A Welcome Message
From: Dato' Dr. Adnan Alias, MD & CEO, IBFIM |
I take this opportunity to welcome you to the City of London. On behalf of the Islamic Banking and Finance Institute Malaysia (IBFIM), we are proud to present you the International TAKAFUL Summit 2007: 'Global Partnership - Raising Standards and Creating Values' at the Langham Hotel, London on 1 & 2 November 2007.....>>more
|  | | Dato' Dr. Adnan Alias, MD & CEO, IBFIM | |
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 It is indeed an honour and a challenging responsability to chair a meeting that sees officials and experts coming from two of the most developed yet ethical responsible cities of the world meet to discuss such a challenging topic. And a ray of hope for our two civilizations. |  | | Alberto Brugnoni, Director General, ASSAIF | |
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The City of London Corporation warmly welcomes this Summit. The rapid growth in Islamic banking in London will be complemented by the growth in opportunities to manage and protect against risk, which forms the theme for what promises to be an interesting and rewarding conference. | |
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The UK Trade & Investment works to promote the UK as the global partner of choice for the provision of Islamic Financial Services. The Summit provides an excellent platform to demonstrate UK's strength, depth of expertise and our working partnership with industry stakeholders in this important and growing sector of the financial services industry. | |
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The problem is that with a 'new' industry such as that of Islamic finance, there is a real danger of the growth of Takaful being hampered by the lack of synergy between practitioners on both sides of the divide. In the ancillary businesses of law, advisory and consultancy, we find the same firms advising Islamic banks as advise Takaful companies. But the fact is that Takaful is no longer a sleepy siding on the railway line of Islamic finance. It is big business and getting bigger by the day. When the likes of AIG and Tokyo Marine get into the act in such a significant way, then this is a sure sign that just about every conventional insurance company around is also looking to see what they are missing out on in the Takaful boom. So how much cross-fertilization is there between Islamic banks and Takaful companies? Not much, it would seem, which is hardly surprising since just about every Islamic finance institution around is having major trouble in recruiting, and retaining, new staff. More cross-fertilization between Takaful and Islamic banks would be a good thing for the simple reason that information is power and the more sharing of information that we have, the more powerful both industries will be. | |
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SPECIAL ANNOUNCEMENT |
Alderman John Stuttard, Lord Mayor of the City of London, Dato' Zamani bin Abdul Ghani, Deputy Governor Bank Negara Malaysia and Dato Dr Awang Adek, Deputy Finance Minister of Malaysia to participate as keynote dignitaries. | |  | |
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| Participating Institutions > |
The International Takaful Summit has attracted the industry at a global level, organisations
which will be in attendance include:
Afkar >>> Africa Islamic Consumers Group >>> Aplha Lloyds >>> Allied Cooperative Insurance Group >>> Al-Arab Newspaper >>> AON >>> Aviva >>> AXA-PPP Healthcare >>> Barclays iShares >>> BGI >>> Bloomberg >>> British Islamic Insurance Holdings >>> Burges Salmon LLP >>> Captive Solutions >>> Chartered Insurance Institute >>> CIMB Islamic >>> Dubai International Financial Centre >>> E&S Asset Management Company Ltd >>> Corporation of London >>> East African International Islamic Bank >>> EIRIS >>> Emirates National Securitization Corporation >>> Eqecat >>> Financial Services Authority >>> First Dawood Islamic Bank >>> Fyshe Crestar >>> Halal Financial Services >>> Hiscox Underwiters >>> HSBC Insurance Brokers >>> Humanitiare Pour Le Millenium >>> IIFIN Planners Sdn Bhd >>> Institut Bank-Bank Malaysia >>> Islamia Schools Trust >>> Islamic Takaful Insurance >>> Isle of Man Government >>> Karwani Law Firm >>> KPPC >>> Lloyds TSB Bank >>> Lovells LLP >>> MFS >>> Microinsurance Research Centre >>> Motordata Research Consortium >>> Muslim Aid >>> National Commercial Bank >>> New Jubilee >>> Insurance Company Ltd >>> Newcastle University >>> Norton Rose >>> Olive Finance >>> Primon Gmbh >>> Prudential Takaful >>> PriceWaterhouse Coopers >>> SEDR Ltd >>> Sharia Compliance >>> Shiekan Insurance Company >>> Scottish Widows Investment Partners (SWIP) >>> Standard & Poors >>> Stephenson Harwood >>> Takafol South Africa >>> Tokio Marine Europe Limited >>> Tokio Marine Retakaful Pte. Ltd. Singapore >>> Trowers & Hamlins >>> SUN Microsystems >>> UBS |
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| Summit Rationale > |
| The global market for Islamic financial services has seen impressive growth over the last five years. In developing the fast growing sector, various regulatory changes introduced by policy maker have made Islamic finance more attractive. As the leading financial centre for both worlds, London has been structuring Islamic finance transactions since 1983. Hence, Britain is indeed well placed to become the gateway to Islamic finance and trade.
The International Takaful Summit 2007 is part of an important agenda to facilitate the sharing of knowledge and opinions across the Islamic insurance sector in an effort to increase awareness of Islamic insurance principles and practices, encourage open and informal debate, and increase understanding of different viewpoints. The aim of the Summit is to connect leading market players from Asia, Middle East and the European Union. |
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| Takaful Industry Quotes > |
"Many Muslims have borne excessive levels of personal risk because they have felt unable to buy conventional general insurance and life insurance products. The wider adoption of takaful products will alleviate many instances of hardship that can otherwise arise in the absence of risk sharing protection"
Mohammed Amin, Head of Islamic Finance, PricewaterhouseCoopers LLP "The interest in this industry stems from its strong economic, financial and social considerations, backed by its unique features, dominant among which is its appeal to tap oil revenues of Islamic countries and savings of nearly 1.6 billion Muslims around the globe,"
Shamshed Akhtar, Governor, State Bank of Pakistan
"Although globally personal insurance is an important segment of insurance revenues, it continues to be a rarity in the Middle East, mainly due to adequate state benefits in the GCC, poor income in other countries and lack of knowledge and reservations about insurance on religious grounds. We believe the takaful industry holds the key to unlocking this potential."
Saleh Malaikah, CEO, Salama
"Insurance remains an important tool to reduce risk, and it is as important to emerging markets as it is to developed economies. Regulators must recognise that the modern takaful industry is still in its formative stages and many issues need to be resolved."
Dr Habib Mulla, Chairman, DFSA
"The London insurance market is the world's leading centre for international insurance and reassurance. Nowhere is there such a concentration of specialist underwriting and broking expertise.”
Sheikh Khaled bin Zayed bin Saqr Al Nehayan, Chairman of SALAMA Islamic Insurance Company |
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Venue >
International Takaful Summit 2007 to be held in London |
The prestigious Langham Hotel, London opened in 1865 as England, and Europe’s first Grand Hotel. Takaful Summit delegates will be able to take advantage of a limited number of guest rooms at the Langham for the duration of the event at a special rate ..... >>more | |
