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Certificate in Takaful
The Certificate in Takaful is aimed at individuals who wish to develop an understanding of the natures and basis of takaful as an alterative to conventional insurance. Insurance plays a vital role in society supporting both national and international economic development and growth. Islamic societies are no exception. The main issue for insurers wishing to offer products to Muslims is that some Islamic scholars view conventional insurance as prohibited by Islam. This is because the Islamic scholars object to the concept of conventional insurance due to what they perceive to be three key prohibited elements in an insurance contract, that are equally applicable in Islamic banking: riba (interest and unequal exchange), gharar (uncertainty), and maysir (gambling). Islamic insurance is a very close concept to that of “cooperative insurance” and in particular, to practices based around a moral and ethical code. Takaful operates in a similar way as conventional insurance providing the same protection to the insured however, the objections related to the contract itself require the structuring of takaful contracts to be in line with Shari'ah The course comprises of four modules with a total of 13 lessons. The questions at the end of each lesson are designed to test the understanding of the basic concepts and their practical applications which have been explored within the lessons.
At the end of the course you should be able to:
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Understand the concept of risk, peril and hazard
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Explain Insurance as a method of handling risk
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Differentiate between pure risk (which is insurable) and speculative risk (which is uninsurable)
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Understand the important requirements of an insurable risk
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Explain the burden of risk on society.
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Understand the origin of risk
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Explain the concept of insurance and how it is not the same as gambling and speculation
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Explain the basic characteristics of insurance
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Explain the nature of cooperative insurance and similarities with takaful
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Understand the benefits of insurance to society
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Explain the basis legal principles of insurance
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Explain the general rules of agency
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Explain the requirements and distinct characteristics of the insurance contract
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Understand the types of insurers and types of insurance
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Explain the important functions in insurance company operations
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Explain the concepts of underwriting and reinsurance
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Understand the character of takaful and the Shari'ah principles application to transactions
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Explain the concept of takaful, its operating principles and business models
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Understand the important contracts and concepts that are adopted in takaful
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Understand the need for takaful and additional benefits it offers to society
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Explain the nature of Family Takaful and General takaful
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Explain the need for retakaful and the contract of retakaful
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Understand the regulation of insurance businessUnderstand the corporate and regulatory framework of takaful
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Understand some of the financial issues relating to takaful
The course is open for all individuals across the world. The minimum criterion for doing any courseis a good knowledge of English. The courseis designed for persons wishing to pursue a careerin Islamic insuranceandfor those serving in the industry in their career progression. The course will also benefit those working in the banking industry wish to learn the fundamentals of Islamic insurance and its operations
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There is no formal requirement.
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Applicant should be at least 18 years old at the time of submitting the application.
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Applicant must have a high level of competency in all aspects of English.
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Application will be refused if an applicant does not meet the desired level of English and enrolment may be cancelled at any time.
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A letter from a referee may be requested after an application is submitted, if deemed necessary
Enrolment
Provided applicants meet the Entry Requirement, they must first complete and send the Application Form. On receipt, the form will be reviewed and when approved, the applicant will be advised suitably
Course Syllabus
Mode of Study and Tutor Support
The course is based on the “distance learning” method convenient for home study and correspondence by e-mail. One module at a time will be sent and the next module will only be sent after the previous module has been assessed by the assigned tutor… more click here
Assessment and Examination
The course assessment method is a combination of assignments based on the questions at the end of each lesson and an online examination at the end of the course. The answers to the questions provided are required to be submitted to the assigned tutor (by e-mail) for evaluation (copied to IIBI) … more click here
The course should be completed in 6 months. If further extension is requested then the Institute may agree to extend the period at its discretion and an appropriate administration charge will be applied. An average of 12 hours a week is recommended for study andpaparing assignments.
The course fee is only £ 195.00 which is payable on acceptance of the application. Thefee covers the cost of registration, membership, course study material, tutor support and one time examination fee.
However, an administration fee is payable in the event the candidate does not complete the course in 6 months and seeks an extension in time
Payment of Course Fee
Payment may be made online by Paypal, credit card, bank draft or bank transfer. Full details and the procedure for making payment will only be advised to you after your application is accepted by the Institute.
Course Fee Changes
If you have enrolled onto a course and have not made payment of the fee during a specified time as mentioned in the enrolment letter, you will have to pay the revised fee after the lapse of specified time in order to take up that course.
Refund Policy
If you do not wish to take up the course you must advise the Institute within 14 days from the receipt. All students who cancel a course and receive a refund will incur an administration charge. Refunds will be applied to the original credit card or by the original form of payment only.
Transferring to another course
If you would like to transfer your course fee to a different course that may be offered by the Institute, you are able to do so without penalty after notifying us within 14 days of entrolment, a transfer fee will apply.
Candidates who apply directly to Institute through the online application system will receive the quickest possible response for their application.
The Institute operates on a rolling admissions basis. This means that candidates apply for, and are admitted to, our programmes all year round.
Please click here to Apply Online
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