Attended by 400 leading insurance companies and stakeholders

DIFC is currently home to prominent insurance groups including AIG, Zurich, Allianz, MetLife, Lloyds of London, Swiss Re and Munich Re and retakaful firms including Emirates Re and Takaful Re.

DUBAI-UAE: April 13, 2015

In a bid to boost the financial hub as one of the outstanding players of the global takaful industry, the Dubai International Financial Centre (DIFC) is marking an emphatic participation at the 10th Annual World Takaful Conference.

Drawing the participation of 400 key industry players, the anniversary special edition, under the theme 'Revitalising the Industry: A New Way Forward for Takaful,' takes place from 13-14 April 2015 at the Dusit Thani Dubai.

With world-wide takaful contributions notching up stellar double-digit growth in 2014, the industry is fast emerging as a key component in the insurance sector when compared to conventional players. The conference serves as a platform for discussions on takaful's tremendous growth potential, and seeks to address the increasing product demand based on consumer demographics and rising income levels. The growing appetite for sharia-compliant products following the growing awareness on the sustainability of such products will also be in focus.

Speaking at the conference, Chirag Shah, Chief Strategy and Business Development Officer, Dubai International Financial Centre Authority (DIFC Authority), said: "DIFC is proud to play a contributing role in articulating Dubai's vision of becoming a global Islamic economy hub. We have achieved a significant milestone with regard to the reinsurance sector, crossing the US$1 billion mark of gross written premiums by the end of 2013."

According to an Ernst &Young Report, the global takaful industry is poised to reach over US$20 billion by 2017. The DIFC is currently home to many of the world's leading insurance conglomerates, including AIG, Zurich, Allianz, MetLife, Lloyds of London, Swiss Re and Munich Re and retakaful players like Emirates Re and Takaful Re

Shah added: "Although retakaful has witnessed significant growth as an Islamic alternative to conventional insurance, it still represents a small portion, approximately 2%, of the overall insurance penetration in key markets. The sector is facing a multitude of challenges like the need for skilled professionals, lack of innovation, depreciating profit margins, the lack of a deeper pool of sharia-compliant investment opportunities, as well as issues of operating efficiency and scalability, among others."

Over the last 10 years, the World Takaful Conference has established itself as the world's largest and most influential annual gathering of leaders in the global takaful industry. WTC 2015 showcases cutting edge innovations and key enablers with the potential to boost growth in the international takaful market.

-Ends-

About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region's markets with the economies of Europe, Asia and the Americas. It also facilitates the growth in South-South trade and investment. An onshore, international financial centre, DIFC provides a stable, mature and secure base for financial institutions to develop their wholesale businesses.

The Centre offers all the elements found in the world's most successful financial industry ecosystems, including an independent regulator, an independent judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.

Located midway between the global financial centres of London in the West and Singapore in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.

Currently, more than 1,225 active registered companies operate from the Centre, including 21 of the world's top 25 banks, 11 of the world's top 20 money managers, 7 of the top 10 insurance companies, and 9 of the top 10 law firms. Nearly 18,000 people work in the Centre.

DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 2.8 billion and nominal GDP of US$ 6.9 trillion.

For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.

For media enquiries, please contact:
Sonali Rekhi
APCO Worldwide
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Email:    srekhi@apcoworldwide.com

© Press Release 2015