ISLAMIC INSURANCE

FIN5INS

Not currently offered

Credit points: 15

Subject outline

In this subject, students will develop an understanding of the theory and practice of Islamic insurance (takaful) vis-á-vis conventional insurance. On successful completion of this subject, students will have a sound understanding of the concept of insurance, its types, operating principles, shariah objections on conventional insurance, alternative models of Islamic insurance and contemporary issues. They will be able to do a shariah audit of takaful operations, identify issues with its business models and suggest shariah-complaint solutions where appropriate.

SchoolLa Trobe Business School

Credit points15

Subject Co-ordinatorHayat Khan

Available to Study Abroad StudentsYes

Subject year levelYear Level 5 - Masters

Exchange StudentsYes

Subject particulars

Subject rules

Prerequisites FIN5POF and ECO5POE or BUS5AFS

Co-requisitesN/A

Incompatible subjectsN/A

Equivalent subjectsN/A

Special conditionsN/A

Readings

Resource TypeTitleResource RequirementAuthor and YearPublisher
ReadingsLecture handoutsPrescribedKhan, HayatKHAN, HAYAT
ReadingsInsurance and Islamic lawRecommendedMusleh-Ud-Din, M.NEW DELHI: ADAM PUBLISHERS & DISTRIBUTORS, 2006
ReadingsInsurance in an Islamic economyRecommendedSiddiqi, M. N.UK: THE ISLAMIC FOUNDATION, 1987
ReadingsIslamic and modern insurance: principles and practicesRecommendedBillah, M. N.PETALING JAYA:ILMIAH PUBLISHERS SDN BHD, 2003
ReadingsIslamic insurance: A modern approach to Islamic banking (1st ed.)RecommendedKhorshid, A.UK:RUTLEDGE CURZON, 2004
ReadingsOther as specified by the subject coordinatorRecommendedN/AN/A
ReadingsRisk and insurance managementRecommendedChin, Y. W.SINGAPORE: PRENTICE HALL, 2004
ReadingsTakaful Islamic Insurance: Concepts and Regulatory IssuesRecommendedKarim, S., Karim, R. A. A., and Nienhaus, V.JOHN WILEY & SONS INC.,2009

Graduate capabilities & intended learning outcomes

01. differentiate Islamic insurance (takaful) from conventional insurance

Activities:
Lectures and tutorials

02. identify shariah objections on conventional insurance and analyse alternative models of Islamic insurance

Activities:
Lectures and tutorials

03. analyse business models under takaful operation from efficiency point of view

Activities:
Lectures and tutorials

04. perform sharia#h analysis/audit of Islamic insurance in operation

Activities:
Lectures and tutorials

05. suggest shariah compliant solutions where appropriate

Activities:
Lectures and tutorials

06. discuss contemporary issues related to underwriting, governance, regulation and supervision of Islamic Insurance

Activities:
Lectures and tutorials

Subject options

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