Actuarial Partners has been active in takaful insurance consulting since 1984. We have been involved in all aspects of takaful from company setup to Appointed Actuary work.
Countries we have performed takaful assignments include: Malaysia, Brunei, Pakistan, Sri Lanka, Bangladesh, Afghanistan, Maldives, Mauritius, Jordan, Saudi Arabia, Bahrain, Qatar, UAE, Türkiye, Somalia, Ethiopia, Kenya, Sudan, Egypt, Algeria, Nigeria, Tanzania and UK .
For many assignments we were involved from the conceptual stage until product launch and continued to remain involved throughout the actuarial control cycle.
Subject Matter Experts
Case Study: Consultant Services to Establish Legal and Regulatory Framework for Islamic Insurance (Takaful) in Tanzania
The objectives and output was the design of Takaful Regulations as well as the development of Guidelines on Valuation of Assets and Liabilities for Takaful Operators, Guidelines on Takaful Operational Framework, Monitoring Framework for Takaful Operators, Annual Takaful Filings and Quarterly Takaful Filings. Our scope included detailed discussions with life and general insurers in the country to understand their interests and concerns over Takaful. We similarly had active discussions with the association of insurance brokers, the Islamic bank in Tanzania, insurance and banking regulators in Tanzania and Zanzibar as well as shariah scholars.
Case Study: Rehabilitation of a family takaful operator in Indonesia
The objective of this project was to firstly understand the reasons for the worsening financial position of the Takaful operator and recommend steps to rejuvenate its operations. We started with performing detailed experience analysis of the various assumptions, on an overall basis as well as segmented to the extent possible to understand the underlying reasons for any worsening experience. We then recalculated the actuarial reserves on our revised assumptions and our fine tuned methodology. Using this we then analyzed the solvency position of the company on a local Indonesian solvency basis as well as on an economic capital basis. We also performed profitability testing of the various subsegments of the business on an as is basis as well as required adjustments in order to achieve profitability. We also reviewed the potential of each segment of business including the level of competition and any particular strengths the operator has relative to other Takaful operators. Based on this we provided recommendations by subsegment of business. Finally we provided an appraisal valuation on an as is basis as well as potential value should our recommendations be implemented.
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Takaful online courses.
For more information on our Takaful online courses, please visit our learn@AP site.