As Asia Pacific insurance markets look to grow further, a new frontier will be observing the rules and regulations of Islamic law, or 'bancatakaful', says Jacob Fleming Asia, the organisers of the third annual APAC Bancassurance Forum. The event is to be held 24 and 25 September in Kuala Lumpur, Malaysia at the Prince Hotel & Residence Kuala Lumpur.
Nur Ain Ramli, Vice President and Head of Wealth Management, Bank Muamalat, who is speaking at the event on the topic 'The critical success factors in developing Bancatakaful business in Malaysia', said: "Islamic finance and takaful is in the fast lane of a growing global phenomenon, contributing positively and substantially to the world economy. The main spread of Islamic finance and takaful has been in Malaysia and some parts of Asia, the Middle East, Europe and Africa.
"In term of takaful premium growth rates in ASEAN, 71% is in Malaysia. With high GDP levels and fast improving affluence of the middle class, I therefore foresee Bancatakaful will definitely be the centre stage not only in Malaysia but the rest of ASEAN countries in the near future too. The reason is simple, it lies on the unique proposition and the values of takaful and Islamic wealth management."Bancassurance, the sale of retail insurance products through banks as mediums, faces challenges such as poor manpower management, lack of call centres, no personal contact with customers, and inadequate incentives to agents.
Some of the key topics that would be chaired in the 3rd Annual APAC Bancassurance Forum include the ideal bancassurance model, talent management and the concept of open architecture in bancassurance. A discussion on sustaining bancatakaful growth in the region is also planned.
The 3rd Annual APAC Bancassurance Forum is supported by the Malaysian Takaful Association, Asian Bankers Association and International Insurance Society.