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2 Saudi Insurance
28 – 31 October 2007
Jeddah Hilton Hotel, Jeddah, Saudi Arabia Summit
Remember to quote your VIP Code when registering to be
entered into a draw to WIN US$ 250 Dubai Duty Free Vouchers.
nd
FIVE WAYS TO REGISTER
+971-4-3352438 register@iirme.com 2 Saudi Insurance
+971-4-3352437
www.insurancesaudi.com
Dubai, UAE
P.O Box 13977
Muharraq, State of Bahrain
28 – 31 October 2007
Jeddah Hilton Hotel, Jeddah, Saudi Arabia Summit
Yes, I want to register for the Saudi Insurance Summit AK0304
Pre-Summit Workshop 28 October 2007 US$ 995 / SAR 3,781 The Premier Insurance Industry Event For Saudi Arabia
Saudi Insurance Summit 29 – 30 October 2007 US$ 1,695 / SAR 6,441
Registration for the Summit gives you free access to the Gala Dinner! Including key contributions from:
Post-Summit Workshop 31 October 2007 US$ 995 / SAR 3,781 For further information ➢ Hammad & Al Mehdar, KSA ➢ Ministry of Health, KSA
Discounts and Group Discounts ➢ The Company for Cooperative ➢ Swiss Reinsurance Company, Switzerland
Book Two-Day Summit + 1 Workshop Save US$ 200 US$ 2,490 / SAR 9,462 Insurance (NCCI), KSA ➢ AIG, UAE
contact +971-4-3352483
➢ The Alliance of Abbas F. Ghazzawi & ➢ Institute of Banking (SAMA), KSA
Book Two-Day Summit + 2 Workshops (entire event)Save US$ 500 US$ 3,185 / SAR 12,103 or email: info@iirme.com
Hammad & Al-Mehdar, KSA ➢ Takaful Re, Bahrain
Early Bird Discounts ➢ Medgulf, KSA ➢ Arab Insurance Group (ARIG), Bahrain
Book the entire event before 12 August 2007 Save a further US$ 200 US$ 2,985 / SAR 11,343 Fees include documentation, ➢ BMG Financial Advisors, KSA ➢ Takaful Ta’awuni - Bank Aljazira, KSA
Book the entire event before 2 September 2007 Save a further US$ 100 US$ 3,085 / SAR 11,723
luncheon, refreshments and
➢ Manar Sigma Financial Consulting, KSA ➢ Saudi Arabian Monetary Agency
a certificate of attendance
➢ Lebanese Insurance Brokers Syndicate, (SAMA), KSA
Lebanon ➢ Council of Cooperative Health Insurance
PERSONAL DETAILS ➢ MedNet Holding GmbH (a Munich Re (CCHI), KSA
Group Company), GCC ➢ Jadwa Investment Company, KSA
Title First Name Surname Job Title Department Email
➢ Muhanna & Co., Lebanon ➢ BUPA Middle East, KSA
1st Delegate ➢ KPMG Al Fozan & Al Sadhan, KSA ➢ Arabian Company for Insurance &
2nd Delegate ➢ Unicorn Investment Bank, Bahrain Reinsurance Brokers (AMS), KSA
➢ Doha Bank, Qatar ➢ The Law Firm of Majed M. Garoub, KSA
3rd Delegate
➢ The Chartered Insurance Institute, UK ➢ Bahrain Monetary Agency, Bahrain
4th Delegate ➢ King Abdul Aziz University, KSA ➢ University of Durham’s School of
To assist us with future correspondence, please supply the following details: ➢ Oxford Business Group, UAE Goverment and International Affairs, UK
Head of Department
Take Advantage Of The Most Comprehensive
Training Manager
Insurance Event In Saudi Arabia:
Booking Contact
• Over 30 Regional And International • Two Practical Workshops
Company:
Expert Speakers • Exclusive Gala Dinner
Address (if different from label above):
• Over 20 Powerful Sessions • Ample Networking Opportunities
Postcode: Country:
• Four Interactive Panel Discussions With Key Decision Makers
Tel: Fax:
No of employees on your site: Yes! I would like to receive information about future events & services via email
PLUS! Two Practical Workshops:
0-49 50-249 250-499 500-999 1000+ My email address is:
Nature of your company business: Pre-Summit Workshop: Principles Of Islamic Insurance
1
Payments Hotel & Accommodation Details Cancellation Takaful Structures And Shari’ah Compliance
A confirmation letter and invoice will be sent upon receipt of your registration. Jeddah Hilton Hotel, Jeddah, Saudi Arabia If you are unable to attend, a substitute
Post-Summit Workshop: Mind The Gap!
Please note that full payment must be received prior to the event. Only those delegates
whose fees have been paid in full will be admitted to the event.You can
Tel: +966-2-6590000
Fax: +966-2-6591111
delegate will be welcome in your place.
If this is not suitable, a US$ 200 service 2 How Can We Bridge The Insurance Skills Shortage?
pay by company cheques or bankers draft in Dirhams or US$. Please note that all charge will be payable. Registrations
US$ cheques and drafts should be drawn on a New York bank and an extra amount of We highly recommend you secure your cancelled less than seven days before the Diamond Sponsor
US$ 6 per payment should be added to cover bank clearing charges.All payments room reservation at the earliest to avoid event must be paid in full. Platinum Sponsors Gold Sponsor Organised by
should be in favour of IIR Holdings Ltd. last minute inconvenience.You can contact
the IIR Hospitality Desk for required
Card payment assistance on: Due to unforeseen circumstances, the programme may change
and IIR reserves the right to alter the venue and/or speakers.
Please charge my credit card: Visa Mastercard American Express Tel: +971-4-4072693
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© Copyright I.I.R. HOLDINGS B.V. BM Finance
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2 Saudi Insurance
28 – 31 October 2007
Jeddah Hilton Hotel, Jeddah, Saudi Arabia Summit
The Premier Insurance Industry Event For Saudi Arabia
Hear From Over 30 High Profile International And Regional Speakers: ➢ Adli Hammad, Senior Partner
Hammad & Al Mehdar, KSA
➢ Ahmed A. Al-Shalan, Vice President – Marketing & Sales
The Company for Cooperative Insurance (NCCI), KSA
➢ Andreas Haberbeck, Barrister
The Alliance of Abbas F. Ghazzawi & Hammad & Al-Mehdar, KSA
➢ Ayman El Hout, Deputy General Manager
Medgulf, KSA
➢ Basil Al-Ghalayini, CEO
BMG Financial Advisors, KSA
➢ Chris Symeonidis, CEO
Manar Sigma Financial Consulting, KSA
HE Dr. Muhammad Al-Jasser Dr. Abdullah I. Al Sharif Ali A. Al Subaihin Brad Bourland ➢ Elie Ziadé, President
Vice Governor General Secretary Board Member and CEO Chief Economist Lebanese Insurance Brokers Syndicate, Lebanon
Saudi Arabian Monetary Council of Cooperative Health The Company for Cooperative Jadwa Investment Company ➢ Fahad A. Al-Hesni, Vice President – Property & Casualty
Agency (SAMA), KSA Insurance (CCHI), KSA Insurance (NCCI), KSA KSA The Company for Cooperative Insurance (NCCI), KSA
➢ Dr. Frank Mayer, Regional Managing Director
MedNet Holding GmbH (a Munich Re Group Company), GCC
➢ Ibrahim Muhanna, Futurist
Muhanna & Co., Lebanon
➢ John Elkaas, Senior Director
KPMG Al Fozan & Al Sadhan, KSA
➢ Khalil Ghneim, Senior Director – Takaful
Unicorn Investment Bank, Bahrain
➢ Manoj Kumar, Head of Bancassurance
Doha Bank, Qatar
➢ Mark Greenwood, Head of Regional Business
Development – Middle East
Dr. Omar Fisher Talal Hisham Nazer Dawood Taylor Dr. Adham Jaad
The Chartered Insurance Institute, UK
Managing Director – Takaful Managing Director Group Head CEO ➢ Dr. Mohamed Ali El-Gari, Professor of Islamic Economics
Unicorn Investment Bank BUPA Middle East, KSA Takaful Ta'awuni - Bank Aljazira Arabian Company for Insurance King Abdul Aziz University, KSA
Bahrain KSA & Reinsurance Brokers (AMS) ➢ Oliver Cornock, Regional Editor
KSA Oxford Business Group, UAE
➢ Reda Khalil, Senior Minister Advisor
Ministry of Health, KSA
By attending this top-level, cutting edge event you will: ➢ Safder Jaffer, Client Markets Europe – Middle East
Turkey & Pakistan, Western & Southern Europe
Swiss Reinsurance Company, Switzerland
➢ Paul Sterckx, Assistant Vice President – Financial Lines Arabian Region
• Understand how ongoing economic developments affect the Saudi Arabian AIG, UAE
insurance industry ➢ Mohamed El Dishish, CFO
Takaful Re, Bahrain
• Determine the impact of new insurance companies entering the market ➢ Ian Hayward, Director – Life and Medical
Arab Insurance Group (ARIG), UAE
• Discover the roles of the Saudi Arabian reinsurance and Retakaful industries now ➢ Chakib Abouzaid, CEO
Takaful Re, Bahrain
and in the future ➢ Rodney Wilson, Director of Post Graduate Studies and
• Learn international insurance best practices and how to reach them Professor of Economics
University of Durham’s School of Goverment and
• Determine the current state of medical care in Saudi Arabia and how compulsory International Affairs, UK
➢ Dr. Majed Mohammed Hussain Garoub, Chairman
health insurance will impact it The Law Firm of Majed M. Garoub, KSA
and Chairman
• Understand the growing trend of bancassurance as a viable option for insurers The Saudi Law Training Centre, KSA
➢ Sheikh Nizam Yaquby, Shari’ah Board Member
• Identify the principles and structures of Takaful insurance Bahrain Monetary Agency, Bahrain
• Examine the level of insurance expertise within the Kingdom and how it can be improved ➢ Ian Wilson, FIIC, MBA, Head of Insurance Programs
Institute of Banking (SAMA), KSA
Diamond Sponsor
Platinum Sponsors Gold Sponsor Organised by
• Discover the roles of the Saudi Arabian reinsurance and Retakaful industries now and in the future • Understand the growing trend of bancassurance as a viable option for insurers
• Learn international insurance best practices and how to reach them • Identify the principles and structures of Takaful insurance
• Examine the level of insurance expertise within the Kingdom and how it can be improved
Workshop agenda
Principles of Islamic insurance and Takaful structures Asset management by Takaful companies Shariah compliance, legal, regulatory and rating issues
concerning Takaful and selected case studies
• Takaful versus conventional insurance • Revolving and permanent funds
• Koranic prohibitions with respect to insurance and the • Avoidance of Riba in assets held by Takaful companies • Shari’ah governance and procedures for Shari’ah assurance
concept of Gharar • Sukuk as an alternative to conventional bonds or notes for Takaful products
• Mutual insurance principles • Asset allocation of Salam, Murabahah, Ijara, Musharakah and • The need for special legislation: Malaysia’s 1984 Takaful Act
• The Wakala and Mudarabah models and the concept of Tabarru convertible Sukuk • Regulatory issues: the guidelines of the Islamic Financial
• Family Takaful insurance • Screening of equity investments by Takaful companies Services Board and the Bahrain Central Bank Rulebook
• Risk management by Takaful companies • Liquidity management through Murabahah commodity • Rating Takaful companies using Moody’s methodological
• Retakaful operations and underwriting investments framework
• Cross selling and Islamic bancassurance versus independent • Measuring the financial performance of Takaful funds • Case studies: Solidarity of Bahrain, Allianz Takaful and Takaful
Takaful providers Ta’awuni Life Insurance of Saudi Arabia
Meet Your Workshop Leader: of the Institute of Islamic Banking and Insurance in London and is acting as consultant to the
Islamic Financial Services Board with respect to its Shari’ah Governance Guidelines. He is author
Rodney Wilson of numerous books and articles on Islamic finance.
Director of Postgraduate Studies and Professor of Economics
University of Durham’s School of Government and Professor Wilson also teaches masters level courses on Islamic economics and finance and
International Affairs, UK
supervises a number of PhD students working on Islamic finance. He has acted as Course
Director for Euromoney Training in London, Kuwait, Bahrain, Bangkok and Singapore, and taken
Rodney Wilson is Director of Postgraduate Studies at the University
courses for the Kuwait Investment Authority, the Commercial Bank of Kuwait, the Arab Banking
of Durham’s School of Government and International Affairs and a
Corporation, Citibank and the Monetary Authority of Singapore.
Professor of Economics. He currently chairs the academic committee
WELCOME TO ALL 13.00 The Emerging Family Takaful Market In Saudi Arabia – Opportunities And Challenges
• The market potential of family Takaful in Saudi Arabia
The Saudi insurance industry is currently entering a new era of crucial importance. We see
• Focus on Takaful products that address the evolving needs of participants
the impact of new insurance market regulations, licensing of new companies, the floating • Family Takaful business as a source of diversification and sustainable profitability
of shares on the Saudi stock market, implementation of new compulsory insurance laws • Regulatory considerations, disclosure requirements and participants’ reasonable
and the increase of competition. expectations
• Family Takaful distribution strategies
With these developments, a number of significant issues are arising; mainly the impact • The role of the actuary
of compulsory insurance laws, the effect of the competitive environment on enhancing • What is Takaful Takaful?
business practices, the future of cooperative (Shari’ah compliant) insurance in the Kingdom, • What products are offered by a life Takaful operator
and the main elements for setting the base for a strong and sophisticated insurance industry • What distribution channels are open to a life Takaful operation
in the Kingdom. • How are participant contributions invested?
• What are the challenges going forward for the life Takaful industry
I feel the Saudi Insurance Summit, being conducted in the Kingdom for the second year
Chris Symeonidis, CEO
consecutively, is an event that the Saudi insurance industry eagerly awaits to tackle these
Manar Sigma Financial Consulting, KSA
issues and more.
Dawood Taylor, Group Head
Takaful Ta'awuni - Bank Aljazira, KSA
The Summit will introduce many opinions and sound concepts on these issues and
assist in drawing a clear road map for the Saudi insurance industry. It will also provide 13.45 Lunch For Delegates And Speakers
a platform where local and international insurance and business experts can tackle the
current hot topics and present a realistic vision towards the future of the insurance 14.45 PANEL DISCUSSION: Is There A Changing Landscape For Reinsurance
industry in Saudi Arabia. And Retakaful Operators?
• The current state of the Retakaful market in Saudi Arabia
I look forward to welcoming you to the 2nd Saudi Insurance Summit where we shall all • Exploring a mechanism for an active role of Retakaful in the Islamic financial system
• Where do conventional reinsurers stand currently in the Islamic insurance scene?
contribute to building this promising industry.
Safder Jaffer, Client Markets Europe – Middle East
Turkey & Pakistan, Western & Southern Europe
Swiss Reinsurance Company, Switzerland
09.00 Registration And Coffee Chakib Abouzaid, CEO
Takaful Re, Bahrain
09.45 Opening Remarks From The Chair Ian Hayward, Director – Life and Medical
Arab Insurance Group (ARIG), Bahrain
Ali A. Al Subaihin, Board Member and CEO
The Company for Cooperative Insurance (NCCI), KSA
15.45 Networking And Refreshment Break
10.00 Economic Outlook And Investment Climate – What Is The Possible Impact On
The Insurance Industry? 16.15 Moving From Minimum Standards To Best Practice Within The Insurance Industry
• How do ongoing macro-economic conditions impact newly formed insurance companies? • The importance of 'professionalism'
• Coming to terms with the reality of being a publicly-listed company in the Kingdom • Lessons learnt from developed markets and the region
• The role of a professional body in positive developments
• A healthy investment environment equates to a healthy insurance industry
Mark Greenwood, Head of Regional Business Development – Middle East
Brad Bourland, Chief Economist
The Chartered Insurance Institute, UK
Jadwa Investment Company, KSA
Gala Dinner
The Company for Cooperative Insurance (NCCI), KSA
Diamond Sponsor
The Company for Cooperative fire, medical, engineering, energy, aviation, Takaful and casualty insurance.
Insurance (NCCI) is a Saudi joint NCCI operates through a network consists of customer services centers, 3 regional
stock company established in Riyadh, offices and more than 67 branches Kingdomwide.
Kingdom of Saudi Arabia by Royal
Decree Number M/5 and incorporated on January 18, 1986 under Commercial In 2007, NCCI has been assigned an (A) credit rating by Standard & Poor’s (S&P) Rating
Registration No. 1010061695. Services. According to S&P NCCI is one of the top 200 insurance companies world-wide.
With its subscribed capital of SR 500 million and a gross written premium amounted
Since its early beginnings, NCCI took it upon itself to develop the Saudi insurance
to SR 1,750 million in 2006, NCCI is now the leading insurance company in
industry, setting standards for optimal insurance services and introducing new products
Saudi insurance market.
that satisfy client needs, especially in the retail sector. So, NCCI's mission is to be the
NCCI transacts cooperative insurance operations and all related activities including insurer of choice and the employer of choice.
reinsurance and agency activities. Its principal lines of business include: motor, marine,
Platinum Sponsors
Fixing the image of the Middle Eastern market is a core “In 2004, Medgulf submitted its application to the Saudi Arabian Monetary Authorities
vision of Medgulf, one of the major insurance companies (SAMA) for its license to operate as an officially recognised insurer as required by the new
in the Gulf region and the leading non-governmental Saudi Cooperative Insurance Companies Law,” says Medgulf’s Chairman Mr Lufti El Zein.
insurer in Saudi Arabia. Having commenced as an offshore insurance and reinsurance The official license was obtained in 2006 along with an A rating from the Digest Arab
company registered in Bahrain in 1995, it transacted its Saudi operation through an Insurance Rating within the Muhanna framework. “We at Medgulf are fully committed
exclusive contract with Al Samiya Trading Company and in 1997 acquired the shares of to continue building a solid and serious leading Pan Arab insurance group based
Strikers Insurance and Reinsurance Company in Lebanon. A year later Medgulf increased on professionalism and transparency at the forefront of the insurance industry.”
its capital through an investment by the Al Azizia Group headed by Prince Walid Bin Talal Combined with its international network of reinsurers, Medgulf guarantees investors
and Group Mediterranean, at the time owned by the Hariri family. A sharp ascent followed secure operations within the Kingdom of Saudi Arabia.
for the newly formed Medgulf Holding with acquisitions of Addison Bradley & Co
Insurance Brokerage, ARK insurance, Medivisa and Omnilife.
Bank Aljazira’s Takaful Ta’awuni Division (TTD) provide for their future or their families in the event of premature death or disability.
marked its entry into the life takaful business in TTD has a wide range of family life Takaful products which are under the process of
2001, providing risk protection and structured being expanded at time of writing.
savings contracts to Saudi individual and
corporate customers. The products are a TTD has witnessed exceptional sales growth since inception and beyond initial
Shari’ah compliant alternative to conventional life insurance and TTD was the first life Takaful expectations which is an indicator of the strong need for family and corporate life Takaful
organisation to sell Shari’ah approved and SAMA approved life Takaful products in the solutions in Saudi Arabia. TTD currently has 7 operational offices (male & female) covering
Kingdom of Saudi Arabia. It has led the industry regionally and globally having received the Jeddah, Riyadh, Dammam, Makkah and Hofuf while 5 more offices are to open before
2007 “Life Insurer of the Year” award from Middle East Insurance Awards in recognition of its the end of 2007.
achievements preceded by the Euromoney 2006 award for “Best Life Takaful Operator”
in the world and the “Islamic Finance Weekly 2004” award for “Best Takaful Operator”. Bank Aljazira and Prudential plc have signed a Memorandum of Understanding (MoU)
to acquire a significant stake in the joint venture with Bank Aljazira and to become the
Takaful Ta’awuni products conform to Islamic business principles and promote the sense largest individual shareholder for the venture and work is under way for the new entity
of caring, brotherhood and mutual assistance through participation in the cooperative risk to be listed on the Saudi Arabian Stock Exchange (the Tadawul).
pool where the fortunate few assist the many unfortunate individuals who are unable to
Gold sponsor
Established in 2005, Takaful Re Ltd. rates among Takaful Re aims to play a leading role in the Takaful industry and promote Takaful as an
the highest capitalised Retakaful companies today. alternative Shari‘ah compliant solution.
Its paid-up capital is US$ 125 million.
Takaful Re is regulated by the Dubai Financial Services Authority (DFSA). It is rated ‘BBB’
Takaful Re is a full fledged Retakaful operator accepting business from Takaful (stable) by the rating agency Standard & Poor’s.
and cooperative companies all over the world. Takaful Re founders are large
GCC financial institutions lead by Arig, which allows the company to benefit
from its 26-year reinsurance experience.
1st Saudi Insurance Summit 2006 Past Delegate Industry profile 1st Saudi Insurance Summit 2006 Past Delegate Title profile
CEO/Director/Chairperson/
President
Senior Management 26%
35%
Insurance Manager
12%
Other
Middle Management
10%
17%