Module ASB-4428:
Islamic Insurance

Module Facts

Run by Bangor Business School

15 Credits or 7.5 ECTS Credits

Semester 2

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.

Course content

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.

Assessment Criteria

threshold

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.

good

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.

High Standard:
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.

excellent

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.

Learning outcomes

  1. Demonstrate an understanding of the objectives and concepts of Islamic insurance.

  2. Understand the nature of different Islamic insurance contracts.

  3. Understand how Islamic insurance markets differ in various countries.

  4. Compare and contrast the features of conventional and Islamic insurance business.

  5. Understand key concepts relating to the regulation and accounting treatment of Islamic insurance.

  6. Analyse, summarise and synthesise independently researched academic and professional studies on Islamic insurance.

Assessment Methods

Type Name Description Weight
Coursework 25
Examination 75

Teaching and Learning Strategy

Hours
Lecture

30 hours of classes, delivered in four blocks spread over two days.

30
Private study

The first teaching contact will provide full guidance for independent study through the course of the semester.

120

Transferable skills

  • Literacy - Proficiency in reading and writing through a variety of media
  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Computer Literacy - Proficiency in using a varied range of computer software
  • Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
  • Exploring - Able to investigate, research and consider alternatives
  • Information retrieval - Able to access different and multiple sources of information
  • Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others
  • Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
  • Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting
  • Self-awareness & Reflectivity - Having an awareness of your own strengths, weaknesses, aims and objectives. Able to regularly review, evaluate and reflect upon the performance of yourself and others

Courses including this module