t’azur, the new name in Takaful, focused on product innovation within the Islamic Insurance industry at the World Takaful Conference, which ran from the 14th – 15th April 2009.
Headquartered in the Kingdom of Bahrain, t’azur has plans to expand and offer its General and Family products across the GCC and MENA region through organic growth, strategic acquisitions and strong local distribution partnerships.
t’azur, which is backed by an initial authorized capital of $500 million, has set out on a bold and ambitious program to be a region-wide market leader in both Family (Life) and General (Non-Life) Takaful. With industry experts projecting an $11 billion market for Takaful by 2015, t’azur’s Chairman believes that the organization’s ability to innovate in the industry will allow it to reach its long term objectives.
"One of the major elements we will focus on innovative Takaful products and t’azur’s ability to meet the broad array of protection needs of its policyholders. Within the framework of a Shari’a-compliant entity there is an opportunity to develop and grow the Takaful industry. t’azur aims to attend to the evolving needs of both Muslim and Non-Muslim policyholders for ethical products," says Sheikh Abdul Aziz Bin Naif Al Orayer, Chairman, t’azur.
t’azur became operational in Kuwait and Bahrain in 2008 thanks to a strong team of seasoned local and international experts with proven financial and Takaful/insurance backgrounds. It was established, and is supported by seven Islamic Financial Institutions from GCC countries.
Takaful is an Islamic alternative to conventional insurance. It is a mutuality concept where resources are pooled to help the covered members (beneficiaries) through Shari’a-compliant products. The Takaful industry has grown rapidly in the Far-East, mainly in countries such as Malaysia and Indonesia, but there has been an increase in demand in the GCC and the Middle East.
The 4th Annual World Takaful Conference (WTC 2009) was held at the Dusit Hotel in Dubai. A true embodiment of the industry’s growth, the WTC brought together industry leaders from across the world to debate and map out the major growth drivers for the Islamic insurance industry.
