GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Education and Training

 
  Share

UAE, November 27, 2017- The Dubai Center for Islamic Banking and Finance (DCIBF), an entity formed through a partnership between Hamdan bin Mohammed Smart University (HBMSU) and the ‘Dubai the Capital of Islamic Economy' initiative, has released its third annual report on the Islamic economy entitled ‘Takaful: Sustainability and Growth 2015 to 2025.' The publication reveals that the global takaful industry is growing at an annual rate of 9 per cent and is attracting broader attention worldwide.

The Takaful report was launched by Abdullah Mohammed Al Awar, CEO of the Dubai Islamic Economy Development Centre (DIEDC), and Prof. Nabil Baydoun, HBMSU's Vice Chancellor for University Advancement, during the 4th Annual Knowledge Summit in Dubai organized recently at the Dubai World Trade Centre by the Mohammed bin Rashid Al Maktoum Knowledge Foundation under the theme 'Knowledge and Fourth Industrial Revolution'.

‘Takaful: Sustainability and Growth 2015 to 2025' is the result of close collaboration between the DCIBF and DIEDC which forms part of broader cooperative efforts to support Dubai's transformation into the capital of the global Islamic economy in line with the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The ‘Takaful: Sustainability and Growth 2015 to 2025' report which is edited by Dr. Omar Fisher, the global expert in the field of Takaful, was produced in Arabic and English to reach a broad international audience. It examines the efficiency and financial stability of the Takaful sector in countries with dual financial and economic systems.

Among the key findings are that the Takaful economy has significantly expanded in Near- and South- East Asia, Levant-North Africa, and the GCC regions, and that market penetration in muslim-majority countries continues to widen. It also reveals that 202 new Takaful entities were established between 2003 and 2015, with 51 per cent of the 57 Organisation of Islamic Cooperation member countries now hosting a Takaful institution.

The report adds that the global Takaful sector's estimated manpower rose 55 per cent from 63,358 in 2011 to 98,400 in 2015, with experts forecasting 40,000 additional positions for filling within the next 10 years to sustain manpower ratios and operational productivity. The report further advises Takaful operators to re-assess their operating costs, adopt cost-effective new technologies, enhance a risk-awareness culture, and sharpen sales and marketing skills to boost the competitiveness of their revenues per employee.

Dr. Mansoor Al Awar, Chancellor of Hamdan bin Mohammed Smart University, said: “The third annual report of the Dubai Center for Islamic Banking and Finance is an important addition to ongoing efforts to produce, spread and enrich knowledge in accordance with the directives and vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who said that ‘Knowledge is the real capital of mankind.' Over the past two years, the report has proven to be an important reference on the status of the global Takaful sector, which is growing steadily with expectations of its becoming a USD 52.5 billion industry by 2020. It continues to help identify best practices that ensure job opportunities as well as reveal challenges related to judicial and legal structures and marketing strategies based on innovation and technology.'

Dr. Al Awar added that the results of the report highlight growing international confidence in the Takaful sector, which has become one of the main drivers of the global economy. He explained that the sector offers promising opportunities to promote economic and human development, and is an attractive field for exceptional human resources to be involved in. He noted that the Takaful sector's total manpower worldwide rose 55 per cent between 2011 and 2015.

He further pointed out HBMSU's pleasure in unveiling the annual report at Knowledge Summit 2017, which he referred to as an ideal venue for bringing together the leaders of Takaful economy to share and discuss the latest developments in the world's Takaful market. He said that the event unifies efforts to identify innovative mechanisms for shaping the future of the global Islamic economy. 

“We look forward to continue transferring knowledge and encouraging investment in Takaful R&D. The Dubai Center for Islamic Banking and Finance and the Hamdan bin Mohammed Smart University are committed to helping fulfill the ambitious aspiration of Dubai to become the global capital for the Islamic economy,” Dr. Al Awar added.

H.E. Abdulla Mohammed Al Awar, CEO, Dubai Islamic Economy Development Centre (DIEDC), added: “This new report highlights the importance of takaful as an investment in the future of societies, and its vital role in enhancing the security and stability of the world's communities through Sharia-based standards and principles.”

“At DIEDC, in line with our sustained efforts to boost the Islamic finance sector, we work closely with other stakeholders and partners to monitor the growth of the vital takaful industry and explore opportunities to develop its mechanisms as well as find solutions to the challenges that face re-takaful. The report's comprehensive overview of the state and future of takaful until 2025 enables experts, consultants and decision makers to shape new insights based on solid scientific foundations. We are committed to issuing publications that support our updated strategy and help us achieve our goal of establishing the Islamic economy as a key driver of global sustainable development,” he added.

The Dubai Center of Islamic Banking and Finance Center aims to study social and economic issues affecting Islamic finance and banking, in line with HBMSU's pioneering efforts to strengthen its leadership as the first educational institution to launch a specialized platform for enriching knowledge and conducting academic and applied research to promote the growth of the Islamic banking and finance sector regionally and internationally. The Center embodies the University's ongoing commitment to providing a comprehensive range of quality education and training programs, scientific research and community services, and spreading the best practices for further developing the Islamic economy.



Posted by : GoDubai Editorial Team
Viewed 6686 times
Posted on : Tuesday, November 28, 2017  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Emirates Institute for Banking and Financial Studies celebrates the graduation of 400 students in 20...
Next Story : Kindergarten school customised showcases unique Arabic language program for its students ahead of Na...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
D1 Milano Launches Exlcusive Limited Edition Collection –The Khaleeji
Beware of Cheap Beauty Deals: They May End Up Being More Costly
Get Ready for The Festive Season with The Body Shop's Enchanted by Nature Gift C...
Tissot Lady Heart Flower Powermatic 80
Sukin's Top Holiday Picks for a Supple-Skin Winter Season
Switch your hair colour safely for the new season with Rahua's Color Full range
Everyday care for your baby's hair with Fifi & Friends!
Bringing you warmth and shine this festive season
Season's Greetings 2018
Twelve Holiday Gifts for the Beauty-Obsessed Woman
The Smile Bar Opens Its First Store in the UAE
Purely Pandora Classics With a Twist
New 1948 Seamaster Watches Join the Ranks
Add a festive sparkle to your eyes with Palladio Beauty
Festive Gifting Guide
The Geo-Graham Orrery Tourbillon presents a galaxy you can reach out and wear Ge...
Tryano Launches Elemis
Amp up your skincare routine with The Organic Pharmacy's new corrective serums
Chloé Eyewear's Feminine Appeal Seen Through the Lens of the New “Rosie” Style
Hour Choice presents Coach Park Collection
Parmigiani Fleurier, new Friends of the Brand – ice-hockey superstar, Evgeniy Ma...
Certina DS PH200M collection
Joyalukkas brings joy to hundreds around the world with gold bar giveaway this f...
LACOSTE presents its new Legacy collection
Tissot T-Race Marc Marquez
Triumphant First Daman Dxb Swimfest at Jumeirah Beach Hotel
Indulge Your Love for Animal Print with M&S
Coca-Cola Puts Extra Fizz Into Its Factory Thanks to Digitisation
Parah dedicates its Fall/Winter 2018/19 collection to femininity
Sawalef Perfumes is now available at Mirdif City Centre
Introducing the GUESS Holiday 2018 Collection
Introducing Nokia 3.1 Plus to the UAE
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz honored Huawei w...
National Geographic Launches Mars 2 into Orbit with Season 2 Premiering Nov 15 ...
The new BMW 8 Series Convertible.
Give an abandoned or neglected cat their forever home at Kittysnip's adoption da...
Land Rover Supports Red Cross Disaster Projects Worldwide
Sprint for a Great Cause at Al Maha
‘Celebrate 2019 Now' with special deals from Al-Futtaim Toyota
Etihad Airways Launches Model Diary of Xiaowen at China International Import Expo
Department of Culture and Tourism – Abu Dhabi Organises ‘Herfaty' Programme in A...
Jameel Arts Centre, Dubai opens with an ambitious set of exhibitions and program...
The Sharjah Stamp Exhibition celebrates the Year of Zayed
Unilever MENA calls for collective action as it's revealed that 54% of consumers...
Oh So Heavenly! Bath Sets from Glambeaute.com that make a great gift this festi...
Superhero Color Runners Prove We Are All Unstoppable!
Top five new things to do at Golden Mile Galleria this season
Zoho launches its cloud accounting software in Bahrain
Special Olympics Will Create a Legacy of Inclusion Through Art
Jaguar F-Type Rally Cars Celebrate 70 Years of Sports Car Heritage