Page 169 - FINAL_HANDBOOK_20242025

Faculty of Science Handbook, Academic Session 2024/2025

goodness-of-fit tests, risk Ijarah, salam and istisna’;
sharing arrangements. Çomparison of Islamic and
Aggregate risk models: conventional financial systems;
Individual risk models, Islamic financial institutions
collective risk models, and products, Islamic banking
reinsurance. and takaful, Islamic investment
instruments; Capital market in
Run-off triangle: Chain ladder an Islamic framework, leasing,
method, average cost per securitization and sukuk;
claims method, Bornheutter- Modeling Islamic financial
Ferguson method. products using mathematical
software; Regulatory
Credibility theory: Bayesian framework for Islamic financial
credibility methods, credibility institutions in Malaysia.
premium formula, empirical
Bayes credibility theory. Assessment:
Continuous Assessment: 40%
Assessment: Final Examination: 60%
Continuous Assessment: 40%
Final Examination: 60%
SIQ3009
PENSION MATHEMATICS
SIQ3007
INDUSTRIAL TRAINING Pension benefit: defined
benefits, defined contributions
Candidates are required to
spend a minimum of 16 weeks Valuation of pension plan: unit
working with selected credit, entry age normal,
companies in selected areas of individual level, frozen initial
industry. liability, aggregate

Assessment: Ancillary benefits: disability
Continuous Assessment:100% pensions, survivor pensions,
death benefits, temporary
early-retirement pensions and
SIQ3008 severance benefits
FOUNDATION OF ISLAMIC Asset valuations: market value,
FINANCE smoothed market values,
group annuity contracts and
Introduction to Islamic finance individual life insurance
and its practices; Riba, gharar contracts.
and maisir; Musharkah,
mudharabah and murabahah;

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