Yogyakarta, September 19, 2024 – The Department of Mathematics, Faculty of Mathematics and Natural Sciences (FMIPA), Universitas Gadjah Mada (UGM), in collaboration with the Islamic Insurance Society (IIS), held a guest lecture with the theme “The Role of Actuaries in Islamic Insurance.” The event was attended by around 50 participants, mostly students from the Career Development and Actuary Profession (PKPA) course, as well as other students from FMIPA UGM.
The event began with an opening address by Danang Teguh Qoyyimi, M.Sc., Ph.D., who provided an introduction to the IIS. The Islamic Insurance Society (IIS) is a professional organization that aims to advance the Islamic insurance industry in Indonesia. IIS also plays an active role in increasing public literacy and awareness of Islamic insurance by organizing outreach activities at various universities and communities. In his speech, Dr. Qoyyimi explained how the PKPA course has paved the way for cooperation between IIS and UGM’s Actuarial Science Study Program, which eventually led to this guest lecture. This initiative aligns with Sustainable Development Goal (SDG) 17: Partnerships for the Goals, emphasizing the importance of collaboration in achieving shared objectives.
The first speaker, Yetty Rochyatini, AAAIJ, QIP, CPFS, AIIS, CRGP, QRGP, gave a comprehensive presentation on the history of IIS, which has evolved into an institution that holds a Professional Certification Body for Islamic insurance. She also mentioned that certification exams are currently available for obtaining the titles of Associate Islamic Insurance Expert (AIIS) and Fellow Islamic Insurance Expert (FIIS), providing career opportunities for students in the growing Islamic insurance industry.
The second speaker, Ira Dewi Elfini, S.Si., FSAI, AAIJ, AAIS, gave a deeper explanation about the roles and responsibilities of an actuary in Islamic insurance companies. She also elaborated on the fundamental differences between Islamic insurance and conventional insurance, particularly the concept of risk sharing using the Tabarru Fund, a concept not found in conventional insurance, which operates on risk transfer principles. This explanation provided participants with new insights into the dynamics and uniqueness of the Islamic insurance world.
The event concluded with an interactive Q&A session, where participants eagerly asked about career prospects as actuaries in the Islamic insurance industry. The participants gained an understanding that career opportunities in this field remain abundant. However, they were also reminded that additional learning is required, particularly regarding the Fatwas frequently used in Islamic insurance, as these are not fully covered in the standard curriculum.
This guest lecture successfully broadened students’ understanding of the vital role of actuaries in Islamic insurance, as well as the challenges and opportunities ahead. This aligns with Sustainable Development Goal (SDG) 4: Quality Education, which focuses on providing inclusive, equitable, and quality education. By introducing students to more in-depth aspects of Islamic insurance, such as the Fatwas that underpin its operations, this event supports the achievement of SDG 4 by enhancing literacy and specialized skills relevant to industry needs.
Keywords: Insurance, Actuaries, Islamic Insurance Fatwa
Author: Endang Sulastri
Editor: Fathan Rasyid Rahmadhan
Photos: Fitriana Arlyn, Fathan Rasyid Rahmadhan