IBFIM Bringing Takaful To Europe


The Islamic Banking and Finance Institute Malaysia (IBFIM) is organising the International Takaful Summit which will be held in London on Nov 1 and 2, 2007.

Deputy Finance Minister Datuk Awang Adek Hussin and Bank Negara Malaysia's deputy governor Datuk Zamani Abdul Ghani will deliver the keynote addresses besides other addresses by dignitaries from the United Kingdom and the Middle East, IBFIM said in a statement today.

"The global takaful industry has recorded an impressive growth estimated at 20 percent for the past few years with contributions expected to reach US$7 billion by 2015," said IBFIM chief executive officer Datuk Dr Adnan Alias.

"This would definitely create interest for large insurance and takaful companies in getting a piece of the pie," he said.

IBFIM said the summit is part of its agenda to deliver knowledge and create awareness on Islamic finance internationally together with the Malaysia International Islamic Financial Centre.

It added that the event, with presentations on the latest developments at the strategic, operational and regulatory levels, will also serve as a forum for the advancement of knowledge on takaful and retakaful.

Adnan said the summit's theme -- "Global Partnership, Raising Standards and Creating Values" -- reflected the dynamic pace of takaful growth.

"Hence the need for global partnership is obvious. Partnership between conventional and Islamic insurance is vital, so are the partnerships among players of different sectors (banking, capital market and insurance/takaful), regulatory authorities and professional support services," he said.

IBFIM is a non-profit entity with the country's Islamic banks as its shareholders.

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