The graduate program of the Actuarial Sciences was launched in 1997 as part of the Statistics Department in the Institute of Science. The department of the Actuarial Sciences was established in 2000 within the Faculty of Science and the actuarial program started in the 2003-2004 Academic Year with 42 undergraduate students. The graduate and PhD programs were established in 2004 and the graduate students under the Institute of Science were transferred to the Department's programs. The Department offers undergraduate and graduate (MSc and PhD) programs since then.