Takaful Consulting

Takaful is a concept which has gained serious traction across the world. The growth in demand for Islamic insurance over recent years has seen a proliferation of Takaful Companies entering the market. This has spurred a competitive environment as companies compete for increased market share. New solutions require new ideas and fresh thinking to succeed as a company.  

How can we help?

SIR Consultants has been providing a range of services to takaful companies in the Middle East. Our wealth of experience partnering with various clients in the region puts us at a significant advantage to provide a high quality service in a timely manner. Our services include:

• Development of a business plan outlining the feasibility of setting up a Takaful Company
• Product design and development including calculation of contribution rates
• Advice on the choice of takaful model to be used by the Takaful Operator
• Calculation of wakala and mudharib fees based on the takaful model   
• Profit testing of all products
• Actuarial valuation to determine reserve requirements
• Designing and costing of compensation structure for the sales force, expense analysis and developing underwriting guidelines and procedures
• Determination of retention levels on retakaful basis and assistance with retakaful treaty negotiations
• Advice on investment in Participant Takaful Fund
• Assistance with preparing product approval documents to be filed with the regulators
• Assistance with conducting ongoing operations of a company, including product enhancement and re-pricing of takaful products