Graduate Education Institute · Islamic Economics and Law (Arabic) · Master
Course Content
Course topics:
The concepts of risk, insurance and Takaful, and the relationship between them.
Takaful business models: the agency model, the mudaraba model, the hybrid model, and the waqf model.
Takaful products: general Takaful and its types, family Takaful (Takaful life insurance).
The legal and regulatory framework for Takaful: IOA standards, Islamic Financial Services Board (IFSB) standards.
Underwriting and claims management.
Marketing of Takaful products: distribution channels and intermediation.
Concepts in actuarial mathematics.
Financial statements of Takaful companies.
Re-Takaful.
Insurance surplus.
Pricing of Takaful products: probability theory.
Valuation of a Takaful company’s liabilities: claims reserve, premium reserve.
The role of the Sharia Supervisory Board in Takaful companies.
Course Learning Outcomes
- To understand the role of Takaful in the Islamic economic system.
Teaching Methods
Assessment & Evaluation
ECTS / Workload
| Activity | Quantity | Duration (h) | Total Workload |
|---|---|---|---|
| Course Duration (Including Exam Week) | 15 | 3 | 45 |
| Out of Class Study Period | 15 | 4 | 60 |
| Midterm | 1 | 5 | 5 |
| Quiz | 2 | 5 | 10 |
| Assignment | 1 | 20 | 20 |
| Practice | 0 | 0 | 0 |
| Final | 1 | 15 | 15 |
Course Schedule
| Week | Subject | Preparation |
|---|---|---|
| 1 | Introduction to Takaful | Ch 1 |
| 2 | Nature and Concept of Risk and Uncertainty | Ch 2 |
| 3 | Basic Principles of Takaful | Ch 3 |
| 4 | Takaful Business Models | Ch 4 |
| 5 | Takaful vs Conventional Insurance | Ch 5 |
| 6 | Family Takaful Products | Ch 6 |
| 7 | General Takaful Products | Ch 7 |
| 8 | Midterm Exam | Midterm Exam |
| 9 | Takaful Operations and Processes | Ch 8 |
| 10 | Distribution and Servicing | Ch 9 |
| 11 | Underwriting and Claims Management | Ch 10 |
| 12 | Actuarial Concepts | Ch 11 |
| 13 | Retakaful: Concepts and Methods | Ch 12 |
| 14 | Issues and Future of Takaful | Ch 13 |
| 15 | Revision and Presentations | Revision and Presentations |
| 16 | Final Exam | Final Exam |


