Takaful insurance

Course Description

This course provides an introduction to the theoretical Takaful Insurance as an alternative product of Commercial Insurance which agrees with Islamic Principles. This course will also discuss the difference between Takaful Insurance and Commercial Insurance and the required modification in commercial Insurance to be in agree with Islamic Principles.

Course objectives

This course aims at;

1. Providing a comprehensive understanding of application for Takaful insurance in property insurance products.
2. Discussing the basics of underwriting in Takaful property insurance and how to settle claims.
3. Providing a comprehensive understanding of application for Takaful insurance in life insurance products.
4. Discussing the basics of underwriting in Takaful life insurance and how to settle claims.

Learning outcomes

At the end of the program, participants should be able:

1. To explain Takaful Insurance Contract and the parties of Takaful Insurance Contract.
2. To describe the concept of Takaful Insurance and its principle and to identify the success requirement of Takaful Insurance
3. To distinguish between commercial property insurance and Takaful property insurance.
4. To describe various types of Takaful property insurance policies.
5. To distinguish between commercial life insurance and Takaful life insurance.
6. To describe various types of Takaful life insurance policies.

Further reading

Kongstvedt, P., R. (2001). The managed care handbook. Jones & Bartlett learning.

Ellen Davis, "Advanced Measurement Approaches to Operation Risk ",2012, 1st edition, Wiley

Dickson, D., C., M., HARDY R., & Waters, H., R. (2013). Actual mathematics for life contingent risks (international series on actuarial science).

Insani, M. I. (2005). General Takaful practice: technical approach to eliminate gharar (Uncertainty), maisir (gambling), and riba` (usury).

Jaffer, S. (2007). Islamic insurance: Trends, opportunities and the future for Takerful. Euromoney books.

Simon Archer, S., Karim, R., A., A., & Nienhous, V. (2011). Takerful Islamic insurance: concepts & regulatory issues. John Wiley Asia

Yassin, N. (2011). Takaful: A study guide

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