UK’s Chartered Insurance Institute Introduces Takaful Module Program

In its continuing role as a partner with the Bahrain Institute of Banking and Finance (BIBF), the UK’s Chartered Insurance Institute (CII) has accredited a program on Takaful (Islamic) insurance recently launched by the BIBF. The new qualification will be available in the UK by September 2008.

“The Takaful sector is quickly establishing itself as a key component in the industry – not just in the Middle East but throughout the world – and the CII is delighted to be part of this exciting project,” explained Lee Gladwell, director of general insurance for the CII. “We aim to have all the learning materials in place and available for UK applications by the beginning of September and successful examinees will receive an internationally recognized certificate.”

The program will cover key topics, such as Shari’a practice and perspective, comparative analysis between conventional and Takaful companies, accounting standards for Takaful, surplus and loss distribution, structure and operations of Islamic insurance companies, as well as family and general Takaful products.

Seven “top academic and professional experts from around the world” developed the program,” said the CII. The BIBF plans to publish an Arabic version of the textbook. “In addition, there are plans to develop a series of textbooks and training programs in the different areas of Takaful, such as Islamic Accounting Standards for Takaful operators,” the bulletin continued.

Mark Greenwood, head of regional business for the CII in the Middle East commented: “We are proud to be working with the BIBF, which is seen as the leading provider of Islamic finance and insurance training programs throughout the Middle East and, by combining our experience and resources with their expertise, we will jointly be able to offer a vital addition to the further development of the Takaful market.”

Source: Chartered Insurance Institute – www.cii.co.uk