Run by Bangor Business School
15 Credits or 7.5 ECTS Credits
Organiser: Mr Mohamed Asaria
Overall aims and purpose
To develop a critical awareness of theoretical and practical approaches to Islamic insurance. The module aims to outline the operational modes and practice of Islamic insurance; analyze the nature and principles of Islamic insurance; the structure of Islamic insurance markets; and finally to highlight constraints and opportunities for Islamic insurance and Islamic insurance accounting.
Main features of Islamic contracts relating to insurance (Takaful); Comparison of Islamic and conventional insurance business; Islamic insurance operations in different countries; Managerial and corporate governance aspects relating to Islamic insurance firms and role of Sharia board; Management and underwriting policies of Islamic insurance firms; Limits and opportunities for Islamic insurance; Ethical framework under which Islamic insurance is conducted.
No major omissions or inaccuracies in the deployment of information/skills; Some grasp of theoretical/conceptual/practical elements; Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.
Much of the relevant information and skills mostly accurately deployed; Adequate grasp of theoretical/conceptual/practical elements; Fair integration of theory/practice/information in the pursuit of the assessed work's objectives; Some evidence of the use of creative and reflective skills.
Very good performance; Most of the relevant information accurately deployed; Good grasp of theoretical/conceptual/practical elements; Good integration of theory/practice/information in pursuit of the assessed work's objectives; Evidence of the use of creative and reflective skills.
An outstanding performance, exceptionally able; The relevant information accurately deployed; Excellent grasp of theoretical/conceptual/practice elements; Good integration of theory/practice/information in pursuit of the assessed work's objectives; Strong evidence of the use of creative and reflective skills.
Demonstrate an understanding of the objectives and concepts of Islamic insurance.
Understand the nature of different Islamic insurance contracts.
Understand how Islamic insurance markets differ in various countries.
Compare and contrast the features of conventional and Islamic insurance business.
Understand key concepts relating to the regulation and accounting treatment of Islamic insurance.
Analyse, summarise and synthesise independently researched academic and professional studies on Islamic insurance.
Teaching and Learning Strategy
20 hours of lectures, delivered in four blocks of 5 hours spread over two days.
Courses including this module
Compulsory in courses:
- N3BM: MBA Islamic Banking and Finance year 1 (MBA/IB)
- N3DK: MBA Islamic Banking & Finance (with incorp pre-Masters) year 1 (MBA/IB1)
Optional in courses:
- N3AD: MBA Banking and Finance year 1 (MBA/BIF)
- N3DG: MBA Banking and Finance (with Incorporated Pre-Masters) year 1 (MBA/BIF1)
- N3BF: MSc Islamic Banking and Finance year 1 (MSC/IBF)