Takaful is a form of insurance designed to provide life and non-life benefits to customers in a way that is compatible with the restrictions imposed by Islamic Shariah law – such as the prohibitions on Riba (interest) and Maysir (gambling); and the principle that risk should be shared and not traded.
TIA has developed a slim Takaful module which appends to the TIA Solution. The Takaful module allows for the actuarial creation of Takaful compliant products together with the maintenance of the surplus calculation and distribution which complies with both the Wakalah and Mudharabah variants of Takaful. This module leverages the standard functionalities of the TIA Solution to conduct quotation, underwriting, renewals, claims and settlement. This approach allows the insurer to re use a large majority of its assets and leverage the scale and efficiencies of its front and back office which is unaffected by Takaful requirements.
The TIA Takaful solution successfully introduces a plug-in approach towards introducing Takaful capability with minimal effort and re-uses the Service Oriented Architecture within the TIA Solution.
For more information on TIA Takaful please use our contact form.
