Takaful Industry: Global Practice, Challenges and Opportunities
“Takaful Industry: Global Practice, Challenges and Opportunities” themed seminar organized jointly by World Bank Global Islamic Finance Development Center, İstanbul Technical University and Borsa İstanbul was held at İstanbul Technical University Taşkışla Campus. Academicians and managers from participation banks, insurance companies and brokerage houses attended the seminar where current developments in takaful market were discussed.
Following the opening speech of the seminar made by Zamir Iqbal, Head of the World Bank Global Islamic Finance Development Center, Deputy CEO of the FWU Global Takaful Solutions Sohail Jaffer made a presentation on functioning of takaful principles, practices in global markets, challenges and suggested solutions regarding growth of takaful industry.
In addition to the differences between takaful and conventional insurance, the growth trends in takaful industry were discussed during the seminar. Moreover, the necessity of customer specific solutions for the growth of the takaful sector was highlighted and attractiveness of takaful’s value proposition built on transparency and risk sharing principles was reiterated.
Besides the challenges and key elements contributing to success of takaful sector were covered and proposals were evaluated in the framework of applications in Turkey.