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Retakaful Contributions Model Using Machine Learning Techniques

Author

Listed:
  • Kouach Yassine

    (University Hassan II of Casablanca, Morocco)

  • EL Attar Abderrahim

    (University of Hassan II Casablanca, Morocco)

  • EL Hachloufi Mostafa

    (University of Hassan II Casablanca, Morocco)

Abstract

Driven by the need to manage risk by the newly created Moroccan Takaful operators, the Moroccan Insurance and Social Welfare Control Authority has authorized the Central Reinsurance Company to create a ReTakaful window for the purpose of reinsuring Takaful operations. Nevertheless, the main challenge is determining the appropriate ReTakaful model for the Moroccan Islamic insurance sector by ensuring compliance with Shariah. With this in mind, this article aims to determine the optimal ReTakaful contributions model for the Moroccan Takaful industry via Machine Learning algorithms. We select the best model by comparing the performance of each algorithm. The achieved results of this study demonstrate the potential of using Machine Learning algorithms to compute ReTakaful contributions that are more suitable for Takaful operators and more optimal for the ReTakaful operator.

Suggested Citation

  • Kouach Yassine & EL Attar Abderrahim & EL Hachloufi Mostafa, 2023. "Retakaful Contributions Model Using Machine Learning Techniques," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 9(3), pages 511-532, September.
    • Handle: RePEc:idn:jimfjn:v:9:y:2023:i:3g:p:511-532
    DOI: https://doi.org/10.21098/jimf.v9i3.1681
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    More about this item

    Keywords

    ReTakaful; Takaful; Reinsurance; Treaty; Machine learning; Probability of ruin;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

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