Islamic insurance, known as Takaful, is a cooperative system rooted in Shariah principles that emphasizes mutual assistance, risk-sharing, and ethical practices. Unlike conventional insurance, Takaful avoids interest (riba), excessive uncertainty (gharar), and speculative activities. In the UAE, as a leading hub for Islamic finance, the Takaful industry has witnessed significant growth, supported by a robust regulatory framework.
This program provides a comprehensive understanding of Islamic insurance, its operational practices, and the regulatory structures that govern it.
Program Objectives:
• Understand the fundamental concepts and principles of Takaful and its distinction from conventional insurance.
• Explore the operational models of Takaful, including Mudharabah, Wakala, and hybrid models.
• Gain insights into the regulatory frameworks governing Takaful in the UAE and globally.
• Learn about the role of Shariah boards in ensuring compliance and ethical governance.
• Analyze the challenges faced by the Takaful industry and strategies to address them.
• Develop skills to design and market Shariah-compliant insurance products.
• Study case studies of successful Takaful implementations in different markets.
• Understand the impact of Takaful on economic development and financial inclusion.
Through this training, participants will acquire the knowledge and expertise needed to navigate the Islamic insurance industry effectively, enabling them to contribute to its growth and innovation while ensuring compliance with Shariah principles.
