Takaful and Commercial Insurance Compared Training Course
1Summary
Who actually owns the premium you pay for insurance, you, or the company? The answer splits the industry in two. In conventional commercial insurance, premiums become company property, managed however the insurer sees fit, and the company's main objective is maximising profit, with safety for the insured treated as incidental rather than central. In Takaful (Islamic insurance), the contract works differently: participants hold a dual role as both insurer and insured, the company simply manages operations and funds on their behalf under a Sharia-compliant agency fee, and the premiums, along with any returns generated by investing them, remain the participants' own property.
This Arab British Fellowship Training Academy course walks through that distinction in depth, building the skills needed to manage employee insurance within companies and institutions, understand insurance terms, and apply risk-management methods across both models.
2Objectives and target group
Target Audience:
- Corporate and company managers, and businessmen developing their insurance-management skills.
- Employees already working in Islamic insurance, plus business administration students and graduates.
- Anyone building expertise in insurance and risk management, or specifically in Takaful insurance management.
How participants will benefit:
- Understand the validity of Islamic insurance and the regulations governing general insurance activities.
- Distinguish between Islamic insurance, Takaful, and traditional insurance, and grasp the mechanisms for implementing Islamic insurance.
- Understand insurance's role in protecting assets and property against potential risks.
- Know the role of alternative dispute-resolution methods such as arbitration and mediation in resolving insurance disputes.
3Course Content
Module 1: Two Models of Insurance
- The concept of commercial insurance and why it matters for protecting businesses from risk and loss.
- The concept of Islamic insurance (Takaful) as a cooperative model built on shared responsibility and mutual protection.
Module 2: Core Insurance Mechanics
- The defining characteristics of insurance: its purpose and how it functions.
- Risk management: identifying, assessing and prioritising risk to limit its impact on operations.
- Risk insurance and the protection it offers against unexpected events or disasters.
Module 3: Claims and Compensation
- The process of filing and receiving compensation for a covered loss or damage.
Module 4: Legal and Procedural Framework for Takaful
- The legislation and laws governing Takaful insurance practices.
- The standardised coding system used for procedures related to risk and insurance claims.
- Methods for identifying and classifying risks, and the current terminology used in insurance policies.
Module 5: Evaluating and Implementing Islamic Insurance
- The advantages and disadvantages of Islamic insurance compared with conventional models.
- Obstacles to implementing Islamic insurance successfully, and strategies to overcome them.
- Real-life applications and case studies.
Where and when the course runs
Sessions take place across Egypt, Jordan, Malaysia, Turkey, the United Kingdom, France, Italy, Germany, Sweden, Austria, Denmark, Australia and the United States, scheduled at times and locations that fit your work commitments.
Delivery formats
- Group training at the academy's own centers.
- One-to-one training built around a full curriculum.
- On-site/field training tied to a complete work programme.
- Classroom-based theoretical sessions inside the academy.
What participants receive
On completion, participants are awarded a certificate from the Arab British Fellowship Training Academy confirming attendance of the Takaful and Commercial Insurance Compared course.