from a minimum investment of RM7,000 to a maximum of RM10mil.

Hassan said the launching of myAL-AFDAL was aimed at increasing STMB's dominance in the domestic takaful market by focusing on alternative investment opportunities for its existing and potential customers.

Takaful cover

LAHORE: Pak-Qatar General Takaful Limited (PQGTL) would cover the assets of DIB Car Ijarah and Housing Finance and Pak-Qatar Family Takaful Limited (PQFTL) will cover life and health of Dubai Islamic Bank (DIB) employees.

The representatives of Pak-Qatar General & Family Takaful and Dubai Islamic Bank Pakistan signed the agreements in this regard. PQGTL comprehensive Takaful for DIB’s Car Ijarah assets would include cover for riots, acts of terrorism and natural disasters.

According to a statement issued here on Thursday the cover for DIB’s home finance assets will include natural disasters, fire and allied perils. The PQFTL would provide DIB’s employees with Life, Health and staff loan coverage.

Commenting on the bank’s performance, CEO DIB M A Mannan shared, “Our auto finance facility registered a volume of Rs2.9 billion within nine months of its launch. Likewise, in home finance, within 12 months time DIB registered a volume of Rs2.6 billion, which is the fastest growth rate in the entire industry.”

Pak-Qatar General & Family Takaful sign MOU with Dubai Islamic Bank Pakistan

Pak-Qatar General Takaful Limited (PQGTL) and Pak-Qatar Family Takaful Limited (PQFTL) have signed an agreement with Dubai Islamic Bank Pakistan (DIBP) for Takaful products.

Pak-Qatar General Takaful would provide Takaful coverage to the assets of the Car Ijarah and Housing Finance lines at DIBP while Family Takaful would provide Life and Health Takaful cover to DIB's employees.

The agreements were signed by the representatives of Pak-Qatar General & Family Takaful and Dubai Islamic Bank Pakistan.

According to the agreement PQGTL would provide comprehensive Takaful for DIBP's Car Ijarah assets. This cover would include cover for riots, acts of terrorism and natural disasters. Cover for DIBP's home finance assets will include natural disasters, fire and allied perils. PQFTL would provide DIBP's employees with Life, Health and staff loan coverage.

Commenting on the Bank's performance CEO DIBP M A Mannan shared, 'Our Auto Finance facility registered a volume of RS2.9bn within 9 months of its launch. Likewise, in Home Finance, within 12 months time DIBP registered a volume of RS2.6bn, which is the fastest growth rate in the entire industry.'

Elaborating on the accord, Mannan said, 'Being an industry leader carries the added responsibility of constant innovation. This agreement is part of our commitment to continue adding value to our product offering in a Shariah compliant manner.'

CEO of Pak-Qatar General Takaful M. Vaqaruddin in his statement said that in order to provide the best possible service to the participants, the Pak-Qatar Takaful group has implemented a state of the art IT system from Malaysia. He said that the agreement with a World Class bank like DIBP is a sign of our better services that are backed by experienced management and a powerful system.

M. Vaqaruddin said that we have all the required elements needed to be able to provide the required products and services in order to financially protect the community. In addition to strong and committed sponsors, we have made our Re-Takaful arrangements with world renowned Re-Takaful providers.

CEO Pak-Qatar Family Takaful Mr. Pervaiz Ahmed said that Pak-Qatar Family Takaful is committed to working with professional organizations so that they can meet the financial protection needs of their valuable employees. This agreement with DIB will generate a lot of synergy and add value to both the organizations.

Minggu Saham Amanah Malaysia: Go with Takaful Ikhlas when climbing ladder of success

By NST
INSURANCE company Takaful Ikhlas expects to rake in at least RM3.5 million worth of premiums during the 10-day Minggu Saham Amanah Malaysia in Malacca.

The figure is considered achievable considering the steady stream of visitors to the venue and the 66 products on offer.

The company's corporate communications manager, Raihan Rahim, said she expected Ikhlas Senior Citizen and Ikhlas Medic Assist Takaful (IMAT) to be popular among visitors.

She said Takaful Ikhlas' takings from the event had increased over the years.

The company brought in RM3.5 million worth of premiums during the event in Kuantan last year.

IMAT is Takaful Ikhlas' first individual medical policy that comes with a cash-less hospital admission card.

It was launched last Sunday by Prime Minister Datuk Seri Abdullah Ahmad Badawi.

Takaful Ikhlas aims to increase the number of policyholders to 520,000 by the accounting year ending March from 500,000 currently.

Takaful Ikhlas targets RM520 million in premiums for its 2009 financial year with its new business strategy and the strengthening of internal resources.

It expects to register RM480 million in premiums for the financial year ending March 31, 2008, driven largely by products under the general and family takaful segments.

Takaful Ikhlas Hopes To Collect RM3.5 Million In Premiums At Invest Week 2008

Takaful Ikhlas Sdn Bhd hopes to see at least RM3.5 million in premium collections during the ongoing Invest Week 2008 (MSAM 2008) here.

Its Corporate Communications Manager, Raihan Rahim, said the company had managed to record similar collections during last year's event held in Kuantan, Pahang.

He said the target was achievable in view of the steady stream of visitors to the exhibition and its exclusive product IKHLAS Warga Tua Takaful (Senior Citizens Takaful) and a new product, IKHLAS Medic Assist Takaful (IMAT).

On the product for senior citizens, Raihan said it was opened to those aged from 50 to 80 years with a monthly contribution of RM50 per month.

He said the sales of the plan was expected to increase during this year's event compared with 500 policies sold during last year's event.

Meanwhile on its new product, IMAT, Raihan said it was expected to contribute RM6 million in premium collection for the financial year ending March 31, 2009.

Challenges holding back takaful's global growth

Leading industry figures from Islamic insurance (takaful) firms and service providers will meet in Bahrain at the end of the month for Takaful 2008, a conference to discuss issues and challenges facing the $1.1bn industry.

The growing Muslim middle class worldwide and relatively low insurance penetration rate will help drive international acceptance of takaful, according to experts in the industry, but challenges remain.

Bradley Brandon Cross, CEO of British Islamic Insurance Holdings (BIIH) UK, said

Carlos Wong-Fupuy, managing senior financial analyst at ratings agency A.M. Best said that the emergence of new takaful companies could help address the low insurance penetration and reduced retention levels in the Middle East to date.

He added: 'Having said this, from a credit ratings standpoint, in A.M. Best's opinion, takaful companies also face a number of challenges arising from their start-up nature, constraints in investment policy and product design, combined with the risks inherent to an untested business model whose details are yet far from consensual'.

A spokesman for law firm DLA Piper said: 'The takaful market is at a critical stage in its evolution. Interest in takaful has never been greater, but there remain challenges ahead if the impetus is to be sustained, including the establishment of viable, commercial structures that genuinely reflect Shariah principles.'

Takaful 2008 will look at various vital issues on Takaful & Re-Takaful such as, the scope and opportunities for Takaful product development, need for an international regulatory framework for Takaful, global insurance trends, challenges of Re-Takaful Industry and pre-requisities for Bancatakaful success.

Ashraf Bseisu, deputy CEO - Solidarity group, said: 'Solidarity Group's participation in world class conferences and forums represents the management direction to further support the development of this industry.

Believing in our role as an active member in the global village and the responsibility towards providing financial solutions, Solidarity committed itself to continually interact and share in providing opportunities and facing challenges for better global takaful infrastructure'.

The Bahrain Institute of Banking and Finance (BIBF) will lead a workshop for delegates, focusing on challenges specific to the takaful industry.

Takaful 2008 will be held at the Gulf Hotel and Convention Centre in Bahrain on March 30 and 31, in association with Arabian Banking & Finance magazine.

It will feature leading industry speakers including Zainudin Ishak ,CEO, CIMB Aviva Takaful Berhad; Dr.Daud Bakar, President & CEO, International Institute of Islamic Finance, Malaysia; and Ahmad Feizal Sulaiman Khan, International Currency Business Unit, Etiqa Takaful Berhad.

Solidarity wins top honours

MANAMA:Solidarity has been named 'Best Takaful Provider' for the second year in a row by leading Islamic banking publication Islamic Finance News.

"Receiving this prestigious award for the second consecutive year is a validation by our industry peers and customers of Solidarity's leading position in the global takaful industry," said Solidarity chief executive officer Sameer Al Wazzan.

"As one of the largest takaful companies in the world, Solidarity is continuously enhancing its product portfolio.

World's largest Islamic insurer plans 2009 IPO

MANAMA- Solidarity, the world's largest Islamic insurer by capital, said on Monday it planned to sell shares to the public before the end of next year to help finance expansion in North Africa and Europe.

The Bahrain-based firm could raise about $55 million by selling shares in an initial public offering to increase its paid-up capital to $275 million from $220 million now, Chief Executive Sameer al-Wazzan said.

Islamic insurers tend to be much smaller than their conventional rivals as the industry is just gathering momentum, surmounting hurdles including the belief among many Muslims that buying insurance demonstrates a lack of faith.

Solidarity shares will be listed on Bahrain's stock exchange, he said.

"We need capital for us to expand geographically," Wazzan told the Reuters Islamic Finance Summit. "By the end of 2009 we will need $275 million in capital."

Solidarity is in advanced stages of starting operations in the United Arab Emirates and Egypt, Wazzan said. The firm now operates in Bahrain, Saudi Arabia, Qatar, Oman, Jordan, Malaysia and Luxembourg, he said.

In Islamic insurance, or takaful, risk and reward are shared between the customer and the insurer, unlike in conventional insurance, where the insurer takes on all risk and receives a premium.

Solidarity plans to convert into a holding company and operate two subsidiaries offering family insurance and general insurance, he said. "That will give us flexibility in our expansion," Wazzan said.

Solidarity wants to expand in Europe by tying up with existing financial institutions looking to offer Islamic insurance, he said, without being more specific.

Europe and the United States would account for about a third of the Islamic insurance market by 2020, according to Solidarity estimates.

Solidarity has raised capital twice since setting up in 2003 through the sale of shares to existing shareholders and a private placement, Wazzan said.

Abu Dhabi-based Islamic insurer Mithaq Lil-Takaful said last month it would raise about $22.46 million in an IPO ending this month.

Solidarity: "education" is key

The world's largest Islamic insurer says its biggest challenge is educating the public about the value of life insurance.

Sameer Al-Wazzan, CEO of Solidarity, the world's largest Islamic insurer by capital, says the Arab world functions as an extended family, where people rely on their parents, brothers and sisters as a safety net instead of taking out life insurance.

In Islamic insurance, or takaful, risk and reward are shared between the customer and the insurer, unlike in conventional insurance, where the insurer takes on all risk and receives a premium.

Islamic insurers eye West for 10-fold growth

MANAMA- About a third of Islamic insurance premiums will come from the West by 2020, up from almost zero today, and premiums will grow ten-fold to $15 billion, the world's largest Islamic insurer by capital said on Monday.

By the end of this year Bahrain-based Solidarity will have operations in six Arab states, plus Malaysia and Luxembourg, and is eyeing the rest of Europe for expansion, but a lack of long-term investment vehicles and cultural barriers stand in its way.

In Islamic insurance, or takaful, the risk and reward are shared between the customer and insurer, while in conventional insurance the insurer takes on all the risk for a premium.

"Takaful may have started as a prerogative of Muslims; it's become widely acceptable to the entire marketplace. In Europe there is a lot of demand for ethical and principled products," Ashraf Bseisu, a general manager at Solidarity, told the Reuters Islamic Finance Summit.

The firm aims to raise $55 million by the end of next year through an initial public offering. In the West, the company is in talks with potential distributors of its insurance products.

"We are aiming that something will happen in Europe during 2008. We might consider the UK and France as markets, to start with," Solidarity Chief Executive Sameer Al Wazzan said.

The takaful industry is growing at an annual rate of about 15 to 20 percent, compared with about 9 percent for conventional insurance, and premiums were worth about $1.5 billion in 2006, Bseisu said.

About two-thirds of current premiums come from Asia, predominantly from Islamic banking hub Malaysia, and almost all the rest in the Middle East, he added.

Islam bans interest, investing in prohibited sectors such as gambling, pornography and alcohol and stipulates that risk and reward be shared among all those in a business venture.

Those taking out a takaful policy do not pay premiums, but donate to a pooled fund which is then invested. After paying for claims made by fund participants, returns from the fund are given back to policyholders.

The fund is invested according to sharia, or Islamic law.

TAKAFUL BARRIERS

Islamic insurance is poised to take advantage of a chronically under-insured Middle East and a growing popularity among Westerners for ethical financial products, but cultural and other hurdles remain, Solidarity said.

Banks and insurance firms that comply with Islamic law, or sharia, have struggled to find long-term investments for their deposits and premiums since most Islamic bonds, or sukuk, do not exceed five years in tenure.

A lack of long-term fixed-income products is forcing Islamic banks and insurers to invest in Gulf Arab real estate, exposing them to any property market correction, Solidarity said.

"Where is Islamic money? It's all in buildings and housing," said Sameer al-Wazzan, chief executive of Solidarity.

The Middle East and North Africa is the most underinsured part of the world. Average insurance premium returns per head of the population were $25 in the region, compared with $3,500 in the United States and Japan, Bseisu said

When the takaful industry started about 30 years ago, some Muslims objected that it showed a lack of faith, since they believed only God could insure life, prompting takaful firms to rename life insurance "family insurance", Wazzan said.

Another hurdle to growth is a traditional reliance on the extended family for support, rather than insurance.

"Here people are not alarmed when they hear someone doesn't have life insurance. His cousin or mother will take care of his children ... but this is changing," Wazzan said.

In the West, some eye Islamic financial products with suspicion after the attacks of September 11, 2001, and the Danish cartoon controversy of 2006, Bseisu said.

Dubai Group Acquires 51% Stake in Kuwaiti Al Fajer Retakaful – the largest Global Retakaful Company

Dubai Group, the leading diversified financial company of Dubai Holding announced today that it has acquired a 51% per cent controlling stake in Al Fajer Retakaful Insurance Company KSCC, through its global Shariah compliant investment company Dubai Islamic Investment Group.

Al Fajer Re, a closed Kuwaiti shareholding company, is the first licensed retakaful company in Kuwait and the third in the Gulf region, and is considered to be the largest global retakaful by paid up capital of US$ 178.5 million.


Dubai Islamic Investment Group’s investment in Al Fajer Re marks Dubai Group’s foray into the retakaful sector as a first step to drive the segment globally. Dubai Islamic Investment Group will bring extensive experience from its current investment portfolio owning stakes in Bank Islam Malaysia, the largest and oldest Islamic Bank in Malaysia, National Bonds UAE, the National Shariah-compliant Saving scheme and the strength of its sister companies under Dubai Group in Islamic finance, including takaful and retakaful products.

Salaam Al Shaksy, Chief Executive Officer of Dubai Islamic Investment Group, said: “We primarily focus on investments and establishing businesses through strategic alliances that help deliver exceptional returns, long term growth and sustainable shareholder value. Al Fajer Re offers tremendous growth potential and is an appropriate addition to our existing portfolio.”

The worldwide takaful industry is one of the fastest expanding segments in global insurance, registering 15-20 per cent growth per annum, according to latest industry estimates. The international takaful market is expected to be worth over US$ 6billion by 2010 and currently generates premiums of approximately US$ 3.5 billion a year.

Al Fajer’s core business model is to focus on Property & Engineering, Marine, Casualty & Motor and Family Retakaful. Underlying the Kuwaiti retakaful company’s development is an in-depth strategy of diversification along the current lines of business and geographical spread, allowing its product portfolio to be more adaptable to market conditions.

Omar M. El-Quqa, Executive Vice President, Global Investment House, the Holding company which was instrumental in conceptualizing and incorporating Al Fajer Re, said the deal underscores Global’s confidence and outlook for the retakaful industry in the region.

He added: “Dubai Islamic Investment Group’s acquisition of a majority stake in Al Fajer Re reassures our faith in the concept when we took the challenge to establish the first such company in Kuwait. Its presence will further boost Al Fajer's regional expansion plans.

“Supported by an expert management team with an in-depth knowledge of the regional market, the deal will help Al Fajer Re to play a pivotal role in the development of this relatively young sector.”

Dubai Islamic Investment Group seeks to tap the immense growth opportunities within the Shariah-compliant investments industry. This is being achieved by leveraging on its Shariah based approach when eyeing the possible Private Equity and Public Equity spectrum. This is in addition to focusing on the Shariah lifestyle such as healthcare, education, halal foods and several other industries.

Dubai's Mawarid to set up insurance firm

Some of the leading figures in the growing takaful industry are to speak at the Takaful 2008 conference to be held in Bahrain next month.

The event, held in association with Arabian Banking & Finance magazine, will seek to address the challenges facing participants in the Islamic insurance sector.

Among the panellists who have been confirmed for next month's conference are: ShankarGarigiparthy, acting director, supervision of financial institutions, Qatar Financial Centre Regulatory Authority; Ayman Al-Ajmi, general manager, AIG Takaful Enaya; Sohail Jaffer, partner, FWU Group; Dr Saleh J. Malaikah, vice chairman and CEO, Salama; Dr Alexander Ressos, director of the International Takaful Institute in Switzerland; and Dr Daud Bakar, president and CEO of the International Institute of Islamic Finance, Malaysia.
Bradley Brandon Cross, CEO of British Islamic Insurance Holdings (BIIH) UK, said: "BIIH is thrilled to be part of this innovative conference which is being held in Bahrain.

 As a strong voice in the GCC banking and finance world, Bahrain is also now leading the way in exploring the best takaful opportunities and we whole-heartedly offer our support to this conference which will benefit, on a world-wide scale, the Muslim community and those concerned about buying ethical products."

Issues to be covered during the conference include regulation, effective distribution of takaful products, and product innovation.

Ashraf Bseisu, general manager, Solidarity, added: "The takaful industry represents an important component in the overall Islamic financial system given its role in providing a solid infrastructure that helps in developing a means to provide a self-financing aging population that doesn't rely on social largesse.

Our challenge today is to work as a force together to provide innovative and competitive takaful and other financial services products that comply with Islamic Shariah."

BIIH and Solidarity are sponsors of the event, which will be held at the Gulf Hotel and Convention Centre in Manama on March 30 Bradley Brandon Cross, CEO of British Islamic Insurance Holdings (BIIH) UK, said: "BIIH is thrilled to be part of this innovative conference which is being held in Bahrain. 

As a strong voice in the GCC banking and finance world, Bahrain is also now leading the way in exploring the best takaful opportunities and we whole-heartedly offer our support to this conference which will benefit, on a world-wide scale, the Muslim community and those concerned about buying ethical products."

Issues to be covered during the conference include regulation, effective distribution of takaful products, and product innovation.

Ashraf Bseisu, general manager, Solidarity, added: "The takaful industry represents an important component in the overall Islamic financial system given its role in providing a solid infrastructure that helps in developing a means to provide a self-financing aging population that doesn't rely on social largesse.

Our challenge today is to work as a force together to provide innovative and competitive takaful and other financial services products that comply with Islamic Shariah."

BIIH and Solidarity are sponsors of the event, which will be held at the Gulf Hotel and Convention Centre in Manama on March 30 and 31