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Takaful
1.
2. PRESENTORS
NAME ROLL No.
Muhammad Javed 724_13
M.Asim Irshad 733_13
M.Zahid Liaqat 758_13
PRESENTED to SIR ASHFAQ
College of Statistical and Actuarial sciences, University of the
Punjab, Lahore, Pakistan
3. Main points of our presentation
1.What is takaful?
2.Role of actuary in takaful
3.Factors that affects the judgment of
actuary
4.Business environment under takaful
4. TAKAFUL:
Takaful is an Arabic word that means “Guarantying each
other". It is a system of Islamic insurance based on the
principal of TA AWUN(mutual assistance) and
TABARRU(Gift ,give away, donation) where the risk is
shared collectively by the group VOLUNTARILY.
5. ACTUARY
An actuary is a highly trained statistician with expertise in
evaluating various types of risks. Roughly 60% of actuaries
are employed by insurance companies, and play a key role
in setting the terms and conditions of insurance policies,
including premium rates.
6. ROLE OF ACTUARY
The traditional role of actuary is to:
1. Determine contribution rate,
2. Design products,
3. Value liabilities and reserves relating to the participants
risk fund, and
4. Determine distribution of surplus
8. INTRODUCTION
It is of utmost importance that the actuary
be fully aware of the general economics
and commercial environment within which
the takaful operator conduct its business.
9. FACTORS
The factors in the general economics and
commercial environment that an actuary may need
to consider would include the following:
1. General Economic Indicators such as economic
growth.
2. Demographic Factors such as the age structure
of the population and literacy rates.
3. Living standards such as state of health care
system.
4. Legislation affecting Takaful.
5. Taxation.
6. The depth of the capital market & investment
returns on available assets.
13. CONCLUSION
To sum up, Actuary is key person in takaful business.
The takaful business is influenced by actuary’s
decisions to large extent. The actuary must consider
the factor that might be affect the business. Their
consequences must be consider in advance to make
any decision.