saudi insurance brochure draft5

2 Saudi InsuranceSummit

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The Premier Insurance Industry Event For Saudi Arabia

28 – 31 October 2007Jeddah Hilton Hotel, Jeddah, Saudi Arabia

Remember to quote your VIP Code when registering to beentered into a draw to WIN US$ 250 Dubai Duty Free Vouchers.�

AK0304

PERSONAL DETAILS

For further informationand Group Discounts

contact +971-4-3352483or email: [email protected]

Title First Name Surname Job Title Department Email

1st Delegate

2nd Delegate

3rd Delegate

4th Delegate

To assist us with future correspondence, please supply the following details:

Head of Department

Training Manager

Booking Contact

Company:

Address (if different from label above):

Postcode: Country:

Tel: Fax:

No of employees on your site:

0-49 50-249 250-499 500-999 1000+

Nature of your company business:

PaymentsA confirmation letter and invoice will be sent upon receipt of your registration.Please note that full payment must be received prior to the event. Only those delegateswhose fees have been paid in full will be admitted to the event.You canpay by company cheques or bankers draft in Dirhams or US$. Please note that allUS$ cheques and drafts should be drawn on a New York bank and an extra amount ofUS$ 6 per payment should be added to cover bank clearing charges.All paymentsshould be in favour of IIR Holdings Ltd.

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Hotel & Accommodation DetailsJeddah Hilton Hotel, Jeddah, Saudi Arabia

Tel: +966-2-6590000

Fax: +966-2-6591111

We highly recommend you secure yourroom reservation at the earliest to avoidlast minute inconvenience.You can contactthe IIR Hospitality Desk for requiredassistance on:

Tel: +971-4-4072693Fax: +971-4-4072517Email: [email protected]

CancellationIf you are unable to attend, a substitutedelegate will be welcome in your place.If this is not suitable, a US$ 200 servicecharge will be payable. Registrationscancelled less than seven days before theevent must be paid in full.

PG: F150

Due to unforeseen circumstances, the programme may changeand IIR reserves the right to alter the venue and/or speakers.

© Copyright I.I.R. HOLDINGS B.V. Finance

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My email address is:

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Fees include documentation,luncheon, refreshments anda certificate of attendance

+971-4-3352437 +971-4-3352438 [email protected]

IIR Holdings Ltd.P.O Box 21743Dubai, UAE

GCS/IIR Holdings Ltd.P.O Box 13977Muharraq, State of Bahrain

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www.insurancesaudi.com

FIVE WAYS TO REGISTER

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Yes, I want to register for the Saudi Insurance Summit

Pre-Summit Workshop 28 October 2007 US$ 995 / SAR 3,781

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!

Post-Summit Workshop 31 October 2007 US$ 995 / SAR 3,781

Discounts

Book Two-Day Summit + 1 Workshop Save US$ 200 US$ 2,490 / SAR 9,462

Book Two-Day Summit + 2 Workshops (entire event)Save US$ 500 US$ 3,185 / SAR 12,103

Early Bird Discounts

Book the entire event before 12 August 2007 Save a further US$ 200 US$ 2,985 / SAR 11,343

Book the entire event before 2 September 2007 Save a further US$ 100 US$ 3,085 / SAR 11,723


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www.insurancesaudi.com

Including key contributions from:

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PLUS! TwoPractical Workshops:

• Over 30 Regional And InternationalExpert Speakers

• Over 20 Powerful Sessions• Four Interactive Panel Discussions

• Two Practical Workshops• Exclusive Gala Dinner• Ample Networking OpportunitiesWith Key Decision Makers

Pre-Summit Workshop: Principles Of Islamic InsuranceTakaful Structures And Shari’ah Compliance

Post-Summit Workshop: Mind The Gap!How Can We Bridge The Insurance Skills Shortage?

1

2

Take Advantage Of The Most ComprehensiveInsurance Event In Saudi Arabia:

➢ Hammad & Al Mehdar, KSA

➢ The Company for Cooperative

Insurance (NCCI), KSA

➢ The Alliance of Abbas F. Ghazzawi &

Hammad & Al-Mehdar, KSA

➢ Medgulf, KSA

➢ BMG Financial Advisors, KSA

➢ Manar Sigma Financial Consulting, KSA

➢ Lebanese Insurance Brokers Syndicate,

Lebanon

➢ MedNet Holding GmbH (a Munich Re

Group Company), GCC

➢ Muhanna & Co., Lebanon

➢ KPMG Al Fozan & Al Sadhan, KSA

➢ Unicorn Investment Bank, Bahrain

➢ Doha Bank, Qatar

➢ The Chartered Insurance Institute, UK

➢ King Abdul Aziz University, KSA

➢ Oxford Business Group, UAE

➢ Ministry of Health, KSA

➢ Swiss Reinsurance Company, Switzerland

➢ AIG, UAE

➢ Institute of Banking (SAMA), KSA

➢ Takaful Re, Bahrain

➢ Arab Insurance Group (ARIG), Bahrain

➢ Takaful Ta’awuni - Bank Aljazira, KSA

➢ Saudi Arabian Monetary Agency

(SAMA), KSA

➢ Council of Cooperative Health Insurance

(CCHI), KSA

➢ Jadwa Investment Company, KSA

➢ BUPA Middle East, KSA

➢ Arabian Company for Insurance &

Reinsurance Brokers (AMS), KSA

➢ The Law Firm of Majed M. Garoub, KSA

➢ Bahrain Monetary Agency, Bahrain

➢ University of Durham’s School of

Goverment and International Affairs, UK

Organised byPlatinum SponsorsDiamond Sponsor

Media PartnersStrategic BusinessInformation PartnerExclusive Insurance

Magazine

Gold Sponsor

In Cooperation with


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The Premier Insurance Industry Event For Saudi Arabia


Hear From Over 30 High Profile International And Regional Speakers:

HE Dr. Muhammad Al-JasserVice Governor

Saudi Arabian Monetary

Agency (SAMA), KSA

Dr. Abdullah I. Al SharifGeneral Secretary

Council of Cooperative Health

Insurance (CCHI), KSA

Brad BourlandChief Economist

Jadwa Investment CompanyKSA

Talal Hisham NazerManaging Director

BUPA Middle East, KSA

Dr. Omar FisherManaging Director – TakafulUnicorn Investment Bank

Bahrain

Ali A. Al SubaihinBoard Member and CEO

The Company for Cooperative

Insurance (NCCI), KSA

+971-4-3352437 +971-4-3352438 [email protected] www.insurancesaudi.com� � ��

Dawood TaylorGroup Head

Takaful Ta'awuni - Bank AljaziraKSA

Dr. Adham JaadCEO

Arabian Company for Insurance& Reinsurance Brokers (AMS)

KSA

➢ Adli Hammad, Senior PartnerHammad & Al Mehdar, KSA

➢ Ahmed A. Al-Shalan, Vice President – Marketing & SalesThe Company for Cooperative Insurance (NCCI), KSA

➢ Andreas Haberbeck, BarristerThe Alliance of Abbas F. Ghazzawi & Hammad & Al-Mehdar, KSA

➢ Ayman El Hout, Deputy General ManagerMedgulf, KSA

➢ Basil Al-Ghalayini, CEOBMG Financial Advisors, KSA

➢ Chris Symeonidis, CEOManar Sigma Financial Consulting, KSA

➢ Elie Ziadé, PresidentLebanese Insurance Brokers Syndicate, Lebanon

➢ Fahad A. Al-Hesni, Vice President – Property & CasualtyThe Company for Cooperative Insurance (NCCI), KSA

➢ Dr. Frank Mayer, Regional Managing DirectorMedNet Holding GmbH (a Munich Re Group Company), GCC

➢ Ibrahim Muhanna, FuturistMuhanna & Co., Lebanon

➢ John Elkaas, Senior DirectorKPMG Al Fozan & Al Sadhan, KSA

➢ Khalil Ghneim, Senior Director – TakafulUnicorn Investment Bank, Bahrain

➢Manoj Kumar, Head of BancassuranceDoha Bank, Qatar

➢Mark Greenwood, Head of Regional BusinessDevelopment – Middle EastThe Chartered Insurance Institute, UK

➢ Dr. Mohamed Ali El-Gari, Professor of Islamic EconomicsKing Abdul Aziz University, KSA

➢ Oliver Cornock, Regional EditorOxford Business Group, UAE

➢ Reda Khalil, Senior Minister AdvisorMinistry of Health, KSA

➢ Safder Jaffer, Client Markets Europe – Middle EastTurkey & Pakistan, Western & Southern EuropeSwiss Reinsurance Company, Switzerland

➢ Paul Sterckx, Assistant Vice President – Financial Lines Arabian RegionAIG, UAE

➢Mohamed El Dishish, CFOTakaful Re, Bahrain

➢ Ian Hayward, Director – Life and MedicalArab Insurance Group (ARIG), UAE

➢ Chakib Abouzaid, CEOTakaful Re, Bahrain

➢ Rodney Wilson, Director of Post Graduate Studies andProfessor of EconomicsUniversity of Durham’s School of Goverment andInternational Affairs, UK

➢ Dr. Majed Mohammed Hussain Garoub, ChairmanThe Law Firm of Majed M. Garoub, KSAand ChairmanThe Saudi Law Training Centre, KSA

➢ Sheikh Nizam Yaquby, Shari’ah Board MemberBahrain Monetary Agency, Bahrain

➢ Ian Wilson, FIIC, MBA, Head of Insurance ProgramsInstitute of Banking (SAMA), KSA

By attending this top-level, cutting edge event you will:

• Understand how ongoing economic developments affect the Saudi Arabianinsurance industry

• Determine the impact of new insurance companies entering the market

• Discover the roles of the Saudi Arabian reinsurance and Retakaful industries nowand in the future

• Learn international insurance best practices and how to reach them

• Determine the current state of medical care in Saudi Arabia and how compulsoryhealth insurance will impact it

• Understand the growing trend of bancassurance as a viable option for insurers

• Identify the principles and structures of Takaful insurance

• Examine the level of insurance expertise within the Kingdom and how it can be improved

Organised byPlatinum SponsorsDiamond Sponsor

Media PartnersStrategic BusinessInformation PartnerExclusive Insurance

Magazine

Gold Sponsor

In Cooperation with



nd

28 – 31 October 2007

Workshop Timings: Registration will be at 08:00. The workshop will commence at 08:30 and conclude at 14:30 with lunch.There will be two refreshment breaks at appropriate intervals.

Principles Of Islamic Insurance – Takaful Structures And Shari’ah Compliance

Meet Your Workshop Leader:Rodney WilsonDirector of Postgraduate Studies and Professor of EconomicsUniversity of Durham’s School of Government andInternational Affairs, UK

Rodney Wilson is Director of Postgraduate Studies at the Universityof Durham’s School of Government and International Affairs and aProfessor of Economics. He currently chairs the academic committee

of the Institute of Islamic Banking and Insurance in London and is acting as consultant to theIslamic Financial Services Board with respect to its Shari’ah Governance Guidelines. He is authorof numerous books and articles on Islamic finance.

Professor Wilson also teaches masters level courses on Islamic economics and finance andsupervises a number of PhD students working on Islamic finance. He has acted as CourseDirector for Euromoney Training in London, Kuwait, Bahrain, Bangkok and Singapore, and takencourses for the Kuwait Investment Authority, the Commercial Bank of Kuwait, the Arab BankingCorporation, Citibank and the Monetary Authority of Singapore.

Dear Insurance Professional,

By attending this top-level, cutting edge event you will:

It gives me great pleasure to present to you the 2nd Saudi Insurance Summit, the premier annualinsurance event for Saudi Arabia, taking place at the Jeddah Hilton Hotel on 28 – 31 October 2007.

The Saudi Arabian insurance industry is experiencing considerable expansion. The Saudi ArabianMonetary Agency (SAMA) continue to develop the insurance industry through market liberalisation,with the central bank approving 26 local and foreign insurance companies to launch operations inthe Kingdom and 10 applications under review. Many believe the new laws and new licensedcompanies will boost confidence in the industry by curbing the activities of unlicensed companiesand some are predicting a double in insurance market turnover over the next five years.

There is a general consensus among insurance experts that this rapid growth has been catalysedby two regulatory changes within the non-life insurance segment in the Kingdom. One is thepromulgation by SAMA of the Co-operative Insurance Companies Supervision Act which providedthe first formal regulatory structure for the insurance market in Saudi Arabia, and the other is thenew law making it mandatory for all expatriate workers to be health insured by their employers.

The 2nd Saudi Insurance Summit will tackle all the current issues and developments, includingthese significant regulatory issues, through a series of presentations and panel discussions. Therewill be ample opportunity for you to address your questions to each of the high profile professionalsparticipating in this important industry event.

In addition to the exclusive two-day summit, there are two practical workshops covering someof the most important issues in the Saudi insurance industry. These interactive training days aredesigned through experienced qualified trainers to provide delegates with tangible tools andtechniques to take back to their respective organisations and put into practice immediately.

The pre-summit workshop Principles Of Islamic Insurance – Takaful Structures And Shari’ahCompliance will provide delegates with the principles and structures of Islamic insurance as well asthe significant Shari’ah implications.

The post-summit workshop Mind The Gap! How Can We Bridge The Insurance Skills Shortage?will explore the skills gap with participants and discuss strategies to bridge the skills gap withinthis growing insurance industry so to be more competitive with the expertise found in moremature markets.

The Saudi Arabian insurance industry is in a state of transition and this is your chance to takeadvantage of the opportunities in this growing market.

I look forward to welcoming you to the 2nd Saudi Insurance Summit, where all the mainprotagonists of this industry will be found.

Yours faithfully,

Deep MarwahaConference Manager

P.S. Book the entire event today and you could save upto US$ 700

The Takaful industry is growing rapidly worldwide with annual premiums already worth overUS$ 1.7 billion. As well as dedicated Takaful companies, major international insurance companies,including Allianz and Prudential, are now entering the market. The latter and Bank Aljazira signed aMemorandum of Understanding in June agreeing to Prudential becoming the largest individualshareholder in a new venture that will acquire the existing Saudi Arabia market leader: the TakafulTa’awuni life insurance business of Bank Aljazira. The new Takaful Ta’awuni Life Insurance operationwill be listed on the Saudi Arabian Stock Exchange (the Tadawul). They are also undertaking at thistime a SAMA licensing process with Prudential plc, their new joint venture partner for both SaudiArabia as well as also in the Middle East and North Africa. Allianz is also competing in the Saudimarket through its joint venture with Banque Saudi Fransi which was granted a license in December2006, and Allianz Takaful was established this year in Bahrain. Allianz are also involved in Indonesiathough Allianz Utama, their rapidly expanding subsidiary. It is this most populous Muslim country thatmay in the long run offer the greatest potential for Takaful.

The aim of this workshop is to explain in detail the principles of Islamic insurance and examinewhy conventional policies are unacceptable from a Shari’ah perspective. The major structures fordelivering Takaful will be analysed, notably the Wakala and Mudarabah models which are designedto protect the interests of the premium payers and retain some of the features of a mutual whilebringing in shareholder capital. Takaful funds must be managed in a Shari’ah compliant manner,which has implications for the form in which assets are held. Asset allocation strategies will bediscussed; notably the implication of holding different types of Sukuk. The consequences ofholding equities that are screened for Shari’ah compliance will also be analysed.

Legal and regulatory issues involving Takaful will be explained, with specific material discussedincluding the Takaful Act of Malaysia, the Central Bank of Bahrain Rulebook on Takaful and thedocumentation produced by the Islamic Financial Services Board and the International Associationof Insurance Supervisors on the regulation and supervision of Takaful.

• Understand how ongoing economic developments affect the Saudi Arabian insurance industry

• Determine the impact of new insurance companies entering the market

• Discover the roles of the Saudi Arabian reinsurance and Retakaful industries now and in the future

• Learn international insurance best practices and how to reach them

• Determine the current state of medical care in Saudi Arabia and how compulsory healthinsurance will impact it

• Understand the growing trend of bancassurance as a viable option for insurers

• Identify the principles and structures of Takaful insurance

• Examine the level of insurance expertise within the Kingdom and how it can be improved

Pre-Summit Workshop Sunday, 28 October 2007

Principles of Islamic insurance and Takaful structures

• Takaful versus conventional insurance• Koranic prohibitions with respect to insurance and theconcept of Gharar

• Mutual insurance principles• The Wakala and Mudarabah models and the concept of Tabarru• Family Takaful insurance• Risk management by Takaful companies• Retakaful operations and underwriting• Cross selling and Islamic bancassurance versus independentTakaful providers

Asset management by Takaful companies

• Revolving and permanent funds• Avoidance of Riba in assets held by Takaful companies• Sukuk as an alternative to conventional bonds or notes• Asset allocation of Salam, Murabahah, Ijara, Musharakah andconvertible Sukuk

• Screening of equity investments by Takaful companies• Liquidity management through Murabahah commodityinvestments

• Measuring the financial performance of Takaful funds

Shariah compliance, legal, regulatory and rating issuesconcerning Takaful and selected case studies

• Shari’ah governance and procedures for Shari’ah assurancefor Takaful products

• The need for special legislation: Malaysia’s 1984 Takaful Act• Regulatory issues: the guidelines of the Islamic FinancialServices Board and the Bahrain Central Bank Rulebook

• Rating Takaful companies using Moody’s methodologicalframework

• Case studies: Solidarity of Bahrain, Allianz Takaful and TakafulTa’awuni Life Insurance of Saudi Arabia

Workshop agenda

Summit Day OneMonday, 29 October 2007


A Message From Your Chairman:

Ali A. Al-Subaihin, Board Member and CEOThe Company for Cooperative Insurance (NCCI), KSA

WELCOME TO ALLThe Saudi insurance industry is currently entering a new era of crucial importance. We seethe impact of new insurance market regulations, licensing of new companies, the floatingof shares on the Saudi stock market, implementation of new compulsory insurance lawsand the increase of competition.

With these developments, a number of significant issues are arising; mainly the impactof compulsory insurance laws, the effect of the competitive environment on enhancingbusiness practices, the future of cooperative (Shari’ah compliant) insurance in the Kingdom,and the main elements for setting the base for a strong and sophisticated insurance industryin the Kingdom.

I feel the Saudi Insurance Summit, being conducted in the Kingdom for the second yearconsecutively, is an event that the Saudi insurance industry eagerly awaits to tackle theseissues and more.

The Summit will introduce many opinions and sound concepts on these issues andassist in drawing a clear road map for the Saudi insurance industry. It will also providea platform where local and international insurance and business experts can tackle thecurrent hot topics and present a realistic vision towards the future of the insuranceindustry in Saudi Arabia.

I look forward to welcoming you to the 2nd Saudi Insurance Summit where we shall allcontribute to building this promising industry.

09.00 Registration And Coffee

09.45 Opening Remarks From The Chair

Ali A. Al Subaihin, Board Member and CEOThe Company for Cooperative Insurance (NCCI), KSA

10.00 Economic Outlook And Investment Climate – What Is The Possible Impact OnThe Insurance Industry?

• How do ongoing macro-economic conditions impact newly formed insurance companies?• Coming to terms with the reality of being a publicly-listed company in the Kingdom• A healthy investment environment equates to a healthy insurance industry

Brad Bourland, Chief EconomistJadwa Investment Company, KSA

10.30 KEYNOTE ADDRESS: Recent Developments And Outlook Of The InsuranceMarket In Saudi Arabia

HE Dr. Muhammad Al-Jasser, Vice GovernorSaudi Arabian Monetary Agency (SAMA), KSA

11.00 Development Of Medical Malpractice Insurance In Saudi Arabia

• Historical background• Implication of legal systems – Shari’ah law and vicarious liability• Enactment of medical practitioners regulation• Claim trends

Fahad A. Al-Hesni, Vice President – Property & CasualtyThe Company for Cooperative Insurance (NCCI), KSA

11.30 Networking And Refreshment Break

12.00 PANEL DISCUSSION: Determining The Impact Of New Insurance CompaniesEntering The Saudi Insurance Market

• Can “Greenfield” IPOs succeed?• Potential impact of insurance sector development on Saudi capital markets• Will publicly listed insurance companies improve the quality of insurance provision?• Assessing the risk of “over-capacity”

Moderator: Oliver Cornock, Regional EditorOxford Business Group, UAE

Basil Al-Ghalayini, CEOBMG Financial Advisors, KSA

Ahmed A. Al-Shalan, Vice President – Marketing & SalesThe Company for Cooperative Insurance (NCCI), KSA

John Elkaas, Senior DirectorKPMG Al Fozan & Al Sadhan, KSA

Dawood Taylor, Group HeadTakaful Ta'awuni – Bank Aljazira, KSA

13.00 The Emerging Family Takaful Market In Saudi Arabia – Opportunities And Challenges

• The market potential of family Takaful in Saudi Arabia• Focus on Takaful products that address the evolving needs of participants• Family Takaful business as a source of diversification and sustainable profitability• Regulatory considerations, disclosure requirements and participants’ reasonableexpectations

• Family Takaful distribution strategies• The role of the actuary

• What is Takaful Takaful?

• What products are offered by a life Takaful operator

• What distribution channels are open to a life Takaful operation

• How are participant contributions invested?

• What are the challenges going forward for the life Takaful industry

Chris Symeonidis, CEOManar Sigma Financial Consulting, KSA

Dawood Taylor, Group HeadTakaful Ta'awuni - Bank Aljazira, KSA

13.45 Lunch For Delegates And Speakers

14.45 PANEL DISCUSSION: Is There A Changing Landscape For ReinsuranceAnd Retakaful Operators?

• The current state of the Retakaful market in Saudi Arabia• 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?

Safder Jaffer, Client Markets Europe – Middle EastTurkey & Pakistan, Western & Southern EuropeSwiss Reinsurance Company, Switzerland

Chakib Abouzaid, CEOTakaful Re, Bahrain

Ian Hayward, Director – Life and MedicalArab Insurance Group (ARIG), Bahrain


16.15 Moving From Minimum Standards To Best Practice Within The Insurance Industry

• The importance of 'professionalism'• Lessons learnt from developed markets and the region• The role of a professional body in positive developments

Mark Greenwood, Head of Regional Business Development – Middle EastThe Chartered Insurance Institute, UK

16.45 Measuring The Performance Of The Customer Service System

• Benchmarking and standards• Choosing performance measures• Quantitative measures and behavioural measures• Measurement techniques• Putting performance measures to use

Khalil Ghneim, Senior Director – TakafulUnicorn Investment Bank, Bahrain

17.15 Closing Remarks From The Chair

17.20 Close Of Day One

2nd Saudi InsuranceSummitGala DinnerSponsored By The Company for Cooperative Insurance (NCCI)29 October 2007 – 19.30Jeddah Hilton Hotel, Jeddah, Saudi ArabiaNCCI is proud to sponsor this year’s Gala Dinner which represents its secondparticipation in this vital gathering. NCCI invites Summit delegates to an eveningof debate and discussion on the current insurance environment in Saudi Arabia.The evening will start with a welcoming speech from a senior executive, followedby a gourmet dinner.


Summit Day TwoTuesday, 30 October 2007

• The need for skilled insurance professionals• Review of the Saudi insurance industryskills shortage

• The impact of the skills shortage – The skills path• Making the shift from being an insuranceoperator to a world-class insurance leader

08.55 Opening Remarks From The Chair

09.00 Health Services In The Kingdom – Past, Present And Future

• Health development system project• Health insurance for citizens as a cure to advance and promote the healthsystem in Saudi Arabia

Reda Khalil, Senior Minister AdvisorMinistry of Health, KSA

09.30 PANEL DISCUSSION: Understanding The Impact Of Compulsory Health Insurance

Key representatives from insurance, medical and regulatory institutions debate theimplications of new health insurance laws in Saudi Arabia• What is the impact, medically and economically, of a shift in regulation?• Future developments that could enhance the regulatory structure of this important sector

Moderator: Ayman El Hout, Deputy General ManagerMedgulf, KSA

Dr. Abdullah I. Al Sharif, General SecretaryCouncil of Cooperative Health Insurance (CCHI), KSA

Ibrahim Muhanna, FuturistMuhanna & Co., Lebanon

Talal Hisham Nazer, Managing DirectorBUPA Middle East, KSA


11.00 Understanding The Future Of Financial Insurance Products In The Middle EastAnd Saudi Arabia

• What are the established Financial Lines products?• The undeveloped products and the untouched products• Future potential for Saudi Arabia and beyond

Paul Sterckx, Assistant Vice President – Financial Lines Arabian RegionAIG, UAE

11.30 Examining Bancassurance As A Viable Option For Insurers

• Partner selection puzzle• Distribution choices• The importance of bancassurance as a vital distribution channel in a competitive market• Open or closed wedlock?• Profit sharing options• “The Puzzle of Bancassurance”• Modes of cooperation• Challenges of proper “fit”

Manoj Kumar, Head of BancassuranceDoha Bank, Qatar

Dr. Omar Fisher, Managing Director – TakafulUnicorn Investment Bank, Bahrain

12.30 Cooperative Health Insurance In The Kingdom Of Saudi Arabia – ChallengesAnd Opportunities From An Industry Perspective

• Health insurance in the GCC – current status and expected developments• The cooperative law in the Kingdom – a brave step into the future• Key success factors for implementation – experience from other markets andchallenges for Saudi Arabia

• The role of the industry: Public-Private Partnership

Dr. Frank Mayer, Regional Managing DirectorMedNet Holding GmbH (a Munich Re Group Company), GCC

13.00 Building Awareness Among All Insurance Stakeholders To Enhance The IndustryIn Saudi Arabia

• Developing awareness among the community in general to understand the overallimportance of a thriving insurance market

• The importance of building an educated generation through students, college societiesand concerned researchers

• Reaffirming awareness among insurance company executives and employees tounderstand the intricacies of regulations and apply them in a way that improvesquality of service

Dr. Adham Jaad, CEOArabian Company for Insurance & Reinsurance Brokers (AMS), KSA& Economic Advisor – Insurance and Reinsurance

Dr. Majed Mohammed Hussain Garoub, ChairmanThe Law Firm of Majed M. Garoub, KSAand ChairmanThe Saudi Law Training Centre, KSA

13.45 Lunch For Delegates And Speakers

14.45 PANEL DISCUSSION: Shari’ah Compliance – Evaluating The ImplicationsIn A Growing Insurance Market

• Cooperative insurance or Takaful – what are the differences?• Analysing the Saudi cooperative insurance implementation regulations as they stand• Implications of mandatory deposits in the form of Saudi treasury bonds• Distributions of surplus between the company and the policy holders

Moderator: Adli Hammad, Senior PartnerHammad & Al Mehdar, KSA

Dr. Mohamed Ali El-Gari, Professor of Islamic EconomicsKing Abdul Aziz University, KSA

Sheikh Nizam Yaquby, Shari’ah Board MemberBahrain Monetary Agency, Bahrain


16.00 Improving Market Confidence Through Adequate Dispute Resolution AndClaims Assessment

• An overview of the legal framework for the settlement of insurance disputes• How a transparent claims assessment policy leads to greater confidence• Legal protection – what is available at the moment?• Future impact of consistent and transparent judiciary

Andreas Haberbeck, BarristerThe Alliance of Abbas F. Ghazzawi & Hammad & Al-Mehdar, KSA

16.30 Enterprise Risk Management And It’s Application In Takaful Companies

• What is the Enterprise Risk Management concept?• The importance of Enterprise Risk Management in achieving strategic objectives• How to develop effective Enterprise Risk Management in the current environment• Applying and implementing Enterprise Risk Management within an organisation

Mohamed El Dishish, CFOTakaful Re, Bahrain

17.00 The Role Of A National Association In The Promotion Of An Insurance Industry

• The start-up of an association• The local constraints• The regional and international presence• The motivation of the team• The findings

Elie Ziadé, PresidentLebanese Insurance Brokers Syndicate, Lebanon

17.30 Closing Remarks From The Chair

17.45 Close Of Summit

Post-Summit WorkshopWednesday, 31 October 2007Workshop Timings: Registration will be at 08:00. The workshop will commence at08:30 and conclude at 14:30 with lunch. There will be two refreshment breaksat appropriate intervals.

Mind The Gap!How Can We Bridge The Insurance Skills Shortage?The Saudi Arabian insurance market is in its infancy but it has the potential for significant growthas the nation becomes accustomed to the importance and value of a thriving insurance sector.However, the growth of the industry and the success of the players in the market will greatlydepend on the acquisition of a rare resource – skilled personnel!

Saudi Arabia’s huge shortage of skilled insurance professionals is not going to fix itself. With anincreasing number of new companies coming into the rapidly growing market each year thedemand for trainable and trained insurance personnel will increase. Companies that fail toinvest in the training and development of their staff will ultimately fail themselves.

In this workshop, Ian Wilson (Head of Insurance Programs, Institute of Banking, SAMA) will explorethe skills gap with participants and discuss strategies to bridge the skills gap within the industry.He will also discuss how the industry and government agencies can work together to quicklybring about a first class insurance professionals pool.

Workshop Agenda

The current situation

Bridging the skills gap• Discussion on the key skills shortages • Strategies for bridging the gap

Meet Your Workshop LeaderIan Wilson, FIIC, MBA, Head of Insurance ProgramsInstitute of Banking (SAMA), KSA

Ian Wilson is Head of Insurance Programs at the Institute of Banking (IOB),a part of the Saudi Arabia Monetary Agency. Prior to joining the IOB, Ianspent 24 years in the property and casualty insurance sector. He has held

senior management roles in major Canadian and UK insurers in the areas of underwriting,marketing and human resources. As well as publishing a number of articles, he is a Fellowof The Insurance Institute of Canada and graduated with an MBA from York University, Toronto.

Sponsorship and Exhibition Opportunities

Participate as a sponsor or exhibitor in the 2nd Saudi Insurance Summit and your company will reachthe top decision makers in the sector.

As well as a unique networking opportunity, sponsoring or exhibiting at the 2nd Saudi Insurance Summitprovides a targeted approach to promoting your corporate image, products and services as well as creating

greater market awareness.

We have a selection of packages available but sponsorship and exhibition opportunities at the 2nd SaudiInsurance Summit are strictly limited. So don't be disappointed. Please contact: Marie-Eve Cote -Sponsorship Manager

Tel: +971-4-407 2715 • Fax: +971-4-335 0671 • Email: [email protected]


Summit Sponsors

Diamond Sponsor

The Company for CooperativeInsurance (NCCI) is a Saudi jointstock company established in Riyadh,Kingdom of Saudi Arabia by Royal

Decree Number M/5 and incorporated on January 18, 1986 under CommercialRegistration No. 1010061695.

With its subscribed capital of SR 500 million and a gross written premium amountedto SR 1,750 million in 2006, NCCI is now the leading insurance company inSaudi insurance market.

NCCI transacts cooperative insurance operations and all related activities includingreinsurance and agency activities. Its principal lines of business include: motor, marine,

fire, medical, engineering, energy, aviation, Takaful and casualty insurance.NCCI operates through a network consists of customer services centers, 3 regionaloffices and more than 67 branches Kingdomwide.

In 2007, NCCI has been assigned an (A) credit rating by Standard & Poor’s (S&P) RatingServices. According to S&P NCCI is one of the top 200 insurance companies world-wide.

Since its early beginnings, NCCI took it upon itself to develop the Saudi insuranceindustry, setting standards for optimal insurance services and introducing new productsthat satisfy client needs, especially in the retail sector. So, NCCI's mission is to be theinsurer of choice and the employer of choice.

Gold sponsor

Established in 2005, Takaful Re Ltd. rates amongthe highest capitalised Retakaful companies today.

Its paid-up capital is US$ 125 million.

Takaful Re is a full fledged Retakaful operator accepting business from Takafuland cooperative companies all over the world. Takaful Re founders are largeGCC financial institutions lead by Arig, which allows the company to benefitfrom its 26-year reinsurance experience.

Takaful Re aims to play a leading role in the Takaful industry and promote Takaful as analternative Shari‘ah compliant solution.

Takaful Re is regulated by the Dubai Financial Services Authority (DFSA). It is rated ‘BBB’(stable) by the rating agency Standard & Poor’s.

Platinum Sponsors

Fixing the image of the Middle Eastern market is a corevision of Medgulf, one of the major insurance companiesin the Gulf region and the leading non-governmental

insurer in Saudi Arabia. Having commenced as an offshore insurance and reinsurancecompany registered in Bahrain in 1995, it transacted its Saudi operation through anexclusive contract with Al Samiya Trading Company and in 1997 acquired the shares ofStrikers Insurance and Reinsurance Company in Lebanon. A year later Medgulf increasedits capital through an investment by the Al Azizia Group headed by Prince Walid Bin Talaland Group Mediterranean, at the time owned by the Hariri family. A sharp ascent followedfor the newly formed Medgulf Holding with acquisitions of Addison Bradley & CoInsurance Brokerage, ARK insurance, Medivisa and Omnilife.

“In 2004, Medgulf submitted its application to the Saudi Arabian Monetary Authorities(SAMA) for its license to operate as an officially recognised insurer as required by the newSaudi Cooperative Insurance Companies Law,” says Medgulf’s Chairman Mr Lufti El Zein.The official license was obtained in 2006 along with an A rating from the Digest ArabInsurance Rating within the Muhanna framework. “We at Medgulf are fully committedto continue building a solid and serious leading Pan Arab insurance group basedon professionalism and transparency at the forefront of the insurance industry.”Combined with its international network of reinsurers, Medgulf guarantees investors

secure operations within the Kingdom of Saudi Arabia.

1st Saudi Insurance Summit 2006 Past Delegate Industry profile 1st Saudi Insurance Summit 2006 Past Delegate Title profile

Insurance Manager12%

Middle Management 17%

Other 10%

Senior Management 35%

CEO/Director/Chairperson/President

26%

Bank Aljazira’s Takaful Ta’awuni Division (TTD)marked its entry into the life takaful business in2001, providing risk protection and structuredsavings contracts to Saudi individual andcorporate customers. The products are a

Shari’ah compliant alternative to conventional life insurance and TTD was the first life Takafulorganisation to sell Shari’ah approved and SAMA approved life Takaful products in theKingdom of Saudi Arabia. It has led the industry regionally and globally having received the2007 “Life Insurer of the Year” award from Middle East Insurance Awards in recognition of itsachievements 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”.

Takaful Ta’awuni products conform to Islamic business principles and promote the senseof caring, brotherhood and mutual assistance through participation in the cooperative riskpool where the fortunate few assist the many unfortunate individuals who are unable to

provide for their future or their families in the event of premature death or disability.TTD has a wide range of family life Takaful products which are under the process ofbeing expanded at time of writing.

TTD has witnessed exceptional sales growth since inception and beyond initialexpectations which is an indicator of the strong need for family and corporate life Takafulsolutions in Saudi Arabia. TTD currently has 7 operational offices (male & female) coveringJeddah, Riyadh, Dammam, Makkah and Hofuf while 5 more offices are to open beforethe end of 2007.

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 thelargest individual shareholder for the venture and work is under way for the new entityto be listed on the Saudi Arabian Stock Exchange (the Tadawul).

saudi insurance brochure draft5

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