CERTIFIED TAKAFUL ACTUARY MANAGEMENT PROFESSIONAL​

NAME OF THE COURSE
CERTIFIED TAKAFUL ACTUARY MANAGEMENT PROFESSIONAL​
 
CERTIFICATION
CERTIFIED TAKAFUL ACTUARY MANAGEMENT PROFESSIONAL​
 
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 : 22 Hours
Training Duration      : 1 Week
Total Training  Days  : 4-5 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
  • This course is designed for anyone interested in Takaful (Islamic) insurance and wishes to gain an understanding of how it works.
  • It may also be of interest to those who are interested in exploring alternative approaches to insurance and financial planning.
 
COURSE BENEFITS
Participants will be able to answer and work on the following:
  1. Ratemaking and Loss Reserving for Takaful
  2. Methods to calculate IBNR
  3. Practical Considerations of IBNR issues
 
COURSE CONTENTS
RATEMAKING AND LOSS RESERVING FOR TAKAFUL
  1. Islamic guide to pricing
  2. Ratemaking for general takaful
  3. Ratemaking for family takaful
  4. Islamic guide to reserving
  5. Reserving for general takaful
  6. Reserving for family takaful
  7. Overview of IBNR for general insurance
  8. IBNR from an Islamic perspective
  9. Selected IBNR techniques for general takaful
  10. Determining optimal retention for general takaful classes
  11. Re-takaful programming
 
SUMMARY OF METHODS TO CALCULATE IBNR 
  1. Tabular Methods
  2. Case Reserve Methods
  3. Projection/Exposure Methods
  4. Development Methods 
  5. Description of Typical Development Methods 
  6. Cross‐Incurred Method
  7. Paid PMPM Method
  8. Stochastic Methods
  9. Neural Network Methods 
 
PRACTICAL CONSIDERATIONS FOR IBNR ISSUES
  1. Incurred Date Definition 
  2. Methods Delineating ICOS versus True IBNR
  3. Excess or Outlier Claims
  4. Outside Influences on Health Claim Reserves and Pattern
REGISTER