際際滷

際際滷Share a Scribd company logo

Islamic insurance 2014 topic 1

Download as PPTX, PDF
Kamaru salam Yusof
Kamaru salam Yusof

This document discusses Islamic insurance (Takaful) and provides an overview of a course on the topic. It introduces the lecturer and outlines topics to be covered in the course, including the origins and development of both conventional insurance and Takaful. The course aims to provide students with a correct understanding of Takaful in accordance with Shariah law and will cover topics such as the operational frameworks and contracts used in Takaful as well as contemporary issues in the field. References and textbooks are also listed.

1 of 20
Islamic Insurance (Takaful) Dr. Kamaru Salam Yusof Lecturer, FBMS, Unissa Negara Brunei Darussalam
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Introduce yourself ! Name (full and nick) Where from Previous school Hobby Your parent? Study takaful before? Know arabic?
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Things to consider 1. Arabic term vs english term 2. Your role to understand, lecturer role to help you understand. Dont hesitate to ask, visit, talk, email, wasaping etc. 3. On time plssssss (lecture, tutorial, submit) 4. Your class your home. 5. Attendance must and record (maybe un- noticed) 6. Switch off your fon and tablet (except..) 7. Eat and drink if need and not disturb others!
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Our course Lecture U can ask Group mail Reading material Library research quiz Presentation test exam
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Aims Correct perspective on Islamic Takaful Theory and application of IT Able to utilize the rules of takaful in line with the Syariah Law
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam contents Origin & development of insurance practice Origin & development of takaful practice Governance principles in takaful policy. Formalities & considerations in insurance contract common law & syariah Practice of takaful principles & methods. Practice of takaful in Sultanate State of Brunei Darussalam.
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Topics to cover Introduction to risk management Introduction to insurance & its history. Introduction to takaful & its history Relation between takaful, banking and other Islamic Financial Systems Different between Insurance and takaful Detail discussion on riba, gharar & maysir in insurance Operational Framework of Takaful & Classification Contracts in Takaful Models of Takaful Mudarabah Wakalah How implement both contracts in takaful Hybrid
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Topics (cont.) Brunei and Malaysia ; which model? Re-takaful Shariah Issues in Takaful FAQ about takaful from the Shariah view Regulatory Framework for Takaful Discussion on Brunei Act & Malaysia Act Takaful; opportunities & challenges Contemporary issues on takaful; from general society
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam References & textbooks 1. Essential guide to takaful; Dr Engku Rabiah Adawiyah Engku Ali & Hassan Scott P. Odierno. CERT (Center for Research & Training, KL) EGTT
TOPIC 1 INTRODUCTION TO RISK MANAGEMENT
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam What is risk management ..identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities..
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Risk.. From where? from uncertainty in: 1. financial markets, 2. threats from project failures design, development, production, or sustainment life-cycles 3. legal liabilities 4. credit risk, accidents 5. natural causes and disasters 6. deliberate attack from an adversary 7. events of uncertain or unpredictable root-cause.
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam type risk 1. pure 2 possible outcome (fire, cancer) no change for gain Loss @ no loss personall / collective Direct OR Indir occurs naturally (not plan) 2. Speculative Loss @ profit @ no change often planned ban manipulated (stock market, real estate, venture in business, horse race)
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam How to manage the risks? The strategies to manage threats typically include: 1. transferring the threat to another party, 2. avoiding the threat, 3. reducing the negative effect or probability of the threat, or 4. accepting some or all of the potential or actual consequences of a particular threat, and the opposites for opportunities (uncertain future states with benefits).
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam risk management concept 2 basic part of human 1. uncertaint regarding loss --> risk = change of loss 2. peril cause loss theft, accident, sickness, flood, premature death, fire why future unknown outcomes of human unpredictable how to mitigate? HOW TO TACKLE?
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Risk Options Risk mitigation measures are usually formulated according to one or more of the following major risk options: 1. Design a new business process with adequate built- in risk control and containment measures from the start. 2. Periodically re-assess risks that are accepted in ongoing processes as a normal feature of business operations and modify mitigation measures. 3. Transfer risks to an external agency (e.g. an insurance company) 4. Avoid risks altogether (e.g. by closing down a particular high-risk business area).
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam 5 concept to manage the risk Prevent - house Assumption save money spread mutually same concern Transference insurance co. buying policy - insurance
Islamic insurance 2014 topic 1
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Definition of insurance Device to reducing risk by combining a sufficient number of exposure units to make their individual losses collectively predictable. Then shared by or distributed proportionately among all units in combination. 2 mains 1. tool to reduce uncertainty 2. uncertainty losses reduced by distributed financing techniq protection agains lost
Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Conventional INSURANCE who involve insurer insured insurance contract connect them

More Related Content

Islamic insurance 2014 topic 1

  • 1. Islamic Insurance (Takaful) Dr. Kamaru Salam Yusof Lecturer, FBMS, Unissa Negara Brunei Darussalam
  • 2. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Introduce yourself ! Name (full and nick) Where from Previous school Hobby Your parent? Study takaful before? Know arabic?
  • 3. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Things to consider 1. Arabic term vs english term 2. Your role to understand, lecturer role to help you understand. Dont hesitate to ask, visit, talk, email, wasaping etc. 3. On time plssssss (lecture, tutorial, submit) 4. Your class your home. 5. Attendance must and record (maybe un- noticed) 6. Switch off your fon and tablet (except..) 7. Eat and drink if need and not disturb others!
  • 4. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Our course Lecture U can ask Group mail Reading material Library research quiz Presentation test exam
  • 5. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Aims Correct perspective on Islamic Takaful Theory and application of IT Able to utilize the rules of takaful in line with the Syariah Law
  • 6. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam contents Origin & development of insurance practice Origin & development of takaful practice Governance principles in takaful policy. Formalities & considerations in insurance contract common law & syariah Practice of takaful principles & methods. Practice of takaful in Sultanate State of Brunei Darussalam.
  • 7. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Topics to cover Introduction to risk management Introduction to insurance & its history. Introduction to takaful & its history Relation between takaful, banking and other Islamic Financial Systems Different between Insurance and takaful Detail discussion on riba, gharar & maysir in insurance Operational Framework of Takaful & Classification Contracts in Takaful Models of Takaful Mudarabah Wakalah How implement both contracts in takaful Hybrid
  • 8. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Topics (cont.) Brunei and Malaysia ; which model? Re-takaful Shariah Issues in Takaful FAQ about takaful from the Shariah view Regulatory Framework for Takaful Discussion on Brunei Act & Malaysia Act Takaful; opportunities & challenges Contemporary issues on takaful; from general society
  • 9. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam References & textbooks 1. Essential guide to takaful; Dr Engku Rabiah Adawiyah Engku Ali & Hassan Scott P. Odierno. CERT (Center for Research & Training, KL) EGTT
  • 10. TOPIC 1 INTRODUCTION TO RISK MANAGEMENT
  • 11. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam What is risk management ..identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities..
  • 12. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Risk.. From where? from uncertainty in: 1. financial markets, 2. threats from project failures design, development, production, or sustainment life-cycles 3. legal liabilities 4. credit risk, accidents 5. natural causes and disasters 6. deliberate attack from an adversary 7. events of uncertain or unpredictable root-cause.
  • 13. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam type risk 1. pure 2 possible outcome (fire, cancer) no change for gain Loss @ no loss personall / collective Direct OR Indir occurs naturally (not plan) 2. Speculative Loss @ profit @ no change often planned ban manipulated (stock market, real estate, venture in business, horse race)
  • 14. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam How to manage the risks? The strategies to manage threats typically include: 1. transferring the threat to another party, 2. avoiding the threat, 3. reducing the negative effect or probability of the threat, or 4. accepting some or all of the potential or actual consequences of a particular threat, and the opposites for opportunities (uncertain future states with benefits).
  • 15. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam risk management concept 2 basic part of human 1. uncertaint regarding loss --> risk = change of loss 2. peril cause loss theft, accident, sickness, flood, premature death, fire why future unknown outcomes of human unpredictable how to mitigate? HOW TO TACKLE?
  • 16. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Risk Options Risk mitigation measures are usually formulated according to one or more of the following major risk options: 1. Design a new business process with adequate built- in risk control and containment measures from the start. 2. Periodically re-assess risks that are accepted in ongoing processes as a normal feature of business operations and modify mitigation measures. 3. Transfer risks to an external agency (e.g. an insurance company) 4. Avoid risks altogether (e.g. by closing down a particular high-risk business area).
  • 17. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam 5 concept to manage the risk Prevent - house Assumption save money spread mutually same concern Transference insurance co. buying policy - insurance
  • 19. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Definition of insurance Device to reducing risk by combining a sufficient number of exposure units to make their individual losses collectively predictable. Then shared by or distributed proportionately among all units in combination. 2 mains 1. tool to reduce uncertainty 2. uncertainty losses reduced by distributed financing techniq protection agains lost
  • 20. Faculty of Business & Management Sciences, UNISSA, Brunei Darussalam Conventional INSURANCE who involve insurer insured insurance contract connect them