About the TIA Takaful Solution

TIA Technology, in collaboration with PAC Total Solutions, is pleased to announce the release of the TIA Takaful solution as part of the TIA application.

The TIA Takaful solution is developed to incorporate the different requirement areas of a Takaful core system compared to a conventional one as illustrated in the above section. The TIA Takaful solution is therefore an extension of the TIA application with Takaful functionalities.

The TIA Takaful solution is able to manage the Wakalah business model with profit sharing functionality by Takaful operators. The solution is developed using a Malaysian Motor Private Car product to showcase the TIA Takaful solution features, and can be expanded to other product lines.   The TIA Takaful solution is developed on top of the flexible and renowned TIA core insurance application framework that is being used by many insurers globally. The TIA Takaful solution incorporates functionalities for TIA to support Takaful products & operations. We understand that the insurers may implement different types of Takaful models for different Takaful products; hence the TIA Takaful solution is designed to cater for such flexibility.

The solution supports the implementation of Takaful and conventional products on the same information platform where accounting entries relating to Takaful or conventional products can be separately identified when interfacing to a General Ledger system. This enables a separate Balance Sheet and Revenue Account for both the Takaful and Conventional insurance to be produced. This is a useful feature for companies that offer both conventional insurance products & Takaful products.