A group of HCT-Khalifa City Women’s College (KCWC) Business students attended the first Islamic Insurance Conference held at the St Regis Saadiyat Island Resort in Abu Dhabi recently.
The students are in the final semester of their Bachelor of Applied Science in Business Administration Accounting, and the conference presented an excellent opportunity for them to be introduced to the important roles played by the Takaful Insurance industry in the protection of the national economy of the UAE.
Under the patronage of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister of the UAE and Minister of Presidential Affairs, Sultan Bin Saeed Al Mansouri, Minister of Economy, the two day conference was attended by a large number of UAE, Arab states and international delegates.
The conference was organised by the Insurance Authority of the UAE under the theme “Reality and Prospects for the Development of Islamic Insurance Regulations.” It aimed to introduce the important role the Islamic insurance sector plays in areas such as the protection of the national economy; provision of economic protection for community members; raising awareness and promoting market confidence in Islamic insurance products and Takaful services; as well as promoting opportunities for growth in the Islamic insurance industry locally, regionally and globally.
“Over-all, it was a conference worth attending and time well spent for me and for our students as well since we all learned a lot of new information about this type of financial instrument and industry,” said Enrico Mendez, faculty accompanying the students to the conference.
Alois Weidinger, faculty member also accompanying the students, commented that the conference provided a unique opportunity to them and faculty to be exposed to the thoughts of leading practitioners and scholars in the field of Islamic Finance and Insurance in the GCC and beyond.
In addition, the conference also tried to promote growth opportunities in the Islamic insurance Industry worldwide through development of legislation and laws stimulating development of the legal and Sharia aspects.