Principles and Practices of Islamic Insurance

Week 1: Overview of Economic Risk

Introduction

What is Risk?

Risk vs. Uncertainty

Components of Risk and Associated Terms

The Islamic Perspective of Risk

Risks Faced by Financial Institutions

Week 2: Islamic Perspective on Risk Management

Introduction

Islamic Finance Products - Associated Financial Risks

Fundamentals of Enterprise Risk Management (ERM)

Enterprise Risk Management - Process

Islamic Approach to Risk Taking Vs. Risk Avoidance

Milestones in the Islamic Approach to Risk Reduction

Week 3: Principles of Islamic Risk Management

Introduction

Risk Management from an Islamic Viewpoint

Risk Management Framework

Risk Management in Islamic Financial Institutions

Causes for Failures within an Organisation

Use of Hedging Instruments for Risk Minimisation

Managing Risks in Islamic Modes of Finance

Integrated Approach to Risk Management

Week 4: Legal Principles Underlying Islamic Insurance Products

Introduction

Six Stages of Islamic Insurance Development

Proposed Model for Islamic Insurance Contracts

Limitations Imposed by the Sharī‘ah on Insurance Contracts

Fundamental Characteristics of Insurance Contracts

Purpose of Insurance Contracts

Generic Sources of Islamic Insurance Contracts

Specific Sources of Islamic Insurance Contracts