Business

The Dubai Center for Islamic Banking and Finance (DCIBF), an entity formed via a partnership between Hamdan bin Mohammed Smart University (HBMSU) and the Dubai the Capital of Islamic Economy initiative, has released its third annual record on the Islamic economic situation qualified 'Takaful: Sustainability and Development 2015 to 2025.' The publication reveals that the global takaful industry is expanding at an annual price of 9 percent and is drawing in wider attention worldwide.

The Takaful record 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 Development, throughout the 4th Yearly 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 Development 2015 to 2025' is the outcome of close partnership in between the DCIBF and DIEDC which creates part of broader participating efforts to sustain Dubai's transformation right into the funding 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 modified by Dr. Omar Fisher, the global expert in the area of Takaful, was generated in Arabic and English to reach a broad international audience. It examines the effectiveness and economic stability of the Takaful sector in nations with double monetary and economic systems.

Among the key findings are that the Takaful economy climate has dramatically broadened in Near- and South- East Asia, Levant-North Africa, and the GCC areas, and that market penetration in muslim-majority nations remains to expand. It additionally discloses that 202 brand-new Takaful entities were established in between 2003 and 2015, with 51 percent of the 57 Organisation of Islamic Teamwork member nations currently organizing a Takaful institution.

The record adds that the global Takaful sectors estimated manpower increased 55 percent from 63,358 in 2011 to 98,400 in 2015, with specialists anticipating 40,000 additional placements for filling within the next Ten Years to maintain workforce proportions and operational efficiency. The report better recommends Takaful drivers to re-assess their operating expense, take on economical new modern technologies, improve a risk-awareness culture, and hone sales and advertising skills to increase the competition of their revenues per employee.

Dr. Mansoor Al Awar, Chancellor of Hamdan bin Mohammed Smart University, said: "The 3rd annual record of the Dubai Center for Islamic Banking and Financing is an important enhancement to ongoing initiatives to produce, spread and enhance knowledge according to 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, that said that Knowledge is the real capital of mankind. Over the previous two years, the record has confirmed to be an important recommendation on the status of the global Takaful field, which is growing steadily with assumptions of its coming to be a USD 52.5 billion industry by 2020. It remains to assist identify best methods that make certain job chances as well as expose obstacles related to judicial and lawful structures and advertising and marketing strategies based on innovation and technology."

Dr. Al Awar added that the results of the report highlight growing worldwide self-confidence in the Takaful market, which has become one of the major drivers of the global economy. He discussed that the market provides appealing opportunities to promote financial and human advancement, and is an attractive field for remarkable personnels to be associated with. He kept in mind that the Takaful industry's complete workforce worldwide rose 55 per cent between 2011 and 2015.

He further explained HBMSU's enjoyment in unveiling the annual report at Knowledge Summit 2017, which he referred to as an optimal place for combining the leaders of Takaful economic climate to share and discuss the latest growths on the planet's Takaful market. He said that the occasion unifies initiatives to identify innovative mechanisms for shaping the future of the global Islamic economiy.

" We look forward to proceed continue knowledge and motivating financial investment in Takaful R&D. The Dubai Center for Islamic Banking and Money and the Hamdan bin Mohammed Smart University are devoted to helping satisfy the ambitious aspiration of Dubai to end up being the global funding for the Islamic economic climate," Dr. Al Awar included.

H.E. Abdulla Mohammed Al Awar, CEO, Dubai Islamic Economy Advancement Centre (DIEDC), added: "This new report highlights the value of takaful as a financial investment in the future of societies, and its vital duty in improving the safety and security and stability of the world's communities through Sharia-based standards and concepts."

"At DIEDC, according to our sustained efforts to boost the Islamic finance industry, we work carefully with various other stakeholders and partners to check the growth of the vital takaful industry and discover possibilities to establish its devices in addition to discover remedies to the obstacles that face re-takaful. The report's extensive review of the state and future of takaful till 2025 makes it possible for professionals, consultants and decision manufacturers to shape new insights based on solid scientific foundations. We are devoted to providing magazines that support our upgraded technique and assist us achieve our goal of developing the Islamic economic situation as a key motorist of global sustainable growth," he added.

The Dubai Center of Islamic Banking and Finance Center intends to study social and financial concerns impacting Islamic financing and banking, in accordance with HBMSU's pioneering initiatives to strengthen its management as the first university to introduce a specialized platform for enhancing knowledge and performing scholastic and applied research study to advertise the growth of the Islamic banking and money market regionally and internationally. The Facility embodies the University's ongoing dedication to supplying an extensive variety of high quality education and training programs, scientific research and community services, and spreading out the most effective practices for further establishing the Islamic economy.

• Tags
• #Business
• #Magazine
• #Lifestyle