DUBAI — With the unprecedented growth of the Islamic insurance or takaful market globally, some international analysts are projecting that total takaful premiums could exceed $7 billion by 2017.
Takaful and its potential in the Middle East is a key topic on the agenda at Insurex 2007, the cornerstone event of Middle East's insurance sector, which was formally inaugurated yesterday by Mirza Al Sayegh, Director of Shaikh Hamdan bin Rashid Al Maktoum's office.
Al Sayegh, speaking on behalf of Shaikh Hamdan, in line with the overall development of the industry, the UAE is constantly seeking to introduce new and innovative ways to support this market sector.  For example, the new Federal Insurance Law (No. 6 of 2007) will establish a new regulatory body dedicated to overseeing the UAE insurance industry and allowing it to move forward in accordance with best international practices."
"The growth of the takaful segment of the market is in line with that of other Sharia-compliant financial offerings - we're seeing significant growth in the number of companies being licensed to deliver Islamic insurance products in the Middle East," said Dawood Yousef Taylor, Group Head of Takaful, Bank Al Jazira, on the sidelines of the conference.
In addition to Takaful, more than 45 of the Middle East's leading insurance experts will discuss at Insurex the most pressing issues facing the region's industry growth, covering topics such as corporate governance, the Middle East's new trend toward compulsory medical coverage and technology.
Alongside Insurex 2007, the third annual Middle East Insurance Awards, held on the evening of April 2nd, will see winners in 12 categories recognized for a diverse range of industry best practices, from general excellence in areas such as medical and life insurance to the e-business award and public awareness campaign of the year.
Insurex 2007 takes place just as the Middle East's insurance sector is undergoing fundamental changes brought about by increasing regulation, greater competition, and an increase in awareness about the need for corporate and personal coverage in the region