Papers
By: Arindam Saha, Ashoke Kumar Ganguli and Siddhartha Banerjee from TCS BaNCS Insurance
ABSTRACT - With the expanding demographics of Islamic countries and that of the Islamic population globally, the prospect of Islamic Insurance models looks promising. During 2007-2008, the emerging markets contributed close to 28% of the global economic activities. The Islamic countries on their own accounted for 23% of the emerging market’s GDP and 11% of the premiums written in these economies (source: Sigma No 5/2008, Swiss Re).
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ABSTRACT - With the expanding demographics of Islamic countries and that of the Islamic population globally, the prospect of Islamic Insurance models looks promising. During 2007-2008, the emerging markets contributed close to 28% of the global economic activities. The Islamic countries on their own accounted for 23% of the emerging market’s GDP and 11% of the premiums written in these economies (source: Sigma No 5/2008, Swiss Re).
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By Zainal Abidin Mohd. Kassim - Mercer Zainal Consulting Sdn. Bhd., Malaysia
ABSTRACT - While Muslims make up over 1 billion of the world's population, relatively little has been done to harness the economic potential of this section of the world's population. While many countries in the developed world face up to the prospect of an aging population, many of those countries where muslims make up the majority sports a young and financially underdeveloped population. Islam is not only about how to worship God, but is also about how to live ones life and by extension how to conduct commerce. Takaful the Islamic equivalent to conventional insurance has developed rapidly in the last 5 years after the first of such companies was established in Sudan in the seventies. This paper examines how Takaful differs from conventional insurance by looking at the underlying contract of Takaful from the eyes of an actuary. The paper then goes to describe the various Takaful models in existence in Malaysia currently and the business models behind them.
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ABSTRACT - While Muslims make up over 1 billion of the world's population, relatively little has been done to harness the economic potential of this section of the world's population. While many countries in the developed world face up to the prospect of an aging population, many of those countries where muslims make up the majority sports a young and financially underdeveloped population. Islam is not only about how to worship God, but is also about how to live ones life and by extension how to conduct commerce. Takaful the Islamic equivalent to conventional insurance has developed rapidly in the last 5 years after the first of such companies was established in Sudan in the seventies. This paper examines how Takaful differs from conventional insurance by looking at the underlying contract of Takaful from the eyes of an actuary. The paper then goes to describe the various Takaful models in existence in Malaysia currently and the business models behind them.
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By: Ocke Kurniandi - PT. MAA Life Assurance, Indonesia
ABSTRACT - This paper introduces the alternative method to calculate premium that is compliance under syariah law. There is distinction between conventional method and syariah principles about interest rate. The method is based on stochastic model and uses stochastic differential equation. It’s easier use numerical approach, than analytic approach. As case study we examine this method to five-year life insurance coverage by Monte-Carlo simulation.
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ABSTRACT - This paper introduces the alternative method to calculate premium that is compliance under syariah law. There is distinction between conventional method and syariah principles about interest rate. The method is based on stochastic model and uses stochastic differential equation. It’s easier use numerical approach, than analytic approach. As case study we examine this method to five-year life insurance coverage by Monte-Carlo simulation.
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