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The Takaful indu stry in the Middle East needs more advance- ment compared to other markets such as Malaysia. The more successful companies in the Middle East have grown at 10% p.a. whereas in Malaysia the rate of growth has been 60% p.a. Malaysia is one of the largest markets outside the Arab region for Takaful, writing 72% of the non-Arab takaful busi- ness.
The growth in Takaful business in Malay- sia has been impressive. Starting from a low base in 1994, the annualised average growth used to be in the order of 92% in Family Takaful and 34% in General. Since
1998, the growth rate has slowed down to around 30% in Family Takaful and 17% in General. In Family Takaful the products sold were individual and group term and savings products, mortgage policies and pension plans. In General takaful all classes of busi- ness were sold. Malaysia is a thriving desti- nation for a career in Islamic insurance and an individual wanting to get to the heart of Takaful could consider training or job oppor- tunities in Malaysia.
Conventional Insurance Model
Getting Qualified in Takaful Insurance Obtaining the relevant qualifications in Taka- ful insurance can help give you the edge over other candidates and also increase your knowledge of the diverse sector of Islamic finance.
Risk-Transferred to Insurance Company (resulting in Uncertainty & Gambling)
Policyholder Premium
Claims
Insurance Company
Non Shariah compliant Investment funds/Interest
There are many courses which can be done online or alterna- tively you could attend an edu- cational venue to obtain your qualification. The types of qual- ifications which would benefit you in obtaining a career in the Takaful industry are as follows:
Surplus retained by
Insurancecompany
Takaful - Wakala Model Versus
Risk-Shared between Participants Takaful Participants Contribution Claims
Surplus distributed as Renewal Discount
Source: Salaam Insurance
Takaful Pool
Shariah Compliant Investment/
Halal Profits Wakala Fee Administrator
Participants Takaful
Takaful
• Certified Takaful Profes- sional (CTP) - Certified Takaful Professional (CTP) is a special- ised training program in Islamic Insurance or Takaful. The par- ticipants of this training are awarded by 30 hours of profes- sional training. The CTP train- ing covers several lectures and each lecture covers numerous topics in Islamic Insurance.
• The Certified Islamic In- surance Professional (CeIIP) – This program provides pro- fessional certification for bank- ers, financial professionals and students to seek a career in the Islamic insurance (takaful) sector.
The Certified Takaful Profes- sional (CTP) is a specialized Islamic insurance training pro- gram which is run by the Acad- emy for International Modern Studies (AIMS) who run the course via e learning curricu- lum programs.
COUNTRIES MALAYSIA ASIA
EUROPE ARAB TOTAL
TAKAFUL $143M $50M $6M
$340M $538
Source: Institute of Islamic Banking & Insurance 58 Global Islamic Finance October 2010
% OF TOTAL 27% 9% 1%
63% 100%
The curriculum and study mate- rial is produced by recognised scholars and industry special- ists. The CTP course enables candidates to build on their skills and competencies as they enter the world of Islamic insurance.
The Certified Islamic Insurance Professional (CeIIP) is offered by the International Insti- tute of Islamic Business and Finance (IIIBF) incorporate state-of-the-art research to give candidates the edge and develop expertise within the Islamic Takaful sector.
The course covers many expert sectors such as Islamic microfinance and operations and management of Islamic insurance as well as many other topics. The CeIIP course can help you to gain skills and also apply for higher positions in the sector of Islamic Takaful.
Enter the Takaful Industry Once you have followed the Global Islamic Finance magazine’s guidance on entering the Takaful industry you can guarantee that you are one step closer to obtaining a job in Takaful. Leading firm Ernst & Young expect that there will be a consolidation across the Takaful market leading to a financially stable industry.
Due to the expansion of opportunities in the Takaful industry and the introduction of ac- credited professional and globally recogn- ised courses candidates can have an easier time in building on their skills to obtain a job in the increasingly popular sector.
There are many jobs in the Takaful sector that are posted online via global Takaful companies seeking candidates with expert knowledge and a grasp of the specialised sector.
Once you do find your dream job in Takaful you can use this article to go through the ba- sic principles and concepts and help you to obtain the competitive edge over other can- didates to ensure that you will be picked as the right candidate for the job.
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Additional Reading
Simon Archer & Rifat Abdul Karim (2009) Takaful Islamic Insurance: Concepts and Regulatory Issues (Wiley Finance). Rakiya Ibrahim (2000) Directory of Islam- ic Insurance (Takaful) Hardcover Sohail Jaffer (2007) Islamic Insurance: Trends, Opportunities and the Future of Takaful Brian Kettell (2010) Frequently Asked Questions in Islamic Finance (Wiley Fi- nance Series)
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