TAKAFUL AND MICROFINANCE SUMMIT

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OVERVIEW

The renaissance in Islamic banking and finance and demand for non interest bearing financial transactions and ethical investments has spurred the double-digit growth of the global demand for Takaful, or insurance based on principles of mutual assistance. Since the launch of the first Takaful in 1979 in Sudan, the global Takaful industry has witnessed tremendous growth, particularly in the last decade, rapidly becoming an important component of the global Islamic financial System and attracting the attention of Global financial centers and rating agencies like, the internationally acclaimed credit-rating agency, Standard & Poor.

The Middle East, South East Asia, Africa, and Europe have become key centers of this dynamic and vibrant industry, growing at a compound annual growth rate of 39% over 2005‐08 in terms of global Takaful premiums. The estimated size of the global Takaful premium was USD5.3bn in 2008 and USD8.9bn in 2010 and was expected to reach 12 billion US dollars in 2012. Globally, it is estimated that there were some 179 Takaful companies and windows (20%) in 2008, and this number in 2010 was in excess of 200 and currently, the global Takaful industry is said to be growing at 20% per year, far outstripping the 2.5% annual growth for conventional insurance premiums. In African countries with large Muslim populations, such as Nigeria, the Takaful market can be considered very much in the embryonic stage, but represents a potential customer base that no insurer can ignore.

Given the untapped potential of Takaful in Nigeria, which is now being reflected in the growing interest of leading conventional insurance companies and major banks as well, the Green Oasis Associates Ltd is organizing a three day event as a strategic platform for key players in the conventional and Takaful Insurance and Reinsurance industry to enhance and exchange knowledge and discuss the roadmap for the development of the Takaful industry in Nigeria. Takaful being a cooperative insurance mechanism represents a confluence between two growing industries - Islamic finance and Microfinance, as it has the potential to enhance financial inclusion and poverty reduction through risk –sharing among lower income groups and individuals. Therefore, the third day of the event will be dedicated to Micro Takaful and Islamic microfinance to recommend elements for a viable Islamic micro insurance and Micro finance business models and strategies for their implementation.

OBJECTIVES

  • To promote the diffusion, exchange and discussions of research findings on the subject of the event, to encourage interaction among professional and intellectuals from Islamic finance.

  • To draw from the Summit indicators of the present state and future prospects of Takaful and Islamic microfinance in Nigeria.

  • To produce a viable Takaful and Islamic Microfinance Business Models for Takaful and microfinance operators in Nigeria.

  • To foster an increased understanding and awareness of Takaful and Islamic Microfinance as well as to facilitate the establishment of Takaful and Islamic micro financial institutions in Nigeria.

THE SUMMIT

The Summit is to be held from the 2nd-4th September, 2013 and registration starts from 1st August, 2013. It will be structured around an inaugural and 5 plenary sessions

Each session will be approximately 150 to 180 minutes in length and each will feature 4-5 key presentations. 3-5 discussants from a carefully selected set of senior scholars and practitioners will share their comments in response. The sessions will be interactive in nature where the key speakers and industry professionals, leaders and experts will be fielding questions from participants of the Summit. The purpose of this format is to engage diverse perspectives on a common set of questions and ideas and to generate thought-provoking discussions.

FOR WHOM

The Summit is designed for both conventional and Takaful operators, investment, commercial and microfinance banks, conventional and Islamic banking professionals and practitioners, corporate and financial sector executives, Infrastructural managers and operators, regulatory agencies, governmental and civil society organizations, economists and academicians.

WHAT YOU WILL BENEFIT

  • Expertise from Leading Takaful and Islamic Microfinance Experts

  • Insight into the Takaful Industry and where it is Heading

  • Information on New Opportunities Created by the Takaful Industry

  • Explain the conceptual and practical aspects of Takaful and the link between both.

  • List the various principles, concepts and underlying contracts applied in general and family Takaful business.

  • Learn the differences between Takaful and insurance.

  • Understand the role of Takaful business in Islamic economy and Financial system.

  • Application of knowledge in real practice.

  • Build a Successful Business Model for Islamic Microfinance
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