Certified in Takaful (Islamic Insurance )

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About Course

The course has been designed to enable the students to understand and explain the philosophy, principles and operations of Islamic finance including Islamic banking, Islamic financial instruments and Takaful and how they are different from the conventional banking and financial system.

 

What Will You Learn?

  • On completion of this course students will be able to:
  • Explain the role of Shari’ah in Islamic finance;
  • Explain the meanings of finance and financial system
  • Understand the philosophy and principles of Islamic finance.
  • Examine the distinguishing features of Islamic Finance
  • Explain the major prohibitions in Shari’ah- compliant commercial transactions and their impact on banking business;
  • Evaluate the implications of prohibition of Riba, Gharar and gambling on individuals, financial institutions and societies;
  • Understand the essentials of all basic modes of business.
  • Understand the difference b/w insurance and Takaful
  • Evaluate the role of risk-based and equity finance comparing with the risk free finance.
  • Apply Islamic principles of Islamic finance to the needs of present day businesses on the basis of modes and procedures in practice.

About the instructor

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Course Curriculum

Module 1

  • Chapter 1 Introduction: Finance as a Business; Meanings of finance and financial system; Objectives of Business and Finance in Islam; The concept of intermediation and its basis in the conventional and Islamic framework
  • Chapter 2 Philosophy of Islamic finance; Riba, Qimar / Maysir and Gharar and how their prohibition affects various businesses and contracts
  • Chapter 3 Introduction to various categories of contracts, law of contracts, Qard and Dayn in Islamic finance, Implications of Trade, Lease and Shirkah based contracts
  • Chapter 4 Takaful: Need, Bases and Models
  • Chapter 5 Shirkah based modes – Musharaka and Mudaraba;
  • Chapter 6 Workshop on deposit management; Ijarah – lease based financing

Module 2

  • Chapter 7 Introduction of Diminishing Musharaka; Principles and application for Housing finance; Workshop on how pricing is made in housing finance
  • Chapter 8 Trade based modes – Credit sales – Murabaha, Musawamah
  • Chapter 9 Salam; principles and application
  • Chapter 10 Istisna‘a –principles and application
  • Assignments

Module 3

  • Chapter 11 Accessory Modes- Jualah, Kfalah, Hawalah, Wakalah
  • Chapter 12 Differentiating the functioning of conventional banking and Islamic banking and marketing Islamic finance products
  • Chapter 13 Takaful as an alternative to Insurance – Need, basis, Models and how it is different from insurance
  • Chapter 14 Islamic Finance in Nutshell- Revision
  • Assignments

Course Related Books

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