fin5ins islamic insurance

ISLAMIC INSURANCE

FIN5INS

2014

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.

FacultyFaculty of Business, Economics and Law

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

Learning resources

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

Subject options

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Start date between: and    Key dates

Melbourne, 2014, Semester 2, Day

Overview

Online enrolmentYes

Maximum enrolment sizeN/A

Enrolment information

Subject Instance Co-ordinatorHayat Khan

Class requirements

LectureWeek: 31 - 43
One 2.0 hours lecture per week on weekdays during the day from week 31 to week 43 and delivered via face-to-face.

TutorialWeek: 32 - 43
One 1.0 hours tutorial per week on weekdays during the day from week 32 to week 43 and delivered via face-to-face.

Assessments

Assessment elementComments%
group discussions and presentations10
one 1,500-word assignment20
one 1-hour mid-term test20
one 2-hour examination50