SHAH ALAM, 8 SEPTEMBER 2022 – Universiti Teknologi MARA (UiTM) launched a proactive initiative to empower Bumiputera Professionals in the field of Actuarial Science through a Round Table Discussion session with representatives from the industry at the Mardhiyyah Hotel, Shah Alam. The session was officiated by the Vice Chancellor of UiTM, YBhg Prof. Datuk Ts. Dr. Hajah Roziah Mohd Janor.
A total of 20 key delegates from the private sector, including Bumiputera Actuarial Fellows, Senior Managers, and Actuarial Professionals, attended this Round Table Discussion session. This round table discussion is a strategic move by the university to encourage more UiTM Bumiputera graduates to venture into the Actuarial profession, which is increasingly in high demand today, particularly from the private sector such as insurance and takaful companies, investment and financial institutions. Experts in mathematics and statistics for the assessment and management of financial risks, investments, insurance policies and other potentially risky operations, data analysis and modelling carried out by Actuaries are crucial to minimise the financial risk of a firm.
The Vice Chancellor of UiTM, YBhg Prof. Datuk Ts Dr Hajah Roziah Mohd Janor said, “Many Bumiputera graduates, especially those in the field of actuarial science, have graduated from UiTM, and the number is continue increasing over the years as these Actuarial Science graduates have a great potential to dominate financial institutions including in the area of Islamic finance, especially in the Takaful sector”.
She also added that the organisation of this round table meeting is also a “respond to one of the Bumiputera Development Actions 2030 (TPB2030) which was announced by Prime Minister Datuk Seri Ismail Sabri Yaakob at the Kuala Lumpur Convention Center in December 2021. One of the initiatives focused on in TPB2030 is related to Islamic Finance. Takaful is a part of Islamic finance that provides financial protection services based on Islamic concepts.”
UiTM is a pioneer in the field of Actuarial Science in Malaysia, being the first to offer the Actuarial Science Diploma program as early as 1966 under the School of Actuarial Science, Statistics, Mathematics, Econometrics and Cybernetics (ASMEC) at MARA Institute of Technology (ITM) Kampus Jalan Othman, Petaling Jaya. Now, through the Faculty of Computer & Mathematical Sciences (FSKM) in addition to offering diploma and bachelor’s degree Programme, the faculty also provides postgraduate degrees in Actuarial Science, including the master’s and doctoral levels.
In 2020, UiTM launched a Bachelor of Actuarial Science degree program that was based on the UK’s Institute and Faculty of Actuaries (IFoA) curriculum. Students who achieved the required minimum grade average in certain courses are granted an exemption from five Actuarial Science professional examination papers. This new curriculum is a proactive effort to enhance the employability prospects of UiTM Actuarial Science graduates. To date, a total of 90 students had successfully obtained exemptions for professional papers, 10 of whom have successfully obtained full exemptions for five actuarial professional papers. This accomplishment is a huge success for UiTM because it received recognition from a world-recognised institution.
The Round Table Discussion were organised by the Centre for Actuarial Studies and Actuarial Resource Centre (ARC), FSKM, UiTM Shah Alam in collaboration with the Malaysian Takaful Association (MTA) and sponsored by Zurich Takaful Malaysia Berhad was held for the first time in response to UiTM’s mission to empower Bumiputera Professionals especially in the field of Actuarial Science. The discussion was attended by YBhg Prof. Datuk Ts. Dr Hajah Roziah Mohd Janor, Vice Chancellor of UiTM, YBhg. Prof. Ts. Dr. Haryani Haron, Dean of the Faculty of Computer & Mathematical Sciences (FSKM), Mr. Hamadah Bin Othman, Actuary from Actuarial Partners Consulting, Actuarial Science UiTM Alumni, and Bumiputera Actuarial representatives from the private sectors.