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OpenLearning

Contracts and Operating Models of Takaful

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Overview

Module Outline

Topic 1: Introduction to Insurance

Topic 2: Introduction to Takaful

Topic 3: Underlying Contracts in Takaful

Topic 4: Takaful Business Model

Topic 5: Distribution and Marketing of Takaful Products

Topic 6: Takaful Fund Management

Syllabus

  • Explain the fundamentals of insurance, including its definition, concept and operation, the prohibited elements in conventional insurance, and the principles of Islamic insurance.
  • Describe the key concepts of Takaful, including its definition, concept and operation, the role of Takaful within the Islamic finance ecosystem, and the fundamentals of risk and underwriting.
  • Identify the underlying contracts in Takaful, including Tabarru', Ta'awun, Wakalah, Mudarabah, and Hibah.
  • Compare the main Takaful operating models, including the Mudarabah model, Wakalah model, hybrid model, and Waqf model.
  • Describe the distribution and marketing channels for Takaful, including banca Takaful, Takaful agents, Takaful brokers, and financial advisers.
  • Analyse Takaful fund management practices, with a focus on fund segregation, investment and profit handling, surplus distribution, claims processing, and income management.

Taught by

USAS Takaful Academy

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