Certificate in Takaful

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There is an increasing number of financial institutions offering Islamic

financial services as part of their spectrum of services and as a result there is increasing demand for staff with relevant knowledge and skills.

Certifcate in TakaulIIBI Qualifcation or the

Islamic Financial Services Industry



The IIBI has played a major role inIslamic fnance in London through its lectures, seminars and courses. Its diplomas are internationally recognised,and have been taken by hundreds o Muslims and non-Muslims interested inIslamic fnance.

Proessor Rodney Wilson,Durham University School oGovernment and International Aairs, UK

October 2010

ABOUT IIBI

Founded in 1990.As an independent non-proft organisationIIBI has played a pioneering role towardsraising the awareness o Islamic banking andinsurance worldwide and contributing to theadvancement o education that impact onindividuals careers and abilities and raisingthe standards o perormance andthe moral basis o the Islamic fnancialservices industry.

Building knowledge, developingcore competence

The aim o all the courses is to progressivelybuild a comprehensive understanding othe Islamic economic order and help tounderstand rom the beginning how thebroad principles and practices adoptedin Islamic banking and takaul dier rom

conventional banking and insurance. Thecourses are designed to also enable studentsto have the appropriate knowledge and skillsto attain, and subsequently to maintain,competency at work as well as to helpadvance education and understanding inall the important areas disciplines. Moreimportantly, the courses ocus also on themoral code that emphasises the obligationso proessional practice, social responsibilityand personal accountability in all dealings.

Qualifcations can also serve as an objective measurement o your knowledge and technical awareness.

Membersip and Discussion Forum

Students will have access to a Membersdiscussion orum where they can viewcomments posted on the orum and alsopost their own views on a broad range o

issues or discussion. This will also helpstudents with their studies.

INSTITUTE OF ISLAMIC BANKING AND INSURANCE (IIBI) LONDON

Welcome to the IIBI located in London, a world leading Institute or high

quality education, training, research and publications in Islamic fnance.

The mission o the IIBI is to be a

centre o excellence or proessionaleducation, training, research

and related activities, to build a

wider knowledge base and deeperunderstanding o the world ofnance promoting the Islamic

principles o equity, socio-economicjustice and inclusiveness.

What students say about other IIBI courses

In all, my experience o IIBI and the Diploma in

Islamic Banking was a great one, and one that

has not only provided me with knowledge that

will assist me in my chosen career path, but

knowledge o an ever growing and increasingly

popular orm o banking in the vastly changing

theatre o fnance.Saad M. Sheikh

District Field Manager, Scottish & Southern Energy, UK

October 2010

The Post Graduate Diploma course was

complete, enriching and inspiring. It allows

one to ully dive into the concepts o Islamic

fnance and grasp its roots, perspectives and

applications in the real world. I also enjoyed

how resourceul the tutor was, and he enriched

my knowledge by constantly bringing new

insights as the course went on.

Mohamed Chara Sekkat

Traderorce, France

March 2010



IIBI CERTIFICATE IN TAKAFUL

Why this course?

The IIBI Certifcate in Takaul is a comprehensive

course providing a basic qualifcation or those working

in the takaul industry and wishing to learn about

the important insurance principles and the Shari’ah

parameters or oering insurance products and services

according to Islamic principles.

It has been designed keeping in mind the expectation

o employers and will oer students an integrated

programme o learning providing an understanding o

the undamental concepts and practical aspects o some

o the key areas o takaul business and operations. By

covering a broad range o topics, the Certifcate allows

students to develop the knowledge with confdence. It

also supports urther learning as students progress in

their careers or studies.

Who should do the course?

The IIBI Certifcate in Takaul is appropriate or a diverse

range o people, irrespective o education background,

including is appropriate or:

• Thosewhohavenoformalqualicationintakaful

but wish to gain basic insurance knowledge and

an understanding o Islamic insurance (takaul)

principles, key areas o operations and business;

•ThosewishingtopursueacareerinIslamic

insurance (takaul) and those serving in the industry

in their career progression;

•Thoseemployedinaninsurancecompanyororganisation whose primary business is not

insurance, but which oers takaul products as part

o its overall service to customers;

•Anyonewishingtoholdaqualicationintakaful

rom a well established and respected Institute;

•Thosewantingtodeveloptheirknowledgeand

understanding as part o a progression towards

completion o other qualifcations oered by

the IIBI;

•Thosewishingtopursuefurtherstudy.

Course objectives

The course will enable students to:

•UnderstandhowtheIslamicprinciplesthatare

universal and eternal are applied in insurance

operations according to structural, fnancial,

and unctional characteristics to achieve desired

outcomes;

•Determinethedesirablelessonsthatcanbelearnt

rom Islamic principles by other systems oering

commercial insurance;

•Understandthecentralconceptsthatraise

awareness o the obligations o proessional

practice and personal accountability that support the

development and growth o the real economy;

•Understandboththechallengesandthe

opportunities that arise in the Islamic insurance

(takaul) industry.

Entry Requirement

There is no ormal requirement. Applicant should

be at least 18 years old at the time o submitting the

application. However, applicant must have a high

level o competency in all aspects o English (reading,

comprehension and writing) and should also be

computer literate. The comprehensive Certifcate course

assumes no previous knowledge o insurance or Islam.

Individuals who have insurance qualifcations rom

other organisations or proessional bodies would be

entitled to apply or exemption rom certain modules or

lessons.

Duration o course

Students are expected to complete study o the ull

course in 6 months.

Learning Method

The course is delivered by distance learning to assist

those with work and/or amily commitments. Learning

materials or the lessons o each course will be made

available on IIBI’s Virtual Learning Environment.

Assessment & Tutor Support

Assessment is through assignments that are provided

at the end o the study lessons. Usually, there will be

two or three questions to the assessment. Students will

need to obtain a satisactory assessment to continue to

the next lessons. All students are assigned a tutor or

assessment o course assignments.

Course Fee Inormation

£195 sterling (ee is subject to change)

The ee covers the cost o registration, membership,

course study material, tutor assessment and support.

How to apply

The application orm can be completed and submitted

online by visiting the IIBI website at http://www.islamic-

banking.com/course_app_orm.aspx



Course Syllabus

Module 1: Insurance

Lesson 1

Risk and Insurance

Lesson 2

Nature o Insurance and Benefts to Society

Lesson 3

Legal Aspects o Insurance

Lesson 4

Contract o Insurance

Lesson 5

Insurance Company Operations

Module 2: Framework o Takaul

Lesson 1

Character o Islamic Insurance

Lesson 2

Concept o Takaul

Lesson 3

Operating Principles or Takaul Business

Module 3: Takaul Business

Lesson 1

Family Takaul (Lie) - key products and

operational issues

Lesson 2

General Takaul (Non-Lie) - key products

and operational issues

Lesson 3

Retakaul o Takaul Business (Reinsurance)

Lesson 4

Investment Considerations

Lesson 5

Marketing and Distribution o Takaul Products

Module 4: Governance and Regulation o Takaul

Lesson 1.

Regulation o Insurance Business

Lesson 2.

Governance and Shari’ah Compliance

Lesson 3.

Accounting and Financial Issues

Insurance plays a vital role in societysupporting both national and internationaleconomic development and growth.

The takaul industry in particular, oeringinsurance based on Islamic principles,is showing remarkable growth. This isevidenced by the increasing number otakaul operators world-wide and theability o these players in providing acomprehensive range o product andservices, matching those oered by theconventional counterpart.

Unlike conventional insurance where theprimary motive is to generate proft orthe beneft o the shareholders, in takaul,as with mutual insurance, the business isconducted or the beneft o the participants

(policyholders) who are entitled to alsoshare in the proft o the business.

The Shari’ah prohibits investment othe stakeholders und and the takaulparticipants und in businesses that areengaged in activities that are consideredunlawul, immoral or unethical.

Mutual insurance caters or te social needs o

tose in need, te poor orpans, widows and oterdependants. Pure mutual insurance companies

accord wit te principles o te Sari’a.

I insurance did not exist a large proportion

o the rest o the economy would not exist either. Without a reliable mechanism or

pooling and transerring risk, much economics

activity simply would not take place. Alone

with banking and the joint-stock company,

insurance is one o the three pillars on which

modern commerce is based. (Arrow: 1963)



PROGRESSION ROUTE AT IIBI

Introductory

Certifcate in Takaul

The course does not assume any previous knowledge o

insurance and Islamic principles

This course will suit everyone and has been designed to give

an introduction to orm the basis o uture learning in the feld

o Islamic insurance.

Intermediate

Diploma in Islamic Banking

Diploma in Takaul

(launch 2012)

The courses provide a more than basic understanding and

a good oundation or those wishing to pursue a career in

Islamic banking and takaul. The courses do not assume any

previous knowledge o banking, insurance or Islamic principles.

Advanced

For those who want to specialise in a chosen area o

operations. Oered as individual modules.

Sukuk

Modes o Financing & Investment : Murabaha

Modes o Financing & Investment :

Musharakah & Mudarabah

Modes o Financing & Investment : Ijarah

Islamic Retail Banking Operations

Islamic Project Finance

Islamic Trade Finance

Shari’ah & Legal Considerations or Structuring Islamic

Banking Products & Services

Shari’ah & Legal considerations or Structuring Takaul

Products & Services

Technical and Risk Considerations in Takaul

Investment Management or Takaul

Legal Structures and Shari’ah Considerations or

establishing Islamic Banks and Takaul Companies

Marketing or Islamic Financial Products and Services

Role o Shari’ah Scholars and Shari’ah Supervisory

Functions in Islamic Finance

(launch rom 2012)

Post GraduatePost Graduate Diploma in Islamic Banking and Insurance

The course does not assume any previous knowledge o

banking and insurance as well Islamic banking and takaul.

The course progressively builds knowledge rom the

beginning to a comprehensive understanding with

considerable knowledge o the practical aspects.

It also builds upon existing experience and qualifcations.

Master & Research

A number o organisations recognise the IIBI PGD as an entry

requirement or their Master and Research programmes.

(Subject to fnal approval or each programme by the relevant

organisation)

Durham University in UK

Durham Islamic Finance Programme (DIFP), based in the

School o Government and International Aairs o Durham

University, UK recognises the IIBI PGD as an entry qualifcation

or its postgraduate degrees in Islamic Finance (including the

MA & MSc in Islamic Finance and the Research MA).

Markfeld Institute o Higher Education (MIHE)

Markfeld Institute o Higher Education (MIHE), UK will admit

holders o IIBI PGD to the Top Up MA Degree in Islamic

Banking, Finance and Management, validated and awarded by

the University o Gloucestershire.

Qualifcations oered by IIBI are acceptedworldwide. The courses are structured toprovide a wealth o learning experienceand an understanding o the moral andbehavioural code that govern all dealings inIslamic fnance. Islamic banks and Islamicinsurance (Takaul) operators have to

operate within the parameters laid down bythe Shari’ah and take personal responsibilityor their actions.

Over the last 20 years the IIBI has proved to be a

most durable and invaluable organisation. In the mid

1990s, when Islamic Finance was not as mainstream

as it is now, it was one o the very ew bodies where

you could get inormation on Islamic fnance. The

way in which the IIBI has expanded its training and

educational programmes is to be highly commended.

The work o the IIBI has helped to raise the profle o the UK as a leading Islamic fnance centre and I am

confdent that it will continue to be a key provider o

education, training and research services in the years

to come.

Richard T. de Belder

Partner and Global Head o Islamic Finance, Denton

Wilde Sapte LLP, International law frm.



ThE ChALLENGE

It is well known that Islam rejects theinstitution o riba (interest) and gharar(as in excessive uncertainty) and maysir(gambling) and considers these as unjustand exploitative. These have been abstractand highly proound concepts that arebeing translated into concrete and operativeinstruments and laws oering an alternativefnancial system. It is important to study allthese concepts in depth and also implementthem ully and ungrudgingly in all fnancialdealings.

For your own sake, accept anything good wherever you fnd it. Do not stick to stereotyped philosophies.

Muazzam Ali, Founder & Chairman IIBI

Finally ……

It goes without saying that in anyorganisation, fnancial or otherwise, thehuman actor is the most important by ar.

At IIBI we are very proud to be contributingto the continuing development o sta togive them the very best understanding andknowledge in key areas o operations inIslamic banking and takaul.

Institute o Islamic Banking and Insurance

London, United Kingdom.T: + 44 (0)20 7245 0404F: +44 (0)20 7245 9769E: [email protected]

Islamic insurance, takaul, is emerging as a

viable alternative to conventional insurance as

it provides insurance coverage or commercial

risks as well as a wide range o amily and

savings products tat are competitive and more

importantly compliant wit Sari’a principles.

It oers attraction to non-Muslim investors due toits etical values. Takaul as greater potential

to grow alongside Islamic banking.

ILM – Knowledge“O my Lord! Increase me in knowledge”

(Te Qur’an, 20:114)

“Help ye one another in righteousness and piety...”

5:2 The Holy Qur’an

Certificate in Takaful

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