Shariah’s perspective on Insurance and Takaful

Module 1: Introduction to Takaful (One Session)

Previous lessonDefinition and Origins of Takaful Next lessonConcept of risk and related terms

CourseProfessional Certificate in Takaful (PCT)

Module 1: Introduction to Takaful (One Session)

Early forms of Insurance
Insurance Concepts and Classifications
Definition and Origins of Takaful
Shariah's perspective on Insurance and Takaful

Module 2: Risk Management and Takaful (one Session)

Concept of risk and related terms
Basic categories of risks
Methods of mitigating risk
Risk management process
Risks and Takaful

Module 3: Shariah and Legal Foundations of Takaful (One Session)

Introduction to Islamic commercial Contract
Prohibited elements in contracts.
Comparative analysis of Islamic and conventional contracts
Contractual relationships in Takaful
Donation in Takaful Contract

Module 4: Takaful Models and Structures (Two Sessions)

Mudarabah Model.
Wakalah Model.
Hybrid Models - Mudarabah and Wakalah, Wakalah and Waqf, Mudarabah and Waqf.
The risk associated with different models.

Module 5: Takaful Products and Underwriting (Two Sessions)

General Takaful Products
Family Takaful Products
Setting up of Takaful Operation
Distribution of Takaful Products and Services
Bancatakaful

Module 6: Financial Aspects of Takaful (Two Sessions)

Capital for Takaful Operations
Basics of Pricing
The sources of surplus and Surplus Distribution
Asset-Liability Matching
Accounting and Reporting
Taxation, Zakat, and Investment in Takaful

Module 7: Re-Takaful (One Session)

Conventional Reinsurance
Shariah restrictions to Conventional Reinsurance
Retakaful Definition and Process
Retakaful Structures and Methods
Challenges for Retakaful Operators

Module 8: Takaful Regulation and Governance (One Session)

Legal and Regulatory Framework
Shariah Framework
Supervisory Issues
Corporate Governance and Shareholders Rights

Module 9: Takaful Industry, Future and Challenges (One Session)

Takaful Trends and Opportunities
Takaful, Future Challenges
Takaful, Required Solution

Module 10: Case Studies on Takaful (One Session)

Scholars Opinion on Takaful Operations
Developing Takaful Policy (General/Family)

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Bangladesh Institute of Islamic Finance (BIIF) offers professional courses, research, publications, consultancy and programs on Islamic finance.

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