Euromoney Learning Solutions

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About the course

Stay ahead in Takaful structures, investments & accounting procedures

This course is part of Islamic Finance Academy, which is made up of 6 individually bookable modules:

  • Module 1: Introduction to Islamic Finance & Banking
  • Module 2: Islamic Banking including Retail Products
  • Module 3: Leasing, Musharaka, Mudaraba and Sukuk
  • Module 4: Equity Investing, Private Equity and Islamic Contracts
  • Module 5: Investment Finance and Project Finance
  • Module 6: Takaful

A 2-day programme offering an introduction to Takaful and Takaful structures, investments, accounting procedures and Re-takaful.

This course forms part 6 of the Islamic Finance Academy.

Introduction to takaful and takaful structures

  • Introduction
  • Definitions of takaful
  • Critical concepts
  • A short history of takaful and related insurance concepts
  • How takaful works, including the Qard al-Hasan and takaful operators
  • Comparison of takaful and conventional insurance
  • Summary of takaful conditions
  • Views of conventional insurance
  • Prohibited items in takaful
  • Unique elements of takaful
  • Tabarru
  • Qard al-Hasan
  • Shari’ah boards
  • Dissolution
  • Takaful models
  • Ta’awuni model
  • Mudaraba + wakala model
  • Wakala model
  • Wakala – waqf model
  • Takaful products
  • Distribution channels, including bancassurance
  • Overview of the takaful markets

Takaful accounting and investments

  • Takaful accounting considerations
  • Takaful investment considerations

Governance matters and takaful

  • Shari’ah boards and governance in the Takaful context
  • Shareholders, policyholders, stakeholders and the takaful fund
  • Capital adequacy and the Qard al-Hasan
  • Takaful operators


  • Introduction
  • Definitions of re-takaful
  • Critical concepts
  • A short history of re-takaful and related insurance concepts
  • How re-takaful works, Including the Qard al-Hasan and re-takaful operators
  • Re-takaful models
  • Ta’awuni model
  • Mudaraba + wakala model
  • Wakala model
  • Wakala – Waqf model

Surplus in takaful

  • Defining surplus in takaful
  • Different conceptions of surplus sharing
  • Bankruptcy considerations and entitlements to surplus
  • Surplus under difference takaful models

A case study: the case of the missing surplus.

Trust the experts

Michael JT McMillen

The course instructor received his M.D. from the Albert Einstein College of Medicine, his J.D. from the University of Wisconsin Law School, and his B.B.A. from the University of Wisconsin – Madison.He is a partner of an international law firm and works in their New York, Dubai, Muscat, Kuwait, Is...


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