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Islamic P&I Club, established by the Organization of Islamic Cooperation in 2002 and operated in 2004 in UAE, recently celebrated its 10th anniversary in the splendid surroundings of the Al Falak Ballroom, at the Burj Al Arab. The gala dinner, organised by Flagship Events, was attended by over 200 guests from the insurance and shipping sectors in the Middle East and further afield of more than 20 countries.
The Chief Guest was H.E. Salem Al Zaabi, Director General of the National Transport Authority (NTA) in Dubai and Chairman, United Arab Shipping Company (UASC). Other VIP guests included Organization of Islamic Shipowners Association (OISA), Secretary General from Saudi Arabia, H.E. Dr. Abdullatif Abdullah Sultan and H.E. Mohammed Showqi Younis, OISA Chairman from Egypt, as well as former Chairman of the National Iranian Tanker Company (NITC), Mohammed Souri.
Islamic P&I Club is a mutual and non-profit organization, and has its primary management office in Dubai, along with a branch in Jakarta. Its main aim is to provide members with insurance and reinsurance liability cover, at rates which are competitive with other P&I Clubs, as well as claims handling, legal support and other services. Islamic P&I is currently providing P&I coverage for over 300 vessels belonging to almost 70 shipowners, flying over 20 different flags.
Congratulating the Islamic P&I Club on reaching its 10th anniversary milestone, H.E. Salem Al Zaabi said,”As a prime hub and international maritime centre, the UAE provides players in the maritime industry with an ideal base to tap into growth opportunities in the region. In the UAE we have witnessed the growth of the ship-owning and operating sectors which in turn has fuelled demand for services such as maritime insurance.” He went on to re-state the commitment of the NTA to support the maritime insurance sector by complying with all necessary international rules and regulations. “It is important for us to continue to attract and develop our maritime sector and I look forward to working with the Islamic P&I club in the UAE for many years to come,” he concluded.
Replying for the Islamic P&I Club, Chief Executive, Javad Mosadeghi, thanked the UAE government for its strong backing and for hosting the Club in Dubai without the need for sponsorship and also to OISA and its members for their continued support. He also outlined plans for a further stage in the planned development of the Club’s activities. “With this new step forward the Club will be able to provide higher standard covers and render new, and superior services to the shipping market,” he said.
Islamic P&I Club, Chief Executive, Mr. Mosadeghi observed, been able to make considerable progress over the past ten years by developing connections with reputable and prominent insurance and reinsurance companies worldwide; by developing loss prevention guidelines; by setting up a network of 450 correspondents in the major ports of over 125 countries. There were, he said, plans in hand to set up further branch offices in Turkey and Egypt, while a contracted office in Pakistan had recently been finalized, and another in Malaysia is under negotiation.
He highlighted the fact that the capabilities of the Club had been enhanced in recent years. ”The Limit of Liability, which is one of the main considerations of our members, is now officially US$ 500 million, while we can provide tailor-made coverage for our members up to US$ 1 billion. There are no restrictions as to type and size of vessels that can enter the Club and we accept ships with any gross tonnage capacity.”
Mr. Mosadeghi ended by pledging that he and his team would continue to push the Club to achieve the goals set out by the Organisation for Islamic Cooperation (OIC) at its founding, despite any difficulties that might arise and the tough competition it would face.
In his speech H.E. Showqi Younis described the setting up of Islamic P&I Club as a ‘dream that became a reality’. For his part H.E. Dr. Sultan expressed his sincere thanks to H.H. Sheikh Mohammed Bin Rashed Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, for his instruction to register Islamic P&I Club without a local sponsor ten years ago and congratulated the Club for surviving and doing a good job despite difficult times in the shipping industry.
