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”.

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

1. Key insurance portfolio dynamics
2. Effective portfolio risk management
3. Practical portfolio stress testing
4. Continuous improvement
5. Islamic guide to pricing
6. Ratemaking for general takaful
7. Ratemaking for family takaful
8. Islamic guide to reserving
9. Reserving for general takaful
10. Reserving for family takaful

• Overview of insurance portfolio dynamics
• Premium vs. risk exposure
• Effective liquidity measurement
• Measuring on-going profitability

• Understanding the concept of risk
• Concentration risk
• Geographic risk
• Fraud risk

• Multi-variate scenario planning concepts
• Monte Carlo stress testing
• Root cause analysis techniques
• Financial ratio analysis methodology

• 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

• Tabular Methods
• Case Reserve Methods
• Projection/Exposure Methods
• Development Methods 
• Description of Typical Development Methods 
• Cross‐Incurred Method
• Paid PMPM Method
• Stochastic Methods
• Neural Network Methods 

• Incurred Date Definition 
• Methods Delineating ICOS versus True IBNR
• Excess or Outlier Claims
• Outside Influences on Health Claim Reserves and Pattern