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Faculty of Science Handbook, Academic Session 2025/2026
Assessment: Ancillary benefits: disability pensions,
Continuous Assessment: 40% survivor pensions, death benefits,
Summative Assessment: 60% temporary early-retirement pensions and
severance benefits
Asset valuations: market value, smoothed
SIQ3007 market values, group annuity contracts and
INDUSTRIAL TRAINING individual life insurance contracts.
Candidates are required to spend a Actuarial assumptions: the Service Table,
minimum of 16 weeks working with secondary decrements, interest, inflation,
selected companies in selected areas of and salary Increases.
industry.
Assessment:
Assessment: Continuous Assessment: 40%
Continuous Assessment:100% Summative Assessment: 60%
SIQ3008 SIQ3010
FOUNDATION OF ISLAMIC FINANCE SURVIVAL MODELS
Introduction to Islamic finance and its Estimation of lifetime distributions: lifetime
practices; Riba, gharar and maisir; distributions, cohort studies, censoring,
Musharkah, mudharabah and murabahah; Kaplan-Meier estimates, Cox regression
Ijarah, salam and istisna’; Çomparison of model and its estimation.
Islamic and conventional financial systems;
Islamic financial institutions and products, Markov models: Multi-state Markov
Islamic banking and takaful, Islamic models, Kolmogorov forward equations,
investment instruments; Capital market in estimation of the force of mortality,
an Islamic framework, leasing, estimation of multi-state model transition
securitization and sukuk; Modeling Islamic intensities.
financial products using mathematical
software; Regulatory framework for Islamic Binomial and Poisson models of mortality:
financial institutions in Malaysia. Binomial model of mortality, uniform and
constant force of mortality assumptions,
Assessment: maximum likelihood estimator for the rate
Continuous Assessment: 40% of mortality, Poisson models.
Summative Assessment: 60%
Graduation and statistical tests: methods of
graduating crude estimates, Chi-square
SIQ3009 test, standardised deviation test, sign test,
PENSION MATHEMATICS grouping of sign test, serial correlations
test.
Pension benefit: defined benefits, defined
contributions Exposed to risk: Exact exposed to risk,
approximate exposed to risk using census
Valuation of pension plan: unit credit, entry data.
age normal, individual level, frozen initial
liability, aggregate
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