Takaful Quest
Protect a community through mutual help in a takaful adventure
Introductory · 5 hours · 11 lessons · Language: English and Arabic · ID: IFS-COU-0070
Protect a community through mutual help in a takaful adventure. This free gamified course turns the basics of AAOIFI standards into five interactive missions. In each one you flip learning cards, make decisions in short scenarios, race through true-or-false rounds, match terms, put steps in order, sort what is allowed from what is not, and finish with a final challenge where you have three lives. You earn XP, keep streaks, collect stars and unlock a badge for every mission.
The missions:
- Why takaful, not conventional insurance
- The operator and the participants' fund
- Surplus, deficit and the operator's loan
- Family takaful
- Retakaful and takaful governance
After each mission a short recap sums up what you unlocked, with the references. When all five badges are yours, take the final exam: 30 questions in 60 minutes, 70% to pass.
This course is independent educational material written by ifSPACE in its own words. It does not reproduce AAOIFI texts, is not affiliated with AAOIFI and is not a fatwa.
What you will learn
- Explain why most scholars have concerns about conventional insurance and how takaful meets the need for protection through donation and mutual help (SS 26).
- Distinguish the participants' fund from the operator's shareholders' fund, and describe how an operator is paid through wakalah and mudarabah and which costs each side bears.
- Calculate an underwriting surplus, state who owns it and how it may be used, and handle a deficit with an interest-free loan repaid from future surpluses.
- Describe how family takaful splits contributions between a shared risk fund and a personal investment account, and what a family receives on death, at maturity or on early exit.
- Apply the rules of retakaful (SS 41), including the limited use of conventional reinsurance as a need, and recognise the governance practices that keep a takaful scheme sound.
Syllabus
1.Mission 1: Why takaful, not conventional insurance
- How this quest works5 min
- Mission 1: Why takaful, not conventional insurance25 min
- Recap: Why takaful, not conventional insurance10 min
2.Mission 2: The operator and the participants' fund
- Mission 2: The operator and the participants' fund25 min
- Recap: The operator and the participants' fund10 min
3.Mission 3: Surplus, deficit and the operator's loan
- Mission 3: Surplus, deficit and the operator's loan25 min
- Recap: Surplus, deficit and the operator's loan10 min
4.Mission 4: Family takaful
- Mission 4: Family takaful25 min
- Recap: Family takaful10 min
5.Mission 5: Retakaful and takaful governance
- Mission 5: Retakaful and takaful governance25 min
- Recap: Retakaful and takaful governance10 min