Key opportunities exist for industry to mitigate competitive pressures and macroeconomic headwinds

The conveners of the 11th annual World Takaful Conference (WTC) - Middle East Global Advisors - is set to reveal cutting-edge insights on the outlook for the global Takaful industry as part of its commitment to serving the Sharia-compliant insurance markets. The 23-year financial intelligence platform, in partnership with Netherlands-based consultancy Takaful Outsource, will launch the “Finance Forward World Takaful Outlook Report 2016” on April 11th at the WTC, the world’s leading Takaful platform.

Blake Goud, Chief Research Officer of Middle East Global Advisors, spoke ahead of the presentation of the report, sharing that: “For over a decade, the World Takaful Conference (WTC) has connected the industry with insights about the state of and future for Takaful.  The Finance Forward Takaful Outlook Report 2016 will complement the insights that come out of the Conference and provide Takaful leaders with the key insights they need in order to make strategic decisions to capitalize on emerging opportunities.”

According to the Report, the Islamic insurance industry faces an uphill climb against severe competitive pressures with an added headwind coming from macroeconomic challenges.  However, the forecast is brighter with Takaful growing faster than the broader insurance market. Further, the report also identifies several areas where changes are underway which could accelerate growth, based on a comprehensive survey of industry participants. 

Momna Saeed, Senior Research Analyst at Middle East Global Advisors added: “The Takaful industry has exhibited impressive double digit annual growth over the last decade; however, it remains underdeveloped as compared to the overall thriving Islamic finance industry.” 

“The uniqueness of the report,” Ms. Saeed continued, “is that it combines current insights from Takaful leaders - gathered from an extensive global survey of practitioners’ – with robust analysis of the impact of the global economy on the regional Takaful markets, as well as comparative analysis of various markets.”

The groundbreaking Takaful report covers a wide variety of issues including the effect pricing regulations and their impacts across various regions, the important and evolving role of actuaries, as well as key issues relating to human capital.

The “Finance Forward Takaful Outlook Report 2016” will be launched by Middle East Global Advisors and Takaful Outsource at WTC 2016 on the 11th of April.

WTC 2016 is a two-day gathering of the global Takaful industry industry taking place on the 11th and 12th of April at the iconic Dusit Thani in Dubai, U.A.E. For more information, visit www.wtc16.com.