This course offers this specialized training program in Solidarity Insurance and Conclusion of Insurance Contracts, designed to qualify professionals working in the insur…
This course offers this specialized training program in Solidarity Insurance and Conclusion of Insurance Contracts, designed to qualify professionals working in the insurance sector and those interested in understanding the legal, Shariah, and operational framework of this type of insurance. Solidarity represents a Shariah-compliant alternative to conventional insurance and is based on principles of cooperation, mutual support, and shared responsibility.
The program focuses on reviewing the core principles of solidarity insurance, distinguishing it from conventional insurance, and exploring the mechanisms used in managing solidarity companies, contract formats, and the technical and Shariah aspects of contract execution. Additionally, the program covers legal and regulatory aspects related to preparing insurance documents, including contract terms, obligations of parties, and settlement methods.
By the end of the course, participants will be able to:
Who Should Attend?
Professionals working in solidarityinsurance companies and Islamic financial institutions.
Legal advisors and insurance contract drafters.
Individuals interested in developing knowledge of Shariah-compliant insurance.
Administrative staff in risk management and claims departments.
Knowledge and Benefits:
After completing the program, participants will be able to master the following:
Understand the basic concepts, objectives, and principles of solidarity insurance.
Comprehend the fundamental differences between conventional and solidarity insurance from legal and Shariah perspectives.
Acquire the skills required to draft and execute various types of insurance contracts.
Familiarize themselves with the legal and regulatory requirements for insurance contracts.
Develop the ability to read, analyze, and practically interpret insurance policy provisions.
Introduction to Insurance and Solidarity Insurance
Definition of insurance and its economic and social significance.
Historical development of solidarity insurance.
Core principles of solidarity insurance.
Differences Between Solidarity and Conventional Insurance
Shariah and jurisprudential considerations in insurance.
Comparison of contractual and regulatory foundations in both systems.
Provisions related to gharar (uncertainty), riba (interest), and gambling in insurance.
Organizational Structure of Solidarity Companies
Board of Directors and Shariah Supervisory Board.
Financial structure and participants’ fund.
Role of the company in management, whether fee-based or profit-sharing (Mudarabah).
Types of Solidarity Insurance
Shariah-compliant life insurance.
Health insurance and accident insurance.
Marine, aviation, and commercial insurance under the solidarity system.
Components of a SolidarityInsurance Policy
Key data in the insurance policy.
General and specific terms, conditions, and exclusions.
Obligations of the insurer and the insured.
Stages of Preparing and Executing an Insurance Contract
Submission of insurance application and actuarial assessment.
Issuance of the policy and determination of coverage.
Managing the contractual relationship during the insurance period.
Legal Drafting of Insurance Contracts
Legal characteristics of insurance contracts.
Contractual liability in case of breach.
Insurance as a contract of adhesion and its legal interpretation limits.
Risk Management in Solidarity Insurance
Mechanisms of solidarity reinsurance.
Risk assessment and collective distribution methods.
Relationship between risk management and policy pricing.
Claims Settlement Mechanism in Solidarity
Steps for reporting incidents and evaluation.
Required documents and regulatory procedures.
Compensation provisions and recourse in Shariah-compliant insurance.
Challenges and Future Prospects of Solidarity Insurance
Regulatory and legislative challenges.
Opportunities in emerging markets and Islamic finance.
Innovation in Takaful products and expanding coverage scope.
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