CERTIFIED EXPERT IN TAKAFUL BUSINESS MANAGEMENT

NAME OF THE COURSE
CERTIFIED EXPERT IN TAKAFUL BUSINESS MANAGEMENT
 
CERTIFICATION
CERTIFIED EXPERT IN TAKAFUL BUSINESS MANAGEMENT
 
COURSE OVERVIEW
Takaful (Arabic: التكافل, sometimes translated as “solidarity” or mutual guarantee) is a cooperative system of reimbursement or repayment in case of loss, organized as an Islamic or sharia-compliant alternative to conventional insurance, which contains riba (usury) and gharar (excessive uncertainty)

Under takaful, people and companies concerned about hazards make regular contributions (“donations”) to be reimbursed or repaid to members in the event of loss, and managed on their behalf by a takaful operator. Like other Islamic finance products, Takaful is grounded in Islamic Muamalat (commercial and civil acts or dealings branch of Islamic law).

The takaful industry had grown to a size of $27.7 billion of “contributions” (from a 2011 figure of $12 billion). The movement has been praised as providing “superior alternatives” to insurance that “reinvigorate human capital, emphasize personal dignity, community self-help, and economic self-development”; but also criticized as having “dwindled” in scope to an industry of “conventional insurance with Arabic terminology and language of contract”.
 
TRAINING DURATION
Total Training Hours : 48 Hours
Training Duration      : 2 Weeks
Total Training  Days  : 8-10 Working Days
 
TRAINING SCHEDULE
Weekdays  
Regular Sessions : 4 – 6 Hrs Per day (9am to 2pm or 3.00pm to 9.00 pm)
Food & refreshments Included
Fast Track Sessions: 8 Hours per day (9am to 5pm)
Food & refreshments Included
 
CERTIFICATION
Globally recognized certificate from “Kings Global Career Academy”
 
TEST
Optional
 
LEARNING AIDS
Yes
 
COURSE MATERIAL
Hard & Soft Copies of Study Material
 
LANGUAGE OF INSTRUCTION
English
 
INSTRUCTOR HELPLINE
Yes
1. Email
2. Social Media (For Emergency requirements)
 
REGISTRATION REQUIREMENTS
1. Passport Copy
2. Curriculum Vitae
3. Passport size photographs
4. Course Fee
 
MODE OF PAYMENT
Cash / Cheque / Credit Card / Bank Transfer.
 
ELIGIBILITY CRITERIA
Officers & Executives in the position of

This programme is suited for:

Commissioners, directors and key staff of regulatory authorities, as well as officials of ministries with responsibility involving public service

Directors and key managers of publicly- and privately-regulated utilities

Consumer advocates, housing, and social welfare representatives

Staff of bilateral and multilateral international organizations
 
COURSE BENEFITS

After attending this workshop, participants will be able to:
Understanding Takaful business management full cycle

  • Understand Takaful Risk Management
  • Understand Takaful Financial Management
  • Understand the Actuary management

 

 
COURSE CONTENTS
TAKAFUL ACTUARY

RATEMAKING AND LOSS RESERVING FOR TAKAFUL:
  • Islamic Guide To Pricing – Pricing of Takaful products
  • Ratemaking For General Takaful
  • Ratemaking For Family Takaful
  • Islamic Guide To Reserving – Takaful reserving (technical reserve, loss reserve, mathematical reserve, etc)
  • Reserving For General Takaful
  • Reserving For Family Takaful
  • The method of calculating surplus and its distribution
  • Determining loading factors (administrative
  • expenses, commission, etc)
IBNR PROVISIONS FOR GENERAL TAKAFUL BUSINESS:
  • Overview of IBNR For Takaful Business
  • IBNR From An Islamic Perspective
  • Selected IBNR Techniques For General Takaful
  • Determining Optimal Retention For General Takaful Classes
  • Re-Takaful programming
INFORMATION TECHNOLOGY IN TAKAFUL
  • Information Technology For Takaful Operators
  • Computer Applications For Managers in Takaful
 
UNDERWRITING | CO-TAKAFUL | PRICING IN GENERAL TAKAFUL SECTOR
UNDERWRITING MANAGEMENT IN TAKAFUL
  • Underwriting Management For General Takaful Business
  • Management of General Takaful Operations
  • Management of Family Takaful Operations
  • Examining the underwriting software system of one Takaful company- case study

CO- TAKAFUL MECHANISM:
  • Need for proposal form/Client’s consent
  • Need for separate policy for own share percentage
  • Co – Takaful under lead of other Takaful Company
  • Co – Takaful under lead of a conventional insurer
  • Co – Takaful claims handling

PRICING IN TAKAFUL SECTOR
  • Introduction to pricing: the business problem and the data set we will be using
  • Considerations before rating a product
  • Method of premium rating
  • Practical considerations
  • Working examples
 
FINANCIAL PLANNING IN TAKAFUL 
ISLAMIC FINANCIAL PLANNING
  • Islamic Concept of Financial Planning
  • Zakat Planning
  • Estate Planning
  • Retirement Planning
  • Investment Planning
  • Tax Planning
  • Financial Planning Construction

TAKAFUL UNDER IFRS 17

  • Fundamental Calculations of IFRS 17

ACCOUNTING AND REPORTING OF TAKAFUL BUSINESS:

  • Terminologies to be used in Takaful Accounting
  • Accounting & Reporting for General
  • Accounting & Reporting for Family Takaful

FINANCIAL ASPECTS OF TAKAFULL

  • Capital and risk based capital in takaful
  • The sources of surplus and surplus distribution
  • Asset-liability management
  • Investment of takaful resources and return on
  • investment (ROI) calculations

FINANCIAL ASPECTS OF TAKAFULL

  • Takaful accounting and reporting
  • AAOIFI and the IFSB standards
  • Difference between conventional insurance  and takaful accounting
  • Takaful financial statement
  • Taxation, Zakat and investment in takaful
  • Takaful fund deficit
  • Managing all types of takaful funds
  • Investments in shareholders’ fund
 
RISK MANAGEMENT IN TAKAFUL 

RISK MANAGEMENT CORE IN TAKAFUL

  • Principles of risk and risk management
  • Risk management in Takaful
  • Risk strategy and framework
  • Quantitative methods for risk management in TAKAFUL
  • ORSA – stress testing, capital solvency and liquidity
  • Risk Culture; Case studies

RISK MANAGEMENT IN TAKAFUL AND THE RELATED TAKAFUL PRODUCTS:

  • Different Takaful concepts in Takaful Industry: Re-Takaful, Micro Takaful, Claim Management, etc.
  • Risk Management according to Islamic Perspective, Shariah ruling for Hedging, Derivative, Future, Hedging & Swap Instruments
  • Takaful products worldwide, Marketing Strategies for Takaful Products.

RISK MANAGEMENT IN PENSION FUNDS

  • Risk pricing across the principal asset classes
  • Equity market analysis and valuation techniques
  • The role of bonds and money market securities in pension funds
  • Bond valuation and key risk measures including duration
  • Analyzing the risk and return profiles of Private Equity and Infrastructure investment
  • Understanding asset-liability risk from a pension fund perspective 
 
RE-TAKAFUL & SOLVENCY
RETAKAFUL MANAGEMENT
  • Retakaful portfolio management
  • The technical nature of proportional and non-proportional treaties
  • Retakaful accounting
  • Application of Retakaful to various classes of Retakaful

RETAKAFUL

  • Shariah restrictions to conventional  reinsurance
  • Retakaful structures and programming and
  • challenges for retakaful operators 
  • Providing solutions in the absence of retakaful
  • Determining optimal retention level

SOLVENCY

  • Capital requirements
  • Risk management, governance and supervisory review
  • Reporting and disclosure
  • Risk management
  • Own Risk and Solvency Assessment (ORSA)
  • Fit and proper requirement
  • Internal control
 
PENSION FUND MANAGEMENT

PENSION SCHEME INVESTMENT IN PRIVATE MARKETS
  • The nature and risk/return profile of private asset investment
  • Rationales for pension scheme allocation to private equity and infrastructure
  • Pitfalls in private asset investment and the key role of effective due diligence
  • Realistic liquidity analysis in public and private asset markets
  • Evolution of private investments and key exit strategies
  • Project finance structures and participants

PENSIONS MANAGEMENT: ASSET ALLOCATION AND CAPITAL MARKET ISSUES IN DEVELOPING ECONOMIES
  • Pension scheme liabilities and portfolio construction objectives
  • Inflation risk and pension investment strategies
  • Strategic Asset Allocation and actuarial advisors
  • Tactical Asset Allocation and the role of investment committees & advisors
  • Capital markets dynamics and pension fund investment
  • Portfolio strategies for managing pension scheme risks and uncertainty
 
TAKAFUL PORTFOLIO MANAGEMENT

KEY TAKAFUL PORTFOLIO DYNAMICS
  • Overview of TAKAFUL portfolio dynamics
  • Premium vs. risk exposure
  • Effective liquidity measurement
  • Measuring on-going profitability
EFFECTIVE TAKAFUL PORTFOLIO RISK MANAGEMENT
  • Understanding the concept of risk
  • Concentration risk
  • Geographic risk
  • Fraud risk

PRACTICAL TAKAFUL PORTFOLIO STRESS TESTING
  • Multi-variate scenario planning concepts
  • Monte Carlo stress testing
  • Root cause analysis techniques
  • Financial ratio analysis methodology
CONTINUOUS IMPROVEMENT IN TAKAFUL BUSINESS
  • Use of technology – including financial modelling and fraud detection
  • Enhancing the underwriting process to reduce risk
  • Enhancing the claims validation process
  • The impact of the loss adjuster role

LEGAL & REGULATORY REQUIREMENTS FOR TAKAFUL
  • Supervision and regulation in takaful
  • Studying the existing rules and regulations 
  • Takaful
  • The law of takaful
  • Elements of the takaful contract
  • Harmonisation of “takaful” (islamic insurance) regulation

CASE STUDIES
  1. Malaysia
  2. Saudi Arabia
  3. UAE
  4. Others
REGISTER