AMAN facilitates strategic discussion on Takaful principles and practices at Takaful training course

Press release

Published January 9th, 2012 - 12:06 GMT

Al Bawaba

Her Excellency (HE) Fatima Mohammed Ishaq Al Awadi, Deputy Director General, UAE Insurance Authority, led the inaugural ceremony for the Takaful training course entitled ‘Takaful: Fundamentals and Practices,’ which opened today (Monday, January 9, 2012) at the (Moruoj Rotana Hotel, Dubai). The event was organized by Dubai Islamic Insurance and Reinsurance Company (AMAN), the largest Islamic Insurance provider in the UAE, in cooperation with the Malaysian Insurance Institute (MII), a leading insurance education and training institution. This course is part of AMAN's quality-based initiative to raise further awareness on the importance of Takaful products and services. Amidst a wide participation of senior executives from Takaful companies in the UAE and region, the opening day included extensive discussions on Takaful principles and practices, Shari’a-based principles and other key relevant subjects. This three-day course will also touch on engineering, fire and miscellaneous accident insurances.

During her opening speech, Al Awadi lauded AMAN for its efforts in launching this initiative, which will greatly help increase the level of understanding on Takaful concept and its role in the national economical development. She also discussed consumer protection means and looked into the latest improvements of the Takaful system to guarantee best results.

She added, “The Authority is devoted to develop solid foundations for Takaful practices. Launching the first-ever Takaful program in the Arab World is surely a critical step forward towards finalizing the legal and jurisprudential Takaful-based directives in the country. We, at the Insurance Authority, are committed to supervising and monitoring the work of all standard and Takaful insurance companies in UAE, in line with our continuing efforts to protect both the clients and insurance companies.”

Al Awadi also extended her thanks to AMAN for its ongoing efforts in supporting the development of Takaful industry, hoping that the course succeeds in achieving its objectives. She also acknowledged the Malaysian Insurance Institute, Takaful Re (UAE) and MNRB Takaful (Malaysia) for their help in organizing the event.

Background Information

UAE Insurance Authority

The Insurance Authority (IA) was established under the Federal Law No. 6 of 2007 with a legal personality and financial and administrative independence.

The Federal Law No. 6, which came into force as from 28.08.2007, entrusted the Authority to regulate and supervise the insurance sector in the United Arab Emirates in order to ensure the provision of a favorable climate for its development and promote the role of the insurance industry to indemnify persons, property and liabilities against risks to ultimately protect the national economy; accumulate and grow national savings and invest them to support the economic development in the UAE; encourage fair and effective competition; provide the best insurance services with appropriate coverage at affordable rates, and achieve job Emiratization in the UAE insurance market.