Egypt Requests to Host International Takaful Summit 2014

Head of the Insurance Federation of Egypt and World Federation of  Takaful and Islamic Insurance Abdel-Raouf Kotb told that during the 8th International Takaful Summit 17-18 Feb-Khartoum-Sudan, he requested to hold the 9th upcoming conference in Cairo, expecting that the approval will be within a few coming days.

Kotb added that the conference will review several topics including the vision of the insurance sector in the future and how to boost the exchange and the cooperation between Takaful firms and to expand through the entry of new markets, along with discussing the importance of underwriting.

He emphasized that Muslims growth populations are in growing and the rates will inch by 37% by 2050 in the Arab countries in contrast with the developed countries which will not exceed 9.2%, asserting that this boost will reflect positively on the numbers of insurance Takaful firms.

He asserted that Sudan is the first country that adopted the Takaful insurance and established the World Federation of Takaful Insurance, noting that the federation aims to study the insurance contracts to ensure that they meet with requirements of our contemporary, along with the development of competencies of workers in the Takaful industry, and conducting studies and data collection on the issues and challenges that facing the markets.

He also said World Federation of the Takaful and Islamic Insurance seeks to provide the required aid in order to overcome all the obstacles which hinder establishing new Takaful firms.

The theme for this year’s African Insurance Organization (AIO) Conference was “Challenges and Opportunities of Microtakaful and Micro Insurance in Africa” with over 400 delegates from across the globe attending, presentations covered microinsurance in Sudan, the role of regulatory bodies, Takaful, Retakaful and microtakaful.

Sabbir Patel from ICMIF presented on Takaful and Poverty alleviation, highlighing the low penetration of insurance in emerging countries, its importance for poverty alleviation, linkages between the mutual and takaful models and their potential for providing insurance for the poor.