10-12 July, 2012 Jumeirah Carlton Tower, Knightsbridge, London
Together we stand, together we triumph. T H E
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Best Bancatakaful Bancatakaful Best 2009 & 2011 2009
Best Group Group Bus iness & Best Business Best Bancatakaful Bancatakaful Oper ator 2010 Best Operator Malaysian Ma laysian TTakaful akaful As sociation Awards Awards Association
Most Outstanding Outstanding Most Takaful C ompany Takaful Company 2008, 200 9, 2010 & 2011 2009, Kua ala LLumpur umpur Islamic Islamic Finance Finance Forum Forum Kuala
Best Contact Contact Centre Centre Best Manager 2010 Manager (Below 100 10 00 seats) seats) (Below
B est In-hou se Best In-house C ontact C entre 2010 Contact Centre (Below seats) (B elow 100 se ats)
Best B est Social Social M Media edia Program Program in Contact Centre Contact C entre 2011
Customer R elationship Management Management & Contact Contact Centre Centre Association Association Malaysia Malaysia Customer Relationship
TTo o al alll our p partners artner n s - yyou ou made made it possible. po ossible. At E Etiqa, tiqa, we we are are about peop p people le not po policies. licies. Visitt www.etiqa.com.my Etiqa 8888.. Visi www.etiqa.com.my or ccall all E tiqa Oneline at 11300 300 113 3 8888
www.facebook.com/etiqa www .ffacebook.com/etiqa
Best Best Brand Brand in Services, Insurance Insuran nce Services, & Takaful Takaful 2009 2009
Best Takaful Ta akaful Best Marketing 2008 Marketing
Brand Laureate Laureate Brand
International International Takaful Awards Awards Takaful
2. Summit Sponsors .............................. 3. Welcome Message .............................. 5. CIMB-Principal Islamic Asset Management UCITS Pla3orm .............................. 9. Diamond Partners .............................. 16. Dome Interna4onal Takaful Report 2012-2013 .............................. 19. Pla4num Partners .............................. 23. Milliman 2nd Global Family Takaful Report .............................. 31. Gold Partners .............................. 36. Media Partners
Contents
11-12 July, 2012 Jumeirah Carlton Tower, Knightsbridge, London
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WELCOME MESSAGE
e are very pleased to welcome you all to the Sixth International Takaful Summit. Afkar Consulting Limited and their events organiser partner, Istishar iQ, pioneered the International Takaful Summits in London in 2007.
We are once more honoured to have the support and participation of Lord Sheikh in the Summit. Lord Sheikh, who is the Chairman of the Conservative Muslim Forum and an insurance professional himself, has taken a keen interest in the development of the Takaful industry in the UK. He has enthusiastically supported the event to facilitate its development in the UK and Europe.
Sponsors
P L AT I N U M PA R T N E R S
The Sixth International Takaful Summit builds on the four successful events held in November 2007, July 2008, July 2009, July 2010 and July 2011. We are again pleased to play host to the launch of the second Milliman Family Takaful Survey 2011 at this Summit. This survey, intended to be updated annually, fills a gap in the growing body of expert literature specifically addressing the Takaful market. Family Takaful provision is forecast to overtake general Takaful contributions in the next few years. Family Takaful provision is also more amenable to the underlying spirit of Takaful. As such specialist contributions to the sound development of Family Takaful provision are timely.
Welcome Message
Asset Management Partners
The City of London, with its vast range of expertise, has prided itself in being the premier Islamic finance hub in Europe. To build upon this expertise and retain London’s premier status the UK government has been committed to creating a level playing field for Islamic finance and insurance in the country. This effort, which was pioneered by the Late Lord Edward George, has now borne fruit and there is expectation of a proactive facilitation in this direction from the present government.
In addition, the on-going crisis in conventional finance and insurance offers opportunities for building on the ethical features of Islamic Finance and Insurance and widen its appeal to the growing ethical and SRI market. The United Kingdom provides a premier location for developing Islamic Finance and Insurance opportunities and engaging with the ethical and SRI communities outside the Muslim World. ÂŽ
G O L D PA R T N E R S
In the International Takaful Summit we endeavour to enable market participants from all over the world to capture the potential for Islamic Finance and Insurance in the UK, Europe and beyond. At every Summit, we strive to offer robust thought leadership and the most informed platforms and opportunities for our participants to get maximum benefit from this interaction. We welcome you to the Sixth International Takaful Summit and hope that you will become one of our many regular participants and supporters.
M. Iqbal Asaria, CBE
Convenor, The International Takaful Summit 2012
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NORIPAH KAMSO Chief Execu"ve, CIMB-Principal Islamic Asset Management
Shariah compliant UCITS to sa.sfy the appe.te of interna.onal investors
One outcome of the global financial shocks of the past five years has been a shi$ in the nature of investors’ demand. The priority now is to access investment products and solu4ons that are less vola4le, with comparable risk-adjusted returns.
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There is an emergence of a new investment trend. Interna4onal investors are exploring alterna4ve assets and investment processes that are socially and financially ethical, that are managed transparently and that are robustly regulated. These investors are also searching for investment products to diversify their por3olios interna4onally and across mul4ple asset classes. However, the availability of such products and solu4ons is in short supply and they are not easily tracked or widely offered interna4onally. The current supply of exis4ng domes4c-centric ethical mutual and unit trust funds, in the format of exis4ng Shariah compliant investment funds, is not appealing to interna4onal investors due to the following:
1. Most Shariah compliant funds cater to the domes4c market where the funds are meant for investors in that country. These funds are generally small and issued only in the home currency and foreign investors can view that as an impediment. They would prefer the fund base currency to be an interna4onally accepted currency like the US dollar or euro. 2. Small fund sizes result in investor concentra4on risk and can be illiquid. 3. Too short a Shariah investment track record to grant confidence. 4. Fund performance figures are generally not calculated according to Global Investment Performance Standards (GIPS). 5. A domes4c fund may not have interna4onally acceptable Shariah interpreta4ons.
Investment solu4ons that can mi4gate the above concerns do exist, albeit on small scale, in the form of Shariah compliant UCITS funds. The Undertakings for Collec4ve Investment in Transferable Securi4es (UCITS) fund structure was ini4ally designed as a European regulatory ‘passport’ in order to sell funds across the European Union, and its acceptability has now expanded to other regions around the world, including La4n America and Asia. These types of funds are available in regulated offshore fund pla3orms like Ireland (Dublin) and Luxembourg. Global UCITS fund pla3orms are structured to appeal to interna4onal investors, given the robust risk framework and strict governance. The UCITS structure is flexible enough that it can be offered in mul4ple asset classes and mul4ple currencies to a broader investor base. As such, it can more easily build scale interna4onally. Such pla3orms are popular in the conven4onal space and Islamic asset managers would do well to take full advantage of these pla3orms to structure interna4onal Shariah products.
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“Asian economies are expected to con.nue to lead the global recovery, with a projected economic growth of 7.5% in 2012.” Bringing Shariah investment to a global audience Acknowledging the increasing need to provide cross-border solu4ons, CIMB-Principal Islamic Asset Management (CIMB- Principal Islamic) established a UCITS funds pla3orm in Ireland in December 2011, the first Malaysia-based Islamic asset manager to do so. CIMB-Principal Islamic has launched three Shariah UCITS funds – the Islamic Global Emerging Markets Fund, Islamic Asia Pacific ex-Japan Fund and Islamic ASEAN Equity Fund - for interna4onal distribu4on. These three capabili4es were iden4fied based on market research which revealed the growing investor demand for these investment strategies which are not widely available on a UCITS fund pla3orm today. In the case of global emerging markets, the Interna4onal Monetary Fund (IMF)’s predic4on was a higher economic growth rate of an es4mated 5.5% for this region in contrast to a miniscule growth projec4on of 1.2% for the developed markets. With the prospect of higher returns on the back of higher underlying growth and improved risk rela4ve to the developed markets, it is easy to see why interna4onal investors are seeking higher exposure to the emerging markets asset class. Improved economic and financial stability, con4nued solid economic growth prospects and rapid per capita growth will drive solid asset growth, not only in dollar terms but also as a share of total global GDP. Investors will benefit from the emerging markets share in world output in US dollar terms which is set to exceed 40% of world GDP by 2016, driven predominantly by strong Asian growth. Asian economies are expected to con4nue to lead the global recovery, with a projected economic growth of 7.5% in 2012. Domes4c demand in Asia has proven generally resilient in 2011. Employment gains and real wage growth supported private consump4on, and high capacity u4liza4on boosted private investment. Financial policies have remained accommoda4ve in most of Asia, as increases in interest rates were offset partly by higher infla4on in some economies. The Asia Pacific ex- Japan region is expanding capital investment and consump4on due to rapid urbaniza4on and industrializa4on, and will con4nue to do so for the foreseeable future. It is said that more than half the world’s middle class may reside in Asia by 2020. The Associa4on of Southeast Asian Na4ons (ASEAN) region is also well-placed for long-term growth. The ASEAN region is the third most populous area globally. Its current popula4on of about 596 million, or 8.8% of the world popula4on, is expected to reach 710 million by 2030. The ASEAN Economic Community aims to transform ASEAN into a single market and produc4on base with free flow of goods, services, investment, skilled labor and capital. Between now and 2020, ASEAN is expected to add 65 million people while Europe is expected to shrink by 8.5 million people. Within two decades, ASEAN is an4cipated to have a larger and younger popula4on than a shrinking and aging Europe. CIMB-Principal Islamic intends to offer its Shariah compliant funds in seven jurisdic4ons. The iden4fied markets in Europe are the UK, Switzerland and Germany. The UK is the Islamic finance industry leader in Europe with a sizeable Muslim popula4on while Switzerland is synonymous with its private bank industry. In the Middle East, the funds will be available in Saudi Arabia, the UAE and Bahrain. Saudi Arabia currently has the highest Islamic fund assets under management (AUM) in the world at US$19.9 billion. The UAE and Bahrain are both recognized for their vibrant Islamic finance industries. In Southeast Asia, the funds will be available in Singapore, in order to enable high net worth individuals in Brunei and Indonesia to invest more easily. Singapore has demonstrated its ability to capture investors in the conven4onal fund space who invest in Ireland and Luxembourg-domiciled UCITS funds.
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In tandem with the demand sought by interna4onal investors, these three funds will offer two asset classes, retail and ins4tu4onal, and will be made available in two major interna4onally accepted currencies, the US dollar and the euro. Investors can rest assured these CIMB-Principal Islamic funds adopt industry best prac4ces, within a defined and prescrip4ve governance and risk management regime.
Shariah compliant UCITS funds already available globally but limited strategies Although Shariah compliant UCITS Funds are available globally, there are only a total of 26 Islamic UCITS in both Luxembourg and Ireland . Shariah compliant UCITS funds were first made available to interna4onal investors on global fund pla3orms like Ireland and Luxembourg since 2000. However, the majority of the available funds were launched from 2008 onwards. It is interes4ng to note that Shariah compliant UCITS funds that currently exist on these global fund pla3orms were established by conven4onal global asset managers from non- Islamic countries: the US, Germany, the UK, France, Australia and Switzerland. These conven4onal global asset managers are the obvious ini4ators that investors are comfortable with. With their proven track record, some spanning 50 years, these asset managers have the confidence of their investors in the conven4onal mutual fund space. It therefore makes a lot of sense that this trust, and hence addi4onal investment, is extended to newer products like their Shariah investment offerings. We can find such Shariah compliant UCITS funds by these managers mainly in Ireland and Luxembourg, where they have had a full complement of conven4onal UCITS funds available for many years. For investors looking to invest specifically in Shariah compliant equi4es on the UCITS fund pla3orm, the widest selec4on is in global equity UCITS funds. For investors keen to invest in global Sukuk, there is only one available fund in Luxembourg; however, this fund is not UCITS-compliant. The breakdown of these fund strategies in Luxembourg and Ireland are as follow: Investors should not be unduly concerned about the low fund size, averaging US$20 million. We believe many of these funds were constructed to serve as an incubator strategy by the fund houses to build sufficient track record of three to five years to showcase their investment management ability. By 2013, we expect the size of these funds will grow exponen4ally as they cross the five-year mark, gran4ng confidence to investors that are currently tracking the performance.
Funds in Luxembourg and Ireland Strategies
Global Equi4es European Equi4es Global Emerging Global Resources BRIC Japan Asia Pacific ex-Japan Others Total
No. of Funds 7 4 3 2 1 1 1 7
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MIFC encouraging its licensed Islamic asset managers to offer UCITS To reinforce the importance of those cross-border offerings, the Malaysia Interna4onal Islamic Financial Cener (MIFC) is encouraging its 17 Islamic asset management houses to interna4onalize their product offerings and enhance the visibility of its Islamic funds among global investors by establishing and incuba4ng their own Shariah UCITS funds as well. Investors are therefore encouraged to be on the lookout for Shariah UCITS funds by MIFC-licensed asset managers going forward. Taking cognizance of the poten4al scalability of Shariah compliant UCITS funds, this ini4a4ve is taken seriously by MIFC, to the extent that an MoU between the Securi4es Commission Malaysia (SC) and the Central Bank of Ireland was signed in November 2011. The MoU provides an arrangement for the two regulators to exchange informa4on and cooperate in
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the area of regula4on and supervision of authorised en44es offering collec4ve investment schemes. The SC also signed a similar MoU with the Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg in January 2012.
Shariah inves.ng is resilient in bull and bear markets Through a global fund pla3orm, ins4tu4onal and retail investors can track Shariah funds transparently via interna4onal investment research providers like Bloomberg, Thomson Reuters and Morningstar. An interna4onally visible track record would defini4vely help to debunk the myth that Shariah compliant investments underperform the conven4onal investments. Over various 4me periods Shariah compliant funds have broadly matched or in some instances even displayed comparable performance with conven4onal funds even through adverse global economic condi4ons. On a global basis over the six years ending December 2011, the Dow Jones Islamic Market World Index outperformed its conven4onal counterpart, the Dow Jones Global Index, 38.55% to 22.91%: a cumula4ve outperformance of 15.64%. For Asia Pacific ex-Japan, the Dow Jones Islamic Market Asia Pacific ex-Japan Index outperformed the conven4onal Dow Jones Asia Pacific ex-Japan Index, 30.95% to 22.65%, a cumula4ve outperformance of 8.3% during the same period . Without an interna4onal shop window for Shariah compliant funds to showcase their outperformance to investors, this common misconcep4on persists.
UCITS: An ideal pla-orm Investors in Shariah compliant UCITS funds will be reassured by a regulatory framework that is clear, straightforward and easily understood. They can also take comfort that fund managers supervised under this regulatory framework must adhere to investor protec4on, transparency and disclosure requirements. It offers investors industry best prac4ces making it acceptable globally and introduces a more defined and prescrip4ve governance and risk management regime. A UCITS fund is able to accommodate investors of all stripes within a single fund. Therefore, whether investors are retail, high net worth or ins4tu4onal, they will enjoy different fee levels and be subject to different requirements. In addi4on, such a fund can be available in mul4ple interna4onal currencies, making it more convenient for investors. Having different investors in one fund also results in a larger asset under management. This will reduce the Total Expense Ra4o of the fund, for onward benefit to each of their interna4onal investors. – – – – –– – – – –– – – – –– – – – –– – – – –– – – – –– – – – –
CIMB-Principal Islamic Asset Management Sdn Bhd Level 5 Menara Milenium 8, Jalan Damanlela, Bukit Damansara, 50490, Kuala Lumpur, Malaysia Tel: +603 2084 2000 Fax: +603 2084 2004 Web: www.cimb-principal.com.my
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In 2005, Mayban For4s, Maybank’s insurance and takaful arm consis4ng of Mayban General Assurance, Mayban Life Assurance and Mayban Takaful merged with Malaysia Na4onal Insurance Berhad, Malaysia's largest na4onal insurer and its subsidiary, Takaful Nasional Sdn Bhd, Malaysia's premier Takaful provider. The merger catapulted Mayban For4s to the posi4on of second largest insurer in Malaysia and culminated in the rebranding of the en4re Insurance and Takaful group to the new brand name – eTiQa. eTiQa became the single master brand for all conven4onal and Takaful businesses under Mayban For4s. The five opera4ng en44es are grouped under two anchor subsidiaries for Conven4onal and Takaful respec4vely: Malaysia Na4onal Insurance Berhad, now known as eTiQa Insurance Berhad, and Takaful Nasional Sdn Bhd, renamed as eTiQa Takaful Berhad.
Sponsors: Diamond Partners
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For the 2011 financial year, ended 31st December 2011, eTiQa Takaful Berhad recorded a topline premium of RM2.2 billion (USD682 million), making it the first Takaful company to surpass the RM2 billion mark. eTiQa Takaful is the no. 1 Takaful player in Malaysia; with a market share of 45.5% in General Takaful and 38.6% in Family Takaful. Four years ago, eTiQa Takaful was the first Takaful operator to register gross contribu4on exceeding RM1 billion. eTiQa Takaful's strength is in its ability as a true mul4-channel takaful operator. Its 21,000 agents and 33 branches na4onwide together with parent company Maybank’s 407 branches around Malaysia and other thirdparty banks plus its direct enterprise corporate businesses extend its ability to reach out to the masses. Supported by the eTiQa Oneline call centre at 1300 13 8888 and www.motortakaful.com, its online motor takaful channel, eTiQa con4nues to grow and expand its market reach and share. At the core of the eTiQa brand is the essence of humanizing Insurance and Takaful. In an industry where agreements are typified by triplicate and fine print, eTiQa seeks to humanize the process by breaking down boundaries through clarity, strength and good conscience. With rock solid founda4on, eTiQa is able to provide a unique ability to work hand-in-hand with customers enabling them to live richer lives.
Since its launch in 2007, eTiQa Takaful con4nues to garner various interna4onal awards as proofs of its leadership in the industry. eTiQa con4nues to garner various interna4onal awards as tes4monies of its leadership in the industry since 2007. eTiQa has won the ‘Best Takaful Marke4ng’ award at the Interna4onal Takaful Awards 2008 in London, the ‘Most Outstanding Takaful Company’ award at the Kuala Lumpur Islamic Finance Forum in 2008, 2009, 2010 and again in 2011, the ‘Best Brand in Services – Insurance and Takaful’ award at the Brand Laureate Awards Night 2009 in Kuala Lumpur, the ‘Best Bancatakaful’ award at the Interna4onal Takaful Award 2008 and 2010 in London, the ‘Best Takaful Company’ and ‘Best Bancatakaful’ awards at the Asia Middle East Takaful Summit Bahrain 2010, the ‘Best Group Business Operator’ and the ‘Best Bancatakaful Operator’ awards at the Malaysia Takaful Associa4on Annual Dinner and Awards Night 2011, the ‘Best Takaful Operator in Asia’ award at the Islamic Business & Finance Awards 2011, Silver Award for the ‘Best Contact Centre Manager’ and Bronze Award for the ‘Best In-House Contact Centre’ at the CCAM Annual Contact Centre Awards 2010 and Bronze Award for the ‘Best Social Media Programme in Contact Centre’ in 2011.
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A Spirit of Trust Since 1879
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Norton Rose Group is a leading interna4onal legal prac4ce. We offer a full business law service from offices across Europe, the Middle East and Asia. Knowing how our clients’ businesses work and understanding what drives their industries is fundamental to us. Our lawyers share industry knowledge and sector exper4se across borders, enabling us to support our clients anywhere in the world. We are strong in corporate finance; financial ins4tu4ons; energy and infrastructure; transport; and technology.
Sponsors: Diamond Partners
The Group comprises Norton Rose LLP and its affiliates. We have over 1000 lawyers opera4ng from offices in Amsterdam, Athens, Bahrain, Bangkok, Beijing, Brussels, Dubai, Frankfurt, Hong Kong, Jakarta*, London, Milan, Moscow, Munich, Paris, Piraeus, Prague, Riyadh*, Rome, Shanghai, Singapore and Warsaw.
CIMB-Principal Islamic Asset Management (CIMB-Principal Islamic) provides ins4tu4onal global investors with an extensive range of Islamic investment solu4ons. The firm offers separately managed por3olios as well as collec4ve investment trust funds. A partnership between the CIMB Group Sdn Bhd. and Principal Global Investors, allows CIMB-Principal Islamic to leverage on the strong Islamic finance background of CIMB Group (via CIMB Islamic) while Principal Global Investor’s lends its exper4se in global asset management. Headquartered in Kuala Lumpur, Malaysia, CIMB-Principal Islamic is strategically located in the world’s first country with a complete Islamic financial system opera4ng in parallel to the conven4onal banking system. This allows the firm to leverage on Malaysia’s comprehensive Islamic financial infrastructure and its adopted global regulatory, legal and Shariah best prac4ces.
The Spirit of Trust
Tokio Marine Group is commi5ed to the development of Takaful and offers wide range of takaful products and retakaful capacity in a number of countries around the world. With its commitment to Corporate Social Responsibility, it constantly strives to deliver the best to its customers, fully aligned with local values and beliefs. Tokio Marine Nichido is Japan’s oldest and largest non-life insurance company, an undisputed industry leader in commercial and personal underwri4ng and writes most classes of business in takaful and conven4onal insurance. Tokio Marine Middle East is the Takaful Centre of Excellence of the Group based in Dubai Interna4onal Financial Centre.
The Spirit of Trust Tokio Marine Group is committed to the development of Takaful and offers wide range of takaful products and retakaful capacity in a number of countries around the world. With its commitment to Corporate Social Responsibility, it constantly strives to deliver the best to its customers, fully aligned with local values and beliefs. Tokio Marine Nichido is Japan’s oldest and largest non-life insurance company, an undisputed industry leader in commercial and personal underwriting and writes most classes of business in takaful and conventional insurance.
Tokio Marine Group Tokio Marine Middle East is the Takaful Centre of Excellence of the Group based in Dubai International Financial Centre, P. O. Box 506616, Dubai, United Arab Emirates. For more information contact info@tm-mena.com, Tel: +971 4 425 5678, Fax: +971 4 425 5600, www.tmmena.com Group websites: www.tokiomarine.eu and www.tokiomarinehd.com/en
For more informa4on contact info@tm-mena.com or visit www.tmmena.com Group websites: www.tokiomarine.eu and www.tokiomarinehd.com/en
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Sponsors: Diamond Partners
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As trusted a provider of Sharia compliant ReTakaful products to over 200 partners in 15 countries, Hannover ReTakaful B.S.C. (c) is a Company with an elegant heritage and aspiring future. In the milieu of the vibrancy of Islamic Finance Hannover ReTakaful B.S.C. (c) was formally registered on 3 October 2006 in Bahrain with an authorised capital of BHD 50 million (US $ 135 million) and fully paid up capital of BHD 20 million (US $ 54 million). Hannover ReTakaful B.S.C. (c) is licensed by the Central Bank of Bahrain to provide fully Sharia compliant ReTakaful, and operates as an Interna4onally ReTakaful Company for both Family and General ReTakaful.
The Company is a 100% subsidiary of Hannover Re Germany, one of world’s largest reinsurer with gross premium of around EUR 10.2 billion, traces its roots back to 1903 when HDI Versicherungen began opera4on as a mutual. The establishment of a fully owned subsidiary for ReTakaful business shows the commitment of Hannover Re Group towards this market. Today, Hannover Re Group has a Standard and Poor’s financial strength ra4ng of AA- and an AM Best ra4ng of A. Hannover ReTakaful independently has been assigned a ra4ng by Standard & Poor’s of “A” with stable outlook.
Excep4onal technical exper4se coupled with market knowledge and strong financial strength earned Hannover ReTakaful B.S.C. (c) a number of awards interna4onally in recogni4on of its contribu4ons to the Takaful and ReTakaful Industry and its entrepreneurial approach.
A leader in delivering Sharia based products Hannover ReTakaful B.S.C. (c) is overseen by a Sharia Advisory Board companies consis4ng of eminent scholars from around the world. Hannover ReTakaful B.S.C. (c) provides financially sound ReTakaful solu4ons in all classes of Property and Casualty Business, on a treaty and faculta4ve basis. The capacity is offered on both propor4onal and non-propor4onal basis.
Apart from the tradi4onal Property and Casualty classes of business where the company has risk appe4te for a wide array of commercial and industrial occupancies, they also provide tailor-made faculta4ve solu4ons for various Casualty risks specifically rela4ng to Professional Indemnity, Medical Malprac4ce, Directors and Officers and Banker’s Blanket Bond. In addi4on they also have the ability to provide ReTakaful support for other Specialty lines business which includes Con4ngency, Personal Accident and Fine Arts & Special Risks.
Family Takaful Operators are provided with Sharia Compliant ReTakaful solu4ons for all their products and supplementary benefits. This includes both Individual and Group Family Takaful, and supplementary benefits. Hannover ReTakaful B.S.C. (c) understands the low insurance penetra4on in the area of family takaful and considers family takaful as the arena to further u4lize its proven resources. Personnel include a resident based dedicated team of professionals for both Family and General ReTakaful opera4ons. Being the center of competence for Takaful and ReTakaful we are able to provide clients with expert and efficient solu4ons for all their business needs. The team at Hannover ReTakaful is also able to draw on technical and logis4c support from the parent company, Hannover Re Germany.
As a prudent service provider, Hannover ReTakaful B.S.C. (c) recognizes the needs of its clients. Hannover ReTakaful B.S.C. (c) endorses performance excellence as a management tool to sustain growth and profitability. From Hannover ReTakaful B.S.C. (c) perspec4ve performance excellence is achieved through opera4onal excellence, strong capital and more importantly client sa4sfac4on. Hannover ReTakaful B.S.C. (c) employs a holis4c approach to the requirements of its clients which in turn have bestowed the company with strong rela4onships, trust, credence, faith and mutual coopera4on from its clients.
Hannover ReTakaful B.S.C. (c) grew by three fold over the last three years. For Hannover ReTakaful B.S.C. (c) this is an impressive achievement in its ini4al years of opera4on. “Overall we are op4mis4c of good growth in the takaful industry and will con4nue in pioneering the further development of standards and contribute to the further learning of ReTakaful. In that journey we pride ourselves as the torch bearers,” commented Mr Mahomed Akoob (Managing Director, Hannover ReTakaful B.S.C (c)).
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Your international partner in the takaful market.
Hannover ReTakaful B.S.C. (c) Kingdom of Bahrain Tel. +973 17 214766 www.hannover-re.com
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Aon Corpora4on (NYSE: AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consul4ng. Through its more than 36,000 colleagues worldwide, Aon delivers dis4nc4ve client value via innova4ve and effec4ve risk management and workforce produc4vity solu4ons. Aon's industry-leading global resources and technical exper4se are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's lis4ng of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and 2009. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consul4ng firm in 2007, 2008 and 2009 by the readers of Business Insurance. For more informa4on on Aon, log onto www.aon.com Aon’s three key business units:
Aon Risk Services
Aon Risk Services provides mul4faceted retail brokering and risk management services. Delivering personalized and innova4ve solu4ons from a broad compendium of products and services, Aon Risk Services enables clients to use their financial and human capital by an4cipa4ng the obstacles that may stand in the way of achieving their objec4ves. Aon Risk Services’ professionals apply a client-focused approach driven by the Aon Client Promise that leverages the company’s global network of resources, world-class technology and specialized exper4se to address clients’ business issues. Aon’s Global Risk Insight Pla3orm (GRIP) was awarded a 2010 Innova4on Award by Business Insurance magazine.
At BLME, we believe in building sustainable partnerships based upon our ethical principles. We are an independent, FSA authorised UK Bank offering unrivalled knowledge and experience of interna4onal finance and the Middle Eastern markets. We are dedicated to developing innova4ve products and client-driven solu4ons that are transparent, fair and compe44ve. Our key areas of business are Wealth Management including Private Banking and Asset Management, Corporate Banking and Treasury. As the largest Sharia’a compliant bank in Europe, and to ensure that our services and opera4ons are wholly Sharia’a compliant we have a dedicated Sharia’a Supervisory Board (“SSB”). The SSB ensures that our policies and prac4ces, as well as our corporate governance, are in accordance with Sharia’a principles. Asset Management Partners
These principles require that our service is based upon achieving sustainable performance from tangible assets. Our business is rooted in the principles of transparency, fairness, clarity and the avoidance of specula4on. BLME Asset Management
Sponsors: Diamond Partners
Sponsors: Diamond Partners
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BLME Asset Management combines exper4se and solid market understanding to offer you property, income and equity funds. Our priority is to provide organic and sustainable growth coupled with a strong return on capital.
Our experienced team is dedicated to delivering client-focussed, professional services tailored to your specific investment requirements. We offer investors a wide range of dis4nc4ve products that cater for their specific investment needs and risk appe4te. Our Fund Managers have experience of inves4ng in:
Aon Consul.ng
• Sukuk (Islamic bonds) • industrial, commercial, residen4al and healthcare proper4es • trade finance transac4ons • equipment lease transac4ons • Wakala deposits • Commodity Murabaha • Sharia’a complaint ETF's
Aon Benfield
We aim to generate a fair and equitable profit from transac4ons that are backed by real assets. Our methods avoid short selling and excessive credit crea4on whilst focussing on sound risk management procedures. You can expect personal customer service delivered through responsive, bespoke financing and advice.
Aon Consul4ng is among the top global human capital consul4ng firms, with 2009 revenues of $1.27 billion and 6,300 professionals in 117 offices worldwide. Aon Consul4ng is shaping the workplace of the future through benefits, talent management and rewards strategies and solu4ons. From 2006 to 2009, Aon Consul4ng has been named the best employee benefit consul4ng firm by the readers of Business Insurance magazine. Aon Benfield is the world’s premier reinsurance intermediary and capital advisor, providing clients with integrated capital solu4ons and services. The company offers clients access to every tradi4onal and alterna4ve market in the world, through an interna4onal network of offices spanning over 50 countries and more than 4,000 professionals. Clients of all sizes and in all loca4ons are able to access the broadest por3olio of integrated capital solu4ons and services, world-class talent, unparalleled global reach and local exper4se to best meet their business objec4ves. Aon Benfield is the industry leader in treaty, faculta4ve and capital markets transac4ons, and relevant analy4cs including actuarial, enterprise risk management, catastrophe management and ra4ng agency advisory. Aon Benfield’s FAConnect was awarded a 2010 Innova4on Award by Business Insurance magazine.
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BLME offers an integrated service across all our divisions. Our experienced teams can work with you to develop a bespoke solu4on of product tailored to your requirements. Our priority is to listen and understand your requirements in order to partner your objec4ves to with our proven exper4se. We believe that forming partnerships founded on the principles of trust, understanding and accountability is best prac4ce, whether that is for one or many transac4ons or investments.
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Dome has a unique blend of exper4se at theore4cal and prac4cal levels in both Islamic, common and civil laws that singularly enables it to carry out challenging work of this nature which will carry the industry forward over the next decade. Dome's vision is to create a new genera4on of people and products that embody the Islamic virtues of stewardship of the environment and society and marry together authen4c Islamic scholarship with adept technical exper4se.
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Law
Solvency requirements
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2012 - 2013
Heterogeneous risk pools Cap!ves
of Funds
Regula on
Maqasid al-Shariah Conflict of laws Friendly socie!es
Arbitra!on
The Guide will serve as a reference point for dra$ing and dispute resolu4on ma5ers both for lawyers and courts. It will be a unique and innova4ve publica4on that will change the way Takaful and Retakaful are approached by lawyers and prac44oners. There is nothing similar in the market.
Enforceability
Concept A unique legal trea4se on Islamic, common and civil laws of insurance and reinsurance, with contribu4ons from leading scholars, major interna4onal and local law firms and barristers’ chambers.
Surplus sharing
Launch Sponsor TBC
Risk Sharing
Corporate Sponsor TBC
Segrega on
Protected cell companies
Shariah
Qard Hasan
Publica.on Date 2013
Ghubn Faahish
Publisher Dome
Dispute resolu!on
Editors Bilal Khan and Badrul Hasan
Claw back
Dome is interna4onally recognised as a unique global Islamic finance social enterprise directed by individuals who are scholars and prac44oners of Islamic and English laws. ______________________________
Tabarru’
Concept To fill a lacuna in the industry by providing in depth analysis of Takaful and Retakaful through a cross-fer4lisa4on of Shariah and legal jurisprudence. To probe legal issues through the prism of the Shariah and under the microscope of the law.
Contract types
Content An execu4ve summary of the forthcoming Legal Prac44oners’ Guide to Takaful and Retakaful.
Excessive Wakala Fees
Launch Sponsor Interna4onal Takaful Summit 2012. To be launched at a special plenary session on 12 July 2012.
Dome Interna4onal Takaful Report Consumer protec!on 2012-13
Corporate Sponsor Simmons & Simmons
Insolvency
Contributors Pollyanna Deane (Simmons & Simmons), James Pollock and Andrew Bartle5 (Simmons & Simmons), John Gilbert (Hogan Lovells), Steven McEwan (Hogan Lovells), Peter Hodgins (Clyde & Co), Tim Plews and Jodi Griffiths (Clifford Chance).
Core Cogs
2012 - 2013
Dome Interna4onal Takaful Report
Publisher Dome
Dome Interna4onal Takaful Report
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Editors Bilal Khan and Badrul Hasan
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Takaful Re is providing a complete range of Retakaful services and products to Takaful and Islamic companies in order to meet their business requirements. The company is consistently ensuring that the products and services offered are in accordance with the principles of the Holy Quran and Sunnah as recommended by its Shari'a Supervisory Board. All contracts are based on Al-Wakala model managing the por3olio of Takaful operators and Islamic insurance companies for a pre- agreed fee.
Sponsors: Pla4num Partners
The investment opera4ons are governed by the principles of Al-Mudaraba (profit and loss sharing financing technique). The Re-takaful fund is managed by experts within an interest-free or Shari'a compliant equity investment scheme. Visit: www.takaful-re.ae
Standard & Poor’s, a subsidiary of The McGraw-Hill Companies (NYSE:MHP), is the world’s foremost provider of independent credit ra4ngs, indices, risk evalua4on, investment research and data.
With offices in 23 countries and markets, Standard & Poor’s is an essen4al part of the world’s financial infrastructure and has played a leading role for 150 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more informa4on please visit www.standardandpoors.com
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*OREDO /HDGHU in Takaful Expertise
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FWU Group is a global leader in the fast expanding Takaful industry and has generated signiďŹ cant produc4on in the various markets it has a presence in: Saudi Arabia, the UAE, Kuwait, Pakistan and Malaysia. Today, FWU Group is recognised as the largest global producer of Bancatakaful in those ďŹ ve markets combined.
www.fwugroup.com
Open investment architecture Dynamic Protected Sharia compliant Equity Strategy Robust web-based sales and policy administration system designed for customer convenience
Annual Retakaful surplus distributed to the individual participants
Bank distribution partners in the Middle East, Far East and the Emerging markets
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As one of the largest consul4ng and actuarial ďŹ rms in the world, we are recognized leaders in the markets we serve including Middle East. For over 60 years, Milliman has pioneered strategies, tools and solu4ons worldwide. Milliman insight reaches across global boundaries, oering specialized consul4ng services in life insurance and ďŹ nancial services, employee beneďŹ ts & Investment Consul4ng, healthcare, and property and casualty insurance. At Milliman, we help clients make business sense of complex and technical situa4ons, with prac4cal intelligence that yield results. Our consultants in the Middle East have global creden4als, interna4onal experience and local knowledge. With Shariah based and compliant ďŹ nancial products expected to grow in double digits over the coming years, crea4ng commercially viable and Shariah compliant solu4ons will be a challenge that must be addressed. Aligning the interests of operators, par4cipants and shareholders of Takaful opera4ons is another challenge that requires fundamental thoughts. At Milliman, we have the world’s best actuaries, business consultants, and ďŹ nancial analysts and are best placed to develop and assist you with new solu4ons or enhance exis4ng business proposi4on. Plus, we have access to world-class Shariah advisors.
FWU Group is A leader in international Bancatakaful, product innovation and quality customer service An Observer Member of the Islamic Financial Services Board (IFSB)
Sponsors: Pla4num Partners
Regular and lump sum contributions
Structured Retakaful solution with a major global reinsurance company
FWU Group specializes in white label Family Takaful unit-linked investments and oers the Takaful Operator a customised innova4ve product family, which includes savings, educa4on, marriage and pension plans. A second genera4on of that product suite has recently been developed and approved by various Shari’ah Boards to meet with customers’ broader ďŹ nancial planning needs. FWU Group oers the banks an open investment architecture where they can incorporate their own Shari’ah-compliant funds into the investments universe as well as a dynamic principal-protected equity strategy, in conjunc4on with an interna4onal player. FWU Group is at the forefront of the eorts to raise the performance bar by innova4ng to respond to market condi4ons and by working closely with prominent Shari’ah scholars, na4onal regulators, interna4onal actuaries, global reinsurers and interna4onal accoun4ng ďŹ rms. FWU Group has also created a proprietary web portal, which facilitates the customer sales process, policy administra4on and provides automated underwri4ng. FWU Group is an observer member of IFSB and an ac4ve member of their Takaful working group. In recogni4on of its global exper4se in Takaful, FWU Group has won eight pres4gious awards including Euromoney, Islamic Finance News, Islamic Business and Finance and World Finance.
Why choose FWU Group for tailor-made “white label� Family Takaful Savings, Education, Marriage & Retirement plans?
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I N T E R N AT I O N A L
Whether you are a Takaful or Re-Takaful operator, regulator, global player, conven4onal insurance player or investor, Milliman is here to provide you with a range of services right at the heart of the Middle East.
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Milliman Solutions
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Takaful Solutions at Milliman
With Shariah based and compliant financial products expected to grow in double digits over the coming years, creating commercially viable Shariah compliant solutions will be a challenge that must be addressed. Aligning the interests of participants and shareholders of Takaful operations is another issue that requires fundamental thoughts. At Milliman, we have the world’s best actuaries, business consultants, and financial analysts and are best placed to develop and assist you with new solutions or enhance existing business proposition. Plus, we have access to world-class Shariah advisors. Whether you are a Takaful or Re-Takaful operator, regulator, global player, conventional insurance player or investor, Milliman is here to provide you with a range of services right at the heart of Middle East. We can help you: • Create and review business plans or Re-Takaful companies
• Create and advise on funds, pools and underwriting procedures to meet shariah requirements • Assist with Shariah board and regulatory audits • Provide innovative solutions for shariah compliant investment policy that inject sound accountability into asset management including framework for Asset-Liability Management • Assess Joint Venture and other M&A plans and partnership with other Shariah-compliant organizations • Actuarial valuation and certification Re-Takaful portfolios
of Takaful and
• Carrying out due diligence activities for new and existing Takaful
• Create and design Shariah compliant and actuarially sound life and non-life product lines • Create innovative solutions for larger risks within the bounds of Shariah principles
• Determine optimal capital structure including Re-Takaful strategy to align shareholder and policyholder interests • Provide training for Takaful staff at all levels and in various functions i.e. actuarial, investments, underwriting, claims and administration
• Build tools for sound surplus distribution and allocation of wakalah fees • Ensure efficient management and monitoring tools for meeting shareholder, policyholder and Shariah board expectations • Provide modelling packages that are tailor made to meet Takaful requirements
Milliman Liberty House, Unit 501, Level 5 DIFC Grosvenor Business Tower, Suite 2010 Dubai P O Box 506784 Sheikh Zayed Road P.O. Box 506784 United Arab Emirates Dubai United Arab Emirates
2nd Global Family Takaful Report Following last year’s successful launch of the first ever Global Family Takaful Report, Milliman is proud to present the 2nd Global Family Takaful Report 2012 - to be presented at the Interna4onal Takaful Summit in London in July 2012. This second report similarly provides a unique in depth analysis of Family Takaful alone, without the usual bias and influence from General Takaful, and in par4cular, one which focuses on the characteris4cs inherent within the Family Takaful market. Industry reports up 4ll now have focused on Takaful without providing in depth insight into the varia4ons between General Takaful and Family Takaful. The underlying drivers for Family Takaful and General Takaful are markedly different and a combined view point leads to distorted results. With bo5om line profitability on the General Takaful front facing s4ff compe44on from a rela4vely so$ market, in comparison, Family Takaful is seen as a long term and sustainable proposi4on with strong bo5om line expecta4ons. Consequently, there is an increasing need for a per4nent reference source to facilitate industry leaders in naviga4ng the evolving Family Takaful landscape.
Report
Milliman is one of the largest consulting and actuarial firms in the world serving the full spectrum of business, governmental, and financial organizations. Founded in 1947, the firm offers services from its 49 offices across United States, Europe, Middle East and Asia. For more than 60 years, Milliman has pioneered strategies, tools and solutions worldwide. Milliman insight reaches across global boundaries, offering specialized consulting services in life insurance & financial services, employee benefits & investment consulting, healthcare, and property & casualty insurance.
The launch of the 2nd Milliman Global Family Takaful Report provides an updated and invaluable reference source for industry par4cipants. This report summarizes the quan4ta4ve and qualita4ve analyses of the Family Takaful industry by key regions. It tackles the topical issues within the world of Family Takaful and delivers insight into overall market trends.
In our second edi4on of the report, we present an analysis of industry growth for Family Takaful by key regions, and this year’s report takes a deeper look at the rapidly developing Takaful poten4al in Indonesia.
The Global Family Takaful Report by Milliman will be updated on a regular basis, covering key dimensions within the industry including market growth, financial highlights, regulatory updates and per4nent contemporary issues facing the world of Family Takaful. We believe that this report will contribute posi4vely to the Takaful industry as it strives to promote a robust, well regulated, transparent global Family Takaful offering. Dubai Office Liberty House, Unit 501, Level 5 DIFC Dubai P O Box 506784, UAE
London Office
Singapore Office
Tel: +971 4 386 6990 Fax: +971 4 386 6950
Tel: +44 (0)20 7847 1500 Fax: +44 (0)20 7847 1501
Tel: +65 6327 2301 Fax: +65 6221 0642
milliman.com
Main: +971 4 386 6990 Fax: +971 4 386 6950 www. milliman.com
Main: Fax:
+971 (0)4 328 9828 +971 (0)4 328 9838
milliman.com/dubai-services
11 Old Jewry London EC2R 8DU United Kingdom
uk.milliman.com
180 Cecil Street #10-01 Bangkok Bank Building Singapore 069546
milliman.com
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Streaming index values.
S U M M I T
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% Change. See the latest gainers and losers at a glance.
Alerts. Customizable alerts instantly notify you of major market movements.
Favorites. Customize the indices you follow at the touch of a button.
Graphing. View index performance over a selection of time periods, from 1 day to 2 years.
Ticker scroll. Snapshot of the latest pricing on over 60 global markets.
FTSE Group (“FTSE”) is a world-leader in the crea4on and management of indices. With offices in London, Beijing, Dubai, Frankfurt, Milan, Mumbai, Hong Kong, New York, Paris, San Francisco, Sydney, Shanghai and Tokyo, FTSE works with investors in 77 countries globally. It calculates and manages a comprehensive range of equity, fixed income, Shariah-compliant, real estate, currency, commodity and non market-cap indices, on both a standard and custom basis. The company has collabora4ve arrangements with a number of stock exchanges, trade bodies and asset class specialists around the world. FTSE indices are used extensively by investors world-wide for investment analysis, performance measurement, asset alloca4on, por3olio hedging and for crea4ng a wide range of index tracking funds. FTSE is an independent company jointly owned by The Financial Times and London Stock Exchange Group.
Sponsors: Pla4num Partners
Real time index values & custom alerts. Download today from the app store.
I N T E R N AT I O N A L
Fyshe Crestar is at the forefront of the investment industry in providing bespoke investment solu4ons. Our strategic emphasis is that Islamic Financial Services need to reach out and address the needs of the wider community if they are to make a meaningful impact. To do this, it is vital that the wisdom of Shari’ah is paired with conven4onal skills that drive results. Innova4on and a choice of products and services are vital in ensuring that the Islamic Financial Services succeed in posi4oning themselves as a viable alterna4ve.
Fyshe Crestar is a trading name of Fyshe Horton Finney Ltd, a firm that traces its history to 1896 and that is authorised and regulated by the UK Financial Services Authority. Fyshe Crestar is a flagship brand established in 2003 to cater for those developing Shari’ah compliant investment products and seeking distribu4on channels to retail clients. We are ver4cally integrated and are a one stop for bespoke Shari’ah screening, execu4ng business on regulated global markets and distribu4on of regulated products in the UK and European Union. Our range of services are bespoke, designed to be compe44ve and meet the highest standards of quality.
®
3i Infotech is a global Information Technology company committed to Empowering Business Transformation.
A comprehensive set of IP based software solutions (20+), coupled with a wide range of IT services, uniquely positions the company to address the dynamic requirements of a variety of industry verticals, predominantly Insurance, Banking, Capital Markets, Asset & Wealth Management (BFSI). The company also provides solutions for other verticals such as Government, Manufacturing, Retail, Distribution, Telecom and Healthcare. 3i Infotech offers PREMIA™ Takaful, an end-to-end Islamic insurance solution that streamlines insurance operations according to the Shariah law. PREMIA™ Takaful supports both Mudharabah and Wakalah models across family, general, group, and annuity.
3i Infotech has over 1500 customers, including 71 in the Fortune 500 list, in more than 50 countries across 5 continents. Of these, 3i Infotech’s PREMIA™ Takaful serves over 15 leading names in the Middle East and Africa Insurance industry.
27 Apple, the Apple logo and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc,.
One thousand five hundred customers in fifty countries across five continents. One focus. Empowering
We are a global Information Technology (IT) company that provides technology solutions and services for our 1,500 customers across 50 countries globally... everyday. The confidence they put in us stems from the fact that we are a significant player in IT Services, BPO and IT Infrastructure Services and our domain expertise and experience empowers our clients in the Banking & Financial Services, Insurance, Healthcare, Manufacturing, Auto, Retail and CPG sectors. With all that experience and knowledge we still understand that it is the relationship we have with each of our customers that is our primary focus always. So while we focus on that, you can focus on your core area of business. marketing@3i-infotech.com www.3i-infotech.com
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Sponsors: Pla4num Partners
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NBAD @ a Glance The Na4onal Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, was incorporated in 1968 and is listed in the Abu Dhabi Securi4es Exchange (ADX), under stock code NBAD. NBAD has one of the largest networks in the UAE with an expanding network of more than 120 branches and cash offices and 490 ATMs across the country. NBAD’s interna4onal network consists of 50 branches and 60 ATMs in 12 countries stretching across four con4nents from the Far East to North America, giving it the largest global network among all UAE banks. Since 2009, NBAD has been ranked consecu4ve year one of the World’s 50 Safest Banks by the pres4gious Global Finance magazine, making NBAD the safest bank in the Middle East. NBAD was also named in 2011 the Best Bank in the UAE for the third consecu4ve year and for the fi$h 4me in a decade by Euromoney. NBAD surpassed the US$1 billion net profits in 2010, becoming the first UAE bank to reach this milestone. NBAD is rated senior long term/short term A+/A-1 by Standard & Poor's (S&P), Aa3/P1 by Moody’s, AA-/F1+ by Fitch and A+ by Ra4ng and Investment Informa4on Inc (R&I), giving it one of the strongest combined ra4ng of any Middle Eastern financial ins4tu4on.
NBAD Sukuk Income Fund: Investing in Shari’ah compliant instruments, targets a lower risk income and attractive profit rates with regular distributions..
A comprehensive financial ins4tu4on, NBAD offers a range of banking services including retail, investment and Islamic banking services. NBAD grows strategically toward its Vision to be recognized as the World’s Best Arab Bank.
www.nbad.com Disclaimer: A collective investment fund authorised by the Securities & Commodities Authority of the UAE. Past performance is not indicative of future performance. The value of investments can go down as well as up and the Investor may not get back all of the initial investment. There is no guarantee for the performance during the investment period. It is recommended that every Investor seeks independent financial advice about the risks involved before considering investing. NBAD is licensed by the Central Bank of the UAE.
NBAD Asset Management: Awarded the Best Fund Management Company by Arab Achievements Awards 2012, the UAE Asset Manager of the Year by MENA Fund Manager 2012 and the Best Asset Manager in the UAE by Global Investor 2011.
30 Subsidiary of National Bank of Abu Dhabi
800 2211 800 ADNIF (23643) amg@nbad.com
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Who we are Dome is the first ever global Islamic finance social enterprise. What makes us different?
Dome brings together projects that embody social and environmental stewardship in addi4on to economic viability. Dome believes in crea4ng organic, ethical and sustainable opportuni4es that avert the need for chemical or nuclear solu4ons. Dome is directed by individuals who are both scholars and prac44oners of Islamic and English laws with longstanding experience and global rela4onships at the highest level. Dome has mul4-disciplinary, mul4-linguis4c and cross-cultural capabili4es that enable it to provide holis4c opportuni4es for Islamic businesses.
Dome focuses on the true essence of Islamic finance, which uniquely offers a comprehensive and paradigmshi$ing solu4on to the vicious cycle of modern day economic crises.
S&P Capital IQ combines two of our history and experience in the financial
Our Strategic Sectors Dome focuses on projects that give expression to its ethos in the following strategic sectors:
markets and Capital IQ, which is known among professionals globally for its accurate financial information and powerful analytical tools.
For more information,
please visit www.spcapitaliq.com.
• Health and life sciences • Educa4on • Environment • Community and regenera4on • Food and agriculture • Micro and SME investments
• Trusts, endowments and chari4es • Ethical coopera4ves and mutuals • Ethical asset management • Renewable and alterna4ve energy • Water and recycling • Technology and infrastructure
Sponsors: Gold Partners
How we do it Dome is not a service provider but rather a strategic partner. We do not give advice to our patrons but take them where they want to go. We put our patrons first but that does not mean that we compromise our principles.
strongest brands—S&P, with its long
Our Mission We are sincerely commi5ed to crea4ng an alterna4ve work ethic that balances our Islamic du4es to ourselves, our people, our patrons, our community and our environment and has a posi4ve social and environmental impact.
Our Vision Our vision is to create a new genera4on of people and products that embody the Islamic virtues of stewardship of the environment and society and marry together authen4c Islamic scholarship and adept technical exper4se.
S&P Capital IQ provides multi-asset class data, research and analytics to institutional investors, investment advisors and wealth managers around the world. We offer a broad suite of capabilities designed to help track performance, generate alpha, identify new trading and investment ideas, and perform risk analysis and mitigation strategies.
The analyses, including ratings, of Standard & Poor’s and its affiliates are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or make any investment decisions. Users of ratings or other analyses should not rely on them in making any investment decision. Standard & Poor’s opinions and analyses do not address the suitability of any security. Standard & Poor’s does not act as a fiduciary or an investment advisor except where registered as such. Copyright © 2012 by Standard & Poor’s Financial Services LLC (S&P), a subsidiary of The McGraw-Hill Companies, Inc. All rights reserved. STANDARD & POOR’S and S&P are registered trademarks of Standard & Poor’s Financial Services LLC. CAPITAL IQ is a registered trademark of Capital IQ.
Ethical AM has recently launched the worlds first ‘Investment Sukuk’ fund, which will acquire exis4ng income producing Student Accommoda4on assets with value enhancement poten4al and forward fund new development opportuni4es within well known University towns and ci4es across the UK.
This is the first of such products and will be closely followed by other ‘Investment Sukuk’ funds, such as the Private Rented Sector and Infrastructure, which have a proven track record and can deliver secure and stable income along with significant social benefits, with no detriment to the investors returns. As an integral part of the Ethical AM ethos, all the ac4vi4es of the company and those it carries out on behalf of it’s investors will be conducted using no debt or leverage before, during or a$er the process. Ever.
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