CERTIFIFIED TAKAFUL FINANCIAL MANAGEMENT

NAME OF THE COURSE
CERTIFIFIED TAKAFUL FINANCIAL MANAGEMENT
 
CERTIFICATION
CERTIFIFIED TAKAFUL FINANCIAL 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 : 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. Islamic concept of financial planning
  2. Process of Islamic financial planning
  3. Cash flow statement – surplus, deficit & equilibrium
  4. Budgeting & net worth statement
  5. Debt management
  6. Navigating the future with ethical finance
  7. Pillars of financial planning
 
COURSE CONTENTS
ISLAMIC CONCEPT OF FINANCIAL PLANNING
  1. Scope of Islamic Financial Planning
  2. Process of Islamic Financial Planning
  3. Components of Islamic Financial Planning
  4. Wealth from Islamic Perspective
  5. Wealth creation
  6. Wealth accumulation
  7. Wealth protection; Wealth purification
  8. Wealth distribution; Wealth preservation 
 
CODE OF ETHICS
  1. Integrity; Objectivity; Fairness
  2. Professionalism; Confidentiality; Diligence
 
SIX-STEPS PROCESS OF ISLAMIC FINANCIAL PLANNING
  1. Establish client planner relationship
  2. Gather Financial and Non Financial information
  3. Analyse financial Position
  4. Develop plans to achieve Financial goals & objectives
  5. Implement plans
  6. Monitor and Review
 
OTHER FINANCIAL SEGMENTS
  1. CASH FLOW STATEMENT – SURPLUS, DEFICIT & EQUIBLIRIUM
  2. BUDGETING & NET WORTH STATEMENT
  3. DEBT MANAGEMENT
 
NAVIGATING THE FUTURE WITH ETHICAL FINANCE
  1. Embrace Ethical Earnings
  2. Prioritize Zakat and Charity
  3. Assess Your Financial Goals
  4. Plan with Sharia-Compliant Investments
  5. Avoid Riba (Interest) in Financial Dealings
  6. Allocate for Family Security
  7. Establish an Islamic Will
  8. Regular Review and Reflection
  9. Consult with Islamic Scholars or Financial Advisors
 
TYPES OF FINANCIAL PLANNING
  1. Investment Planning:
  2. Shariah-compliant equities (Various Stages)
  3. Screening Saham Syariah
  4. Sukuk Management
  5. Shariah-compliant Mutual Funds
  6. Retirement planning
  7. Takaful Islamic Insurance
 
ZAKAT PLANNING
  1. Introduction to zakat history
  2. Zakat management
  3. Utilization of zakat
  4. Had kifayah
  5. Consumptive program
  6. Productive program
  7. Zakat accountability
  8. Administrative accountability
  9. Zakat management Globally
  10. Zakat institutions
  11. Urgency of risk management for zakat institutions
  12. Strategies to management and handle Zakat Board
  13. Principlizing Islamic zakat as a system of taxation
  14. The Principles of Zakat collection and Assessment
  15. The Principles of Zakat Disbursement
  16. Issues of Zakat Implementation
  17. Financial Literacy and Paying Income Zakat
 
ESTATE PLANNING
  1. Introduction to Estate Planning
  2. The Administration and Distribution of Muslims’ Estates
  3. Administration and the Distribution of A Muslim Deceased’s Estates
  4. Islamic Estate Planning
  5. Current Practice of Islamic Estate Planning
  6. Current Practice of Leaving Wasiyyah
  7. The Significances of Islamic Estate Planning and Wasiyyah
  8. Poor Practice of the Islamic Estate Planning and leaving Wasiyyah
  9. The Islamic Estate Planning Service
  10. Appointment of an Executor (Wasi)
  11. Allocation for Bequest
  12. Hibah; Waaf; Trust Account
  13. Mutually Acquired Property
  14. Faraid Value Distribution Document
 
RETIREMENT PLANNING
  1. Introduction to Retirement Planning
  2. Retirement Planning Behavior in Islamic Perspective
  3. Islamic Financial Literacy

DEMOGRAPHIC FACTOR

  • Work
  • Age
  • Number of Dependents
  • Educational Level

NON-DEMOGRAPHIC FACTOR

  • Goal Clarity
  • Retirement Attitude
  • Potential for Conflict

RESEARCH METHOD

  • Two Way Analysis Varians (ANOVA)
  • Multiple Linear Regression
 
INVESTMENT PLANNING
  • Introduction to Investment Planning
  • Multiple Linear Regression
  • Islamic Fund Universe
  • Asset allocation of the Islamic funds
  • Gaps
  • Asset classes in Islamic Funds
  • Regional equity Markets
  • Fixed income Markets
  • Alternative Asset classes
  • Target Market Strategies for Islamic Funds
  • Investor Segmentation
  • HNWI Wealth
  • Pension Funds
  • SWFs
  • Investor Preferences
  • Islamic Mutual Funds
 
TAX PLANNING
  • Introduction to Tax Planning
  • Islamic Finance and tax policy challenges
  • Conventional Fixed rate mortage
  • Tax positions
  • Transfer Taxes
  • Double taxation treaties
  • Alternative approaches to finance tax policy
  • Islamic Finance Tax regulations
  • Taxation of service Providers
 
 TAKAFUL UNDER IFRS 17
  • Overview of IFRS 17
  • Objectives of the standard
  • IFRS 17 a big deal
  • Approaches to apply IFRS 17 to Takaful
  • IFRS 17 technical issues specific to Takaful contracts
  • Key issues in IFRS 17 implementation on Takaful
  • Is applying IFRS 17 to Takaful contracts Shariah compliant?
  • Transfer of insurance risk from the Participant to
  • the Takaful Operator?
  • 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
 
ACCOUNTING AND REPORTING OF TAKAFUL BUSINESS 
  • Definitions of key terms
  • Applicability
  • Legal Provision
  • Interpretation
  • Policy document superseded
  • General financial reporting requirements 
  • Specific financial reporting requirements
  • Specific requirements on qard
  • investment Properties
  • Minimum disclosure requirements
  • Taxation of takaful and re-takaful business
  • income tax withholding tax
  • Value added tax (VAT)
  • Stamp duty
  • Illustration of financial statements
  • Accounting entries for qard
  • Declaration of dividends (Payments)
  • Interim Financial Reporting
  • Annual Financial Statements
REGISTER