New growth paradigms for Takaful at World Takaful Conference

The opening keynote plenary session of the 5th Annual World Takaful Conference (WTC 2010) features a high-profile faculty of international industry leaders who will revisit Takaful growth horizons with an emphasis on re-aligning business models in the aftermath of the global economic crisis.

5th World Takaful Conference

The opening Keynote Plenary session at The 5th Annual World Takaful Conference (WTC 2010) will feature take-home strategies by leading industry decision makers, testimony of the overall significance of the forum in shaping the future of the global Takaful industry.

Dr. Ahmed Al Janahi, Managing Director, Noor Takaful & Deputy Group CEO, Noor Investment Group, Dr. Saleh J. Malaikah, Vice Chairman & Chief Executive Officer, Salama Group and Hussein Al Meeza, Managing Director and Chief Executive Officer, Dubai Islamic Insurance and Reinsurance (AMAN) will revisit Takaful growth forecasts in the aftermath of the global economic crisis.

The Purpose of Islam Economics

The betterment of life both in financial and spiritual is the root of all objectives of Islam Economics. Basic of Islam method is concerned into supporting people to be caliph in this earth. The rules manage the relationship between human with the family, human with human, leader with employees, the rich one and the poor one, and also the properties with the children that will give good benefit for the human and avoid the badness like what we say ”jalbil mashalih wa daf’il al dharar”.

Islamic Bonds Increasing

Global issuance of sukuk (or Islamic bonds) has surged in recent months in a marked turnaround from earlier in the global credit crisis, Moody’s Investors Service notes in a new Special Report.

Amid current economic and capital market conditions, sukuk issuance is starting to become dominated by sovereigns and government-related entities, a development that Moody’s believes will foster a more efficient and soundly based sukuk market. The launch of sukuk funds and various legislative measures in certain countries should also deepen the market and add transparency and efficiency.

Takaful Dilemma Facing European Insurer

LONDON (Reuters-inazj9y2vm) - Major European insurers eyeing a move into the market for Islamic insurance, or takaful, face a tough decision whether to use diminished resources to secure an upper hand or risk losing ground to niche providers. “Some of the bigger players in Europe definitely have plans to offer takaful products. The question is when’s the right time to launch them,” Khan said at the Reuters Islamic Banking and Finance Summit.

Middle East Insurance and Reinsurance Summit 2009

The Middle East Insurance and Reinsurance Summit will be held at the Monarch Hotel in Dubai on 11-15 2009, exploring Middle East insurance market growth potential of up to 400 percent, through a full programme of speeches, panel sessions and workshops for encouraging open discussion between delegates and expert panelists and speakers.

World First Charitable Insurance Product

T’azur launched first charitable insurance product named “Sadaqah” that would help donors save regular donations which T’azur invest in shari’a compliant funds over a set number of years. Then the accumulated capital passed to the Charity of donor’s choice. T’azur will contine making regular donations on the behalf of the donor through Takaful, in the event certain circumstances (e.g. illness, disablity) which prevent the donor from making charitable donations.

The Chancellor Guide - Islamic Finance -

Chancellor Guide to the Legal and Shari’a Aspects of Islamic finance is now published, providing western institutions that interested in Islamic finance genuine and reliable information on structuring of Shari’a compliant financial product that are rarely to be found. The publication is the pioneer in explaining many important legal aspect of Islamic Finance. 19 Legal practitioners and advisors are together in bringing 355 page guide that offers practical insights on Islamic finance which are valuable both to experts and laypersons.

Indonesia, The Center of World Islamic Law Insurance (3)

There is an impression in society that industrial is only suitable for the middle class society and the high one. While for low society is not. How is Islamic perspective about the main aim of insurance?
Yes, there is still an impression like that, but soon it will change as long as the socialization is done continuously. I had explained above that many functions of insurance such as health, accident, death, that mostly for the low class society.

Indonesia, The Center of World Islamic Law Insurance (2)

What things that can be insuranced based on Islamic perspective?
Theoretically, all insurance objects can be insuranced. But the higher the risks of an insurance object, the higher the grade of grahar (unclear), and the grade of maisir (gamblinhg). That’s why Islamic Law Insurance, especially the insurance of damages, should avoid the insurance objects with high risk, because in that insurance object, the ghahar is big and the gambling also. So, actually all conventional insurance products can be put into the Islamic profession of faith.