IMU655 Takaful And Retakaful UITM Assignment Sample Malaysia
IMU655 Takaful and Retakaful course is a part of the academic curriculum offered by the International Medical University (IMU). The course focuses on the study of Takaful and Retakaful, which are Islamic insurance concepts. Takaful is a cooperative system of insurance based on the principles of mutual assistance and solidarity among participants, while Retakaful refers to the Islamic reinsurance system.
The course covers various aspects of Takaful and Retakaful, including their historical background, principles, types, practices, and regulatory framework. It aims to provide students with a comprehensive understanding of these insurance concepts and their applications in the real world.
Buy Non Plagiarized & Properly Structured Assignment Solution
Keep your IMU655 Takaful and Retakaful course assignments until the last possible minute to ensure you get the best grades!
Malaysia Assignment Help is here to make sure you get the best possible grades for your IMU655 Takaful and Retakaful course assignments! With our industry experience and expert writers, we guarantee an A+ grade if you use Malaysia Assignment Help to get it done. Plus, doing assignments last minute can often result in better grades as you are more focused and alert, taking your time to craft a perfect essay or research paper.
In the following section, we will discuss some of our assigned tasks. These include:
Assignment Task 1: Explain the conceptual framework related to the takaful and retakaful system.
The Takaful and Retakaful system is based on the Islamic principles of cooperation and mutual assistance. The concept of Takaful refers to a form of insurance that is compliant with the principles of Islamic finance, where participants pool their funds to guarantee each other against loss or damage. The Retakaful system refers to the reinsurance aspect of Takaful, where a Takaful operator can transfer some of its risks to a specialized reinsurer, known as a Retakaful operator.
In Takaful, participants contribute to a mutual pool of funds, managed by a Takaful operator. In the event of a claim, the operator pays compensation from the pool to the affected participant. The Takaful system operates on the principles of mutual cooperation, mutual assistance, and shared responsibility, which is based on the concept of Taawun (cooperation) and Takaful (solidarity) in Islam.
Retakaful is an important aspect of the Takaful system as it provides an additional layer of protection for the Takaful operator and participants. Retakaful operators offer reinsurance coverage to Takaful operators and take on a portion of the risk from their Takaful portfolio. In return, the Takaful operator pays a fee to the Retakaful operator. This helps to reduce the overall risk for the Takaful operator and participants and increases the stability and security of the Takaful system.
Hire Writer For Custom Assignment Assistance
Assignment Task 2: Apply the shariah principles which govern the operationalization of takaful and retakaful.
Takaful and retakaful are Islamic insurance concepts that operate based on the principles of mutual cooperation, shared responsibility, and mutual guarantee. The following are some of the shariah principles that govern the operationalization of takaful and retakaful:
- Prohibition of riba (interest or usury) – Takaful and retakaful operations are structured in a way that eliminates the charging or paying of interest, which is prohibited in Islamic finance.
- Prohibition of maisir (gambling) – Takaful and retakaful contracts should not involve excessive uncertainty or speculation.
- Prohibition of gharar (uncertainty) – The terms and conditions of takaful and retakaful contracts should be clear and transparent to avoid any uncertainty.
- Cooperation and mutual responsibility – Participants in a takaful scheme contribute to a common pool, which is then used to provide coverage to any member who needs it.
- Profit and loss sharing – The profits and losses of a takaful operation are shared among its participants in accordance with their respective contributions to the common pool.
- Investment in shariah-compliant assets – The funds collected through takaful contributions must be invested in assets that are consistent with shariah principles.
- Transparent management – The management of takaful and retakaful operations must be transparent and accountable to its participants.
These principles ensure that takaful and retakaful operations align with the principles of Islamic finance and provide a socially responsible and ethical alternative to conventional insurance.
Assignment Task 3: Analyse issues arising from takaful and retakaful operations.
Takaful and retakaful operations face several issues that may affect their growth and sustainability, some of which are:
- Regulation and standardization: Takaful and retakaful are still relatively new and evolving industries and lack uniform regulatory frameworks in many countries. This can lead to inconsistent practices and standards, reducing consumer trust and hindering the market growth.
- Lack of consumer awareness: There is often low consumer awareness of takaful and retakaful products, making it difficult to educate potential customers and build a strong market for these products.
- Competition from traditional insurance: Takaful and retakaful face strong competition from traditional insurance providers, which are often well-established and have a wider reach.
- Capital adequacy: Takaful and retakaful operators face challenges in maintaining adequate levels of capital to meet their obligations and support growth.
- Investment risk: Takaful and retakaful operators must manage investment risk, especially when investing surplus funds, as any loss could have a significant impact on their financial stability.
- Reinsurance: Reinsurance for takaful and retakaful products can be difficult to obtain, due to the limited availability of specialized reinsurers and a lack of understanding of these products by conventional reinsurers.
- Ethical and religious considerations: Takaful and retakaful operations must adhere to strict ethical and religious principles, which can limit the range of investment opportunities and increase operational costs.
Pay & Get Instant Solution Of Assignmets and Essays By Malaysian Writers
Make your order right now, and let our talented writers produce top-notch IMU655 TAKAFUL AND RETAKAFUL assignments at competitive rates!
The assignment sample discussed above is based on IMU655 TAKAFUL AND RETAKAFUL. We can provide you with writing help for any topic related to the subject. Our assignment writing experts will provide you with custom-written content that is of superior quality and written from scratch as per your instructions. We guarantee that all assignments are 100% plagiarism-free, delivered on time, and at highly competitive rates.
We also offer the best thesis writing service for the IMU655 course. Our team of experienced researchers and writers will work to provide best-in-class content that meets your academic requirements. We guarantee top-notch results at competitive prices, delivered on time. We also offer case study writing help for case studies related to IMU655. Our team of case study experts is adept at writing case studies that are well-researched, detailed, and in-depth.
If you’re tired of spending long hours on your IMU655 assignments and just want to pay to do assignment, look no further than our expert team. Our experts will write an assignment for you that meets all the required criteria and surpasses your expectations. So, contact us now and get your IMU655 assignments done in no time!