Category Archives: Malaysia

Are You an International Actuary?

Actuarial Skills Travel Well but immigration regulations are being updated frequently.

If you are considering moving abroad it is important to ensure that you are aware of the various procedures that need to be followed when applying for international visas and work permits.

To help you we have created a list of  links to the relevant pages of international immigration websites.

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What is Takaful?

Takaful ( التكافل) is an Islamic insurance concept grounded in Islamic muamalat (banking transactions) and observes the rules and regulations of Islamic law which prohibits usury, the collection and payment of interest, trading in financial risk (gambling).. The concept has been practised in various forms for over 1400 years.

As an insurance trend, Takaful is relatively new but it is gaining acceptance and popularity, particularly in Islamic countries.

Theoretically, Takaful can be perceived as cooperative or mutual insurance, where members contribute a certain sum of money to a common pool. The system is intended to be not-for-profit and to uphold the principle of sharing a burden. Uncertainty or risk is considered to have been removed by the structure of subscription and compensation.

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Actuaries, Malaysia and Takaful – An Increase in Demand

Malaysia has recently seen an increase in demand for actuaries. This has been fueled by the numerous Takaful products offered by various banks, as well as by incentives offered by the Malaysian government which seeks to establish Malaysia as the international Islamic financial hub.

Additionally, the Malaysian government is making regulatory changes to the insurance industry and is looking into setting up private pension schemes.

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