About this Course:-
Islamic Takaful is the alternative form of conventional Insurance, structured under Islamic commercial law. During the last few years a lot of successful efforts have been made which led to the establishing Islamic Insurance (Takaful) as the alternative to conventional Insurance. Takaful operate on the principles of Islamic commercial law. The next decades to come will see Takaful taking the market share of conventional insurance.
The principles work in a way that policy holders in Takaful are known as participants and they get shares from the surplus of their contribution, or revenue generated from investing their surplus premium. This principle is based on Islamic commercial contract of Mudarabah-Ijarah hybrid. This need to be studied, and promoted to the necessary level for apart from protecting individuals, families, and companies against catastrophic disaster, it also provide piety, and brotherhood, while guaranteeing self-sustaining economy
Who should take the course?
The course is meant for all people, and specifically those who want to specialize in Islamic Insurance as their career. It is also appropriate for those who are already in Insurance, and Banking industries but will like to know about the basics of Islamic Insurance operations.
- Islamic Fund and asset managers
- Bankers and finance professionals
- Stock brokers
- Academics and students
- Takaful or Insurance professionals
- Scholars of Shari’ah
- And those interested to work in Islamic finance
Students who change their mind after enrolment, and do not want to continue their studies, should notify giibic 15 days from the date the enrolment registration sent to them. Student have to send an email advising the institute giving reasons on how why he/she want to cancel the enrolment. Any such letter reaching the institute after 15 days of enrolment registration cannot be accepted, and processed
Refund will be processed fully less administrative charges and bank charges, if request is received with the 15 days of enrolment registration, and student has not access the course material or submit assignment yet. Payment will be sent back through the same channel of payment where fund was received.
Duration and Modules
Duration :- The duration of this course is 6 months.
Modules: Two Modules of 6 courses
Module I: Introduction to Riba & Islamic Finance
CTP: 401: Riba & Islamic Economics
- What is Riba (Interest)? Prohibition of Riba in Islam.
- Types of Riba.
- Riba tul Nissayah
- also Riba tul Fadle
- and Riba in Modern Banking and Insurance.
CTP: 402: Overview of Islamic Economics & Banking
- Introduction to Islamic Economics System.
- Comparison of Islamic Economic System with Socialism & Capitalism.
- Introduction to Islamic Banking and Finance, Islamic Banking and Financial
- Products and their Mechanisms.
CTP: 403: Introduction to Takaful (Islamic Insurance
- What is Takaful? Shariah Mechanism of Takaful.
- Takaful System in Islamic Era.
- Philosophy and development scenario of Islamic Insurance.
Module II: Takaful & Risk Mitigation tools in Islamic Finance
CTP: 404: Shariah Elements or Principles in Takaful
- Definitions & Concept of Waqf, Wakalah, Hibba & Tibbarue, which are used in Takaful System.
- Involvement of Riba, Gharar, Maiser & Qamar in Conventional Insurance Business.
- Comparison of Takaful vs. Conventional Insurance
CTP: 405: Takaful Models, Type & Structures
- Structure, operation and performance of Takaful.
- Different Models of Takaful e.g. Wakalah Waqf Model, Modaraba Model, Wakala Model, and Surplus Distribution mechanism in all models
- Type and Products of Takaful Business
- General Takaful
- Family Takaful
CTP: 406: Takaful Products & Risk Management in Islam
- Different Takaful concepts in Takaful Industry: Banca Takaful, Re-Takaful, Micro Takaful, Claim Management, etc.
- Risk Management according to Islamic Perspective, Shariah ruling for Hedging, Derivative, Future, and Hedging & Swap Instruments
- Takaful products worldwide, Marketing Strategies for Takaful Products.
No minimum education or experience is required. Application into all program requires a good working knowledge of English language. However it is preferable that those applying for Post Graduate Diploma in Halal or Master Diploma in Islamic Banking and Finance to be a graduate with a bachelor degree from a recognized university, and preferable be at least 18 years old at the time of submitting the application.
This is preference and not requirement. For those who do not have degree, we will consider other equivalent alternatives such as employment history in a corporate sector for at least 3 years.
All our courses are studied on distance learning model. Study materials are kept on online virtual learning environment (VLE). Students can choose to have material through email. Student will have enrolment username and password to login and download materials, and study on their own comfort and their own pace, and convenience.
Each course has to be completed within the time allocated to it. Each course material study has an assignment to do, and upload onto the VLE before your move on to the next course, till all courses on under each module is completed. You can study the course anywhere in the world, since the study does not requires you to attend any classroom lecturers.
Assessment & Examination:
The course is studied by submitting assignments to each course. Students work are checked throughout the study period by the assigned tutor. Assignment needs to be concise and carry clear understanding of course material, demonstrating students understand of subject matter
At moment there is no final examination set for each course, students are evaluated base on the assignments that they submit for each course. The assessment to these assignment are review internally and students-award is based on successful completing the course, and demonstrating clear understanding of subject matter
Once you enrolled you will have access to our support team to help you study, including referencing, academic assignment and reading. You will be assigned to an Academic Personal Tutors who will support you for the duration of your course and help you with personal and academic development.
Your tutor will provide you with clarifications and give you assessment on the assignments you submit, though your registered email.
Your tutor will regularly review your progress against the milestones that will be set by the Institute. Whilst the concept of distance-learning is to allow you to proceed at your own pace, it is necessary to indicate milestones so that you are aware of the amount of work that is involved in the course. Past experience has shown that students who are left to complete their studies without set timescales are unlikely to complete at all.