This is a manual and guideline on Takaful Broking which is essential in preparing oneself for the innovative and first of its kind certification by IBFIM and MITBA called the Basic Certificate Course in Takaful Broking (BCCTB).

Risk is a major component of our environment; human beings are surrounded by innumerable risks from birth to death; humans learned to improve after experiencing misfortunes; quest for security evolved since the dawn of man’s existence. In Islamic jurisprudence, the legal maxim “al-ghorm bil ghonm“ or “no reward without risk“ holds true.

Although the takaful industry in Malaysia, as seen today, may be deemed to have attained its major features only from 1984 onwards, the industry has a longer history which dates back to the 1970s (excluding the time insurance was already distinguishable in the country). Over this period, certain important political, economic, and social developments that took place must be taken into account ...

The slides highlight on the financial reinsurance for life insurers, financial retakaful, and financial models through financial retakaful lenses.

Takaful is rapidly gaining momentum, particularly in the Asia Pacific and the GCC region, owing to a large Muslim population. Muslims currently account for a fifth of the total global population and these levels are expected to further increase in the future. In 2018, the value of Takaful assets worldwide amounted to 46 billion U.S. dollars while the top 3 markets of Saudi, Iran and Malaysia had assets worth 37 billion USD. The fastest growing markets worldwide were Maldives, Pakistan and Brunei. Another major driver of the market is that, in contrast to Western countries, the majority of the world's Muslim population is young with 60% of this entire population being less than 25 years of age. Catalyzed by rising levels of affluence, this large young Muslim population has the potential to represent a customer base for a fairly long duration if it is captured early.

The basic five rules of Islamic finance are: no riba, superior clarity, backed by real assets, risk sharing propositions, and nor haram activities.

Takaful, or mutual assistance, is the Islamic counterpart of conventional insurance. The word takaful is derived from an Arabic word kafalah, which means to guarantee. A group of participants agree to support one another jointly for the losses arising from specified risks. They contribute to a fund, and are compensated or reimbursed from that fund in the event of certain risks. The scheme is managed on the participants' behalf by a takaful operator. It is similar to a mutual insurance concept, but it complies with Shariah and is based on concepts of mutual solidarity and risk sharing.

The general and family takaful sectors in Malaysia have showed positive growth. Based on the Malaysian Takaful Association (MTA) 2017 figures, the total combined assets of the industry has risen to MYR26.9 billion in 2016. Family takaful penetration declined slightly to 14.6% in 2016 compared to 14.71% in 2015.

The development of the Takaful industry in Malaysia has been encouraged by three main factors. First, the Malaysian Muslim population of more than 60% of the country's population cannot be ignored. Statistics have shown that the Muslims in Malaysia now have greater affluence and are educated; and have developed greater skills. The per capita income of the Malays has grown from 60% of the average per capita income in Malaysia in 1970 to 80% of the average per capita in 2000, attributed mainly to the implementation of the New Economic Policy (NEP) which was designed to eradicate poverty and restructure society, put in place in 1971. Takaful is necessary for Muslims as a replacement for conventional insurance. Having said that, one must hasten to add that Takaful is beneficial not only for the Muslims but also non-Muslims, as it adds variety and widens the choices.

This book discusses risk, risk management and the operational aspects of the two broadly classes of takaful products namely, general and family takaful. In this book, the authors have also explained the various functions involved in typical takaful operations including the process of underwriting, claims, marketing, investment and retakaful while at the same time, bringing in the Shari'ah elements in all of these functions. The authors believe that while takaful and conventional insurance possess many similarities, their contracts are somewhat different.

The article considers the potential of takaful to become a strong segment of the Nigerian insurance market. Topics discussed include the growth of the Nigerian economy in 2015, the emerging opportunities in the country's life insurance market, and the inclusion of microtakaful the could increase financial access and inclusion among lower-income Nigerians.

The presentation is to engage in critical discussions on strategies and challenges faced by takaful industry leaders to boost the growth and profitability in the international Takaful market.

This concluding chapter has examined the three phases of the development continuum of takaful, namely, the past, the present and the future. In the first section, the discussion evolved from the historical perspective relating the concept al-aqilah to that of present-day takaful. The present phase dwelled on the various issues and challenges facing the takaful industry. Issues affecting the participats, operators, regulators, and other related parties are brought forth for discussion, together with suggestions and guidelines to improve the present situations. The chapter ends with the proposal of a takaful model that could be adopted to address some of the issues and challenges faced presently.

This guide provides an understanding of the meaning of risk and the various categories of risk, explaining how takaful had developed and concept of takaful based on risk sharing amongst the participants.

The beginning of the 1980's witness a new approach of collecting zakah on monthly bases in some of the Muslim countries such as Sudan, Pakistan and Malaysia. At first, this creates an ambiguous situation amongst Muslim scholars as to its legitimacy, since the payment of zakah is known to be given on annual bases and once it reaches the nisab (the minimum assigned). Recently, a consensus has been given amongst contemporary Muslim scholars that it is lawful to pay the zakah on monthly basis. Malaysia is one of the countries that start implementing zakah deduction on monthly basis through participating in a scheme called the Salary Deduction Scheme. This raises the question on some of the conventional created funds, such as the Employees Provident Fund (EPF), and whether zakah is applicable on them or not. The main objective of this paper is to study the Shariah aspect not only on the validity of the payment of zakah on monthly salaries in Malaysia but the validity of the payment of zakah on other funds such as the EP.