Training on. Insurance & Takaful (Peshawar, January 03, 2016)

Transcription

1 Training on Insurance & Takaful (Peshawar, January 03, 2016)

2 Introduction We are exposed to several types of risks which may have financial consequences. Events like death of a person, accident of car, loss to a factory, business or house due to fire are few instances which result in a cash out flow. Insurance is a widely accepted tool for reducing the financial impact of such events. It brings several benefits for individuals as well as for a country s economy. Today, none can avoid interaction with insurance. People working in different organizations are covered with an insurance / takaful company for their group life, disability and Health Coverage. A business man has to cover his business assets like building, machinery and physical stock with a company against the risk of fire, earthquake, floods, and terrorism etc. Goods transported from one way to another remain covered. Therefore, people working in different organizations, people operating their own businesses have to come across with insurance. Unfortunately, conventional insurance contains such elements which are not permissible in Islam. Through research and discussions, experts have developed the system of Takaful which provides almost all of the required coverages within Shariah ambit. This training is focused at knowing about insurance, objections against it and the system of takaful in which those objections are addressed. The Traning is Suitable for: People working in: Banks Takaful & Insurance Companies Leasing companies Universities People working in HR and Finance departments of their organization and are required to arrange insurance / takaful for their staff (Group Health, Life and Disability coverages) and physical assets of their organizations. Auditors and Compliance officers Students Training Content Content Session I Introduction to the training Session 1 Introduction to Insurance Definition of insurance Why to get insured What is insurance History Benefits of Insurance Functions of insurance Session 2 Objections of Islamic Scholars on insurance and their solutions Risk transfer mechanism replaced with Risk sharing mechanism Interest based investments with interest free investments Uncertainty with the contract of tabarru Gambling

3 Certification A certificate of training will be awarded by the Centre for Excellence in Islamic Finance (CEIF), Institute of Management Sciences, Peshawar. Trainer s Profile Mr. Adnan Malik MS (Management), FLMI (USA), ACII (UK), PGD in Islamic Banking and Takaful (Pak) Adnan Malik is a certified professional in insurance and Takaful with nearly fifteen years of work experience in State Life Insurance Corporation & Takaful Pakistan Limited. Having a master degree in management, he has also acquired certifications in life and general insurance & Takaful from reputable international institutions. He has given several trainings, briefings & presentations about insurance and Takaful at different business and academic forums. Moreover, he also developed the courses of Takaful & Insurance for Institute of Management Sciences, Peshawar and Sheikh Zayyed Islamic Centre, University of Peshawar. He is also a faculty member in MBA programme in Islamic Banking & Takaful at Institute of Management Sciences, Peshawar and serving as Industry Chair in Centre for Excellence in Islamic Finance, Institute of Management Sciences, Peshawar. Mufti Muhammad Akhlaq Mufti Muhammad Akhlaq is a recognized Shariah Scholar and researcher having strong comprehension of all aspects of Islamic Law and specialized in Islamic Jurisprudence and Islamic Finance from Jamia Dar Ul Uloom Karachi, Pakistan, having Takhassus Fil Ifta (Specialization in Islamic Jurisprudence), majoring in Islamic Banking & Finance. He is serving as the Head of Center Region Shariah Compliance Department of Pak Qatar Family Takaful Limited since 2012, and looking after the transactions, day to day Shariah matters. His specialties include Shariah Compliant investments, development of takaful products, policies, manuals and drafting of Shariah related documents. Mufti Akhlaq is also involved in delivering detailed trainings to the management of all levels, marketing, distribution force of Pak Qatar Family Takaful and Ulmai-e-kiram on Takaful, Shariah related issues and requirements in the light of Shariah and Takaful Rules Besides being administrator of Ihsan acadmey, he is also involved in teaching Islamic Banking & Takaful in different universities as a visiting faculty member. Training Collaborators Institute of Management Sciences (IMSciences) The Institute of Management Sciences is a pioneering business school of Pakistan, which is extensively exercising high quality research in Business Information Technology and Business Administration. Apart from its academic pursuits, IMSciences has also adopted latest trends of global university advancement. One such initiative is conducting international business conferences since Centre for Excellence in Islamic Finance (CEIF) The Centre for Excellence in Islamic Finance (CEIF) is collaboratively established by the Institute of Management Sciences, Peshawar, State Bank of Pakistan and the UK s Department for International Development (DFID) to spur financial inclusion in Pakistan. The strategy of the CEIF is designed on threefold orientations namely academia,

4 research, and industry efforts to boost-up Islamic Finance and financial inclusion through it. These three sets of efforts are managed as three chairs: A-CEIF, R-CEIF, and I-CEIF. The starting alphabets represent, Academia, Research, and Industry, respectively. The CEIF provides a long term and sustained platform through which the educationalists, researchers, and practitioners alike take benefit to holistically advance the Islamic Finance and hence the financial inclusion of society. How to Apply: You are advised to apply early as seats are limited and enrolment is based on first come, first enroll basis. Online Application forms are available at and at on our website. In case of any problem, you can ask us to send you at your desired address. To avoid any delays, please ensure the complete filling of documents before sending. Registration Fee Training Cost: PKR 10,000 Per Participant The cost include trainer cost, reading material, lunch and tea(s), training certificate and group picture. Last date of Registration & Payment 01st January, 2016 Accomodation: As per actual, upon request Discount / Funding Policy In the training, if more than one executive from the same organization participate, then all participants will get 35 % discount on the course fee. For students, funding options are available up to 75% of the course fee. The Centre has decided to fund the 75% cost of the training and the participants can enroll in the initial three trainings by paying only Rs. 2500/- for each training. The payment can be made through a check/ banker s draft payable to Centre For Excellence in Islamic Finance, IMSciences, Peshawar. Substitutes/ Transfers If an applicant is unable to attend a registered program, we will accept a substitute no later than two working days before the start of the program. If you wish to cancel your name from a program, please notify in writing at least one week before the start of the program. Course fee will be refunded after deducting 20% of the deposited fee. Please note that only one transfer is permitted and should be within 12 months of deposit of fee. Payment The course fee must reach to the office at least two days before the start of course. Your participation in the course may only be ensured after we receive the fee. Our preferred mode of payment is by check/ banker s draft payable to Centre For Excellence in Islamic Finance, IMSciences, Peshawar. Note: Training can be cancelled or postponed by the Centre due to insufficient enrollments or due to any other unavoidable circumstances. In such a case, only the course fee will be refunded and the Centre will not be responsible for any other related expenses. The Centre can make changes in the above areas at any time and date. Contact: Amna Ashraf

5 Liaison Officer, Centre for Excellence in Islamic Finance CEIF-Institute of Management Sciences, Main Campus 1-A, Sector E-5, Phase 7, Hayatabad, Peshawar, Pakistan Web site: ceifimsciences.org