CERTIFIED TAKAFUL UNDERWRITING MANAGEMENT PROFESSIONAL

NAME OF THE COURSE
CERTIFIED UNDERWRITING MANAGEMENT PROFESSIONAL
 
CERTIFICATION
CERTIFIED UNDERWRITING 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. Pre-takaful contract 
  2. Development of operating infrastructure
  3. Takaful products & key underwriting factors
  4. Post-takaful contract – conduct and operations
  5. Family takaful
  6. Family takaful framework
  7. Risk management (islamic perspective)
  8. Risk management in family takaful
  9. Risk management in the underwriting process
  10. Reputational Risk Assessment and Management
  11. Risk Management in the Enterprise (ERM)
 
COURSE CONTENTS
TAKAFUL & TAKAFUL BUSINESS – AN INTRODUCTION
  • By management structure of takaful operator
  • By type of business
 
GENERAL TAKAFUL – UNDERLYING CONCEPTS 
  • Among participants
  • Between participants and takaful operator
 
COMPARISON BETWEEN GENERAL INSURANCE AND GENERAL TAKAFUL
  • Operating Expenses
  • Investment of fund
  • Operating Profit 
 
PRINCIPLES OF GENERAL TAKAFUL CONTRACT
  • Permissible Takaful Interest (Insurable Interest)
  • Utmost Good Faith
  • Principle of Indemnity
  • Principle of Subrogation
  • Legal and Regulatory Framework
  • Market Players
  • Takaful Products (Fire, Marine, Aviation & Miscellaneous)
  • Governance Model in Takaful company sructure
 
PRE-TAKAFUL CONTRACT – CONDUCT AND OPERATIONS
Product Development
– Product Design
– Product Pricing
– Product Documentation
 
DEVELOPMENT OF OPERATING INFRASTRUCTURE
  • Readiness of information technology and support system
  • Assessment by Relevant Parties
  • Marketing
  • Direct Marketing; Takaful Brokers; Agency System
  • Bancatakaful; Underwriting; Gathering Information
  • Risk Classification
  • Determination of Contribution Rate
 
TAKAFUL PRODUCTS & KEY UNDERWRITING FACTORS POST-TAKAFUL CONTRACT – CONDUCT AND OPERATIONS
  • Collection of Contributions
  • Retakaful
  • Investment
  • Claims Management
  • Claim Settlement
  • Distribution of Operating Profit
 
INTRODUCTION TO FAMILY TAKAFUL 
  • Family Takaful Products
 
FOR CORPORATES 
  • Group Healthcare for Employees
  • Retirement Income plans
  • Group Family Takaful Salary Continuation in case of Employee’s Death or disability
 
FOR INDIVIDUALS
  • Savings and Protection Plans
  • Education Plan
  • Savings and
  • Protection Plans
  • Mortgage Takaful
  • Retirement Income
  • Share ‘n Care Savings Takaful
 
FAMILY TAKAFUL FRAMEWORK
  • Pillar 1 : Gradual removal of limits on operating costs
  • Pillar 2 : Diversification of distribution channels
  • Pillar 3 : Strengthening Market Practices
 
DIFFERENT TAKAFUL CONCEPTS IN TAKAFUL INDUSTRY
  • Re-Takaful
  • Micro Takaful
  • Claim Management 
 
RISK MANAGEMENT (ISLAMIC PERSPECTIVE)
  • Shariah ruling for Hedging; Derivative; Futures
  • Hedging & Swap Instruments
  • Takaful products worldwide
  • Marketing Strategies for Takaful Products
 
THE ISLAMIC PERSPECTIVE ON RISK MANAGEMENT
THE RISKS INVOLVED WITH INVESTING ACTIVITIES
  • Market Risk
  • Credit Risk
  • Risk of Liquidity
 
OPERATIONAL RISK
  • Risk of Shariah Non-Compliance; Risks in Underwriting
  • Risk to Human Resources; Fiduciary Risk
  • Risk Management in Family Takaful
  • Risk Management in the Underwriting Process
  • Reputational Risk Assessment and Management
  • Risk Management in the Enterprise (ERM)
 
 
 CO- TAKAFUL MECHANISM:
1. Need for proposal form/client’s consent
2. Need for separate policy for own share percentage
3. Co – takaful under lead of other takaful company
4. Co – takaful under lead of a conventional insurer
5. Co – takaful claims handling
  • Understanding Cooperative Takaful
  • 3 Core Principles of Cooperative Takaful
  • Characteristics of Co-op Takaful
  • Cooperative Takaful Model
  • Methodology of Co-op Takaful
  • Qualitative data analysis
  • Quantitative data analysis
  • Advantages of Co-op Takaful
  • Obstacles of the New Co-op Takaful
  • Purpose of Cooperative Takaful
  • Challenges
  • Opportunities
REGISTER