Takaful (Islamic Insurance)

OBJECTIVE:This Program will help participants:

  • To understand the reasoning for the prohibition of traditional insurance and the basics of Takaful
  • To know the main differences between traditional and Islamic Insurance in terms of policies, policy holders & share holders’ funds utilization
  • To understand different types of Takaful undertakings business models of Takaful in practice and its stakeholders
  • To know requirements and arrangements of Re-Takaful with the Shari’ah governance in Takaful organisations
  • To understand the importance Financial reporting and treatment of underwriting surpluses

CONTENTS:

  • Overview of the Islamic Finance Market
  • Historical Background of Takaful
  • The main differences between insurance and Takaful
  • Types of Takaful undertakings
  • Business Models of Takaful operations
  • Different Stakeholders of Takaful (Rights & Obligations)
  • Re-Takaful
  • Shari’ah Governance in Takaful
  • Importance of International Financial Reporting Standards (IFRS) in Islamic Insurance companies
  • Role of the Islamic Financial planner

TARGET AUDIENCE:

All Insurance & Takaful operational (middle level staff – all departments)

METHODOLOGY:Interactive program based on:

  • Professional PowerPoint Presentation Slides
  • Practical examples and solutions
  • Case Studies
  • Lectures, Group Discussions
  • Progress Assessment
  • Blended Learning
  • Video Clips
  • Motivational talks & Leadership insights
  • Taught by practitioners
  • Exam